TFD Opinions: BCS Playoff Proposal

In light of the recent developments regarding a BCS playoff (ESPN):
January 1: Cotton Bowl (At-Large vs. At-Large), Rose Bowl (Big 10 Champ vs. Pac 12 Champ); Orange Bowl (ACC Champ vs. At-Large)
January 2: Fiesta Bowl (Big 12 Champ vs. At-Large)
January 3: Sugar Bowl (SEC Champ vs. At-Large)
January 4: 1 through 4 seeds are determined by the BCS to set the semifinal matchups after factoring in BCS bowl results
January 10: National Semifinal (#1 seed vs. #4 seed at Indianapolis/Atlanta)
January 11: National Semifinal (#2 seed vs. #3 seed at Indianapolis/Atlanta)
January 18: National Championship Game (at rotating BCS bowl site)

Notes:
-Cotton Bowl becomes a BCS bowl
-National semifinals may not match up teams that played in BCS round
-National semifinals avoid matching up teams that played that season or in the same conference if possible
-Conference champions must finish in the top 15 of the BCS to earn an automatic BCS bid
-Teams are not required to win or even play in BCS bowls to be selected for the semifinals, they're only factored into the overall evaluation for seeding
-A 3rd team from a conference may be selected as an at-large for a BCS bowl if it's in the top 6 of the BCS standings or if all eligible teams in the top 12 have already been selected
-Alternate idea: National Championship game could be played the weekend between the NFL conference championship games and Super Bowl