Doubt this ever happens, but this is the first proposal I have seen that is actually close to how I would envision a playoff.
The changes I would make to it:
1. Have the quarterfinals at the top seeds stadium, the week after Week 1 (this proposal uses the BCS games)
2. Use the BCS games to play the semifinals rotating between the 4 sites, with the 4 losers of the quarters matching up in the other 2 BCS games.
3. If the Rose Bowl balks, allow them to take the Top PAC12 and B1G school not in the Final 8 and substitute the Cotton Bowl/Jerry Jones stadium as the fourth BCS bowl.