I've always thought an eight-team playoff was too few, as the process for getting to eight would still leave many out in the cold that are potentially worthy. However, here are the bowl results to date of the teams ranked 9-16 in the BCS standings.
16th ranked BYU lost to unranked Arizona, 31-21;
15th ranked Georgia beat 18th ranked Michigan State, 24-12;
14th ranked Georgia Tech was obliterated by unranked LSU, 38-3;
13th ranked Oklahoma State was beaten by 17th ranked Oregon, 42-31;
12th ranked Cincinnati was beaten by 19th ranked Virginia Tech, 20-7;
11th ranked TCU beat 9th ranked Boise State, 17-16;
10th ranked Ohio State plays 3rd ranked Texas Monday.
In summary, 7 teams have played so far, with only two matching up against one another. The three teams playing ranked foes, but lower than 16, are 1-2, and each game was decided by more than one score. Two teams playing unranked opponents laid an egg, each losing their game by double digits.
What does this mean? Beats me. Anytime you put 100 18-21 year old kids in a new city with lots of "entertainment options" you have a few variables in play that create anamolies. Seems to me like 16 is just as flawed as 8.