A case can be made that the Bowl Championship Series has been bad overall for college football. On the other hand, a case can also be made that it is a reasonable compromise between a playoff system for big-time college football and scrapping the lucrative bowl system altogether.
However, regardless of what you think about the BCS overall, it’s clear that the component of the BCS ratings that is based upon the coaches’ poll of the top teams ought to be scrapped. If you have any doubts about that, read this Dan Steinberg post regarding the absurd ratings by various coaches in their latest poll. I know Missouri had a good season and all, but how does one rate the Tigers higher than Oklahoma, which beat Mizzou rather handily twice?
By the way, the Las Vegas smart guys contend that the BCS blew it by putting LSU and Ohio State in the title game:

If Las Vegas Sports Consultants oddsmaker Ken White was a matchmaker for the BCS, he said USC would be playing Oklahoma for the title. The Trojans and Sooners were tied atop LVSC’s final regular-season poll.
“I think the third- and fourth-best teams in the country are playing for the title,” White said. “We have to make USC a slight favorite over anybody except Oklahoma.”
White said because of “public perception,” the Trojans would be about 1.5 point favorites over the Sooners.
Walker said USC would be about a 7-point favorite over Ohio State.
“I still think USC would be favored over any team on a neutral field,” Walker said. “This would be a phenomenal year to have a tournament.”