It really is that simple. Of course some work would have to be done to seed the teams,etc, etc. but that takes too long to type it all out and some self described experts would do a better job than me anyway.
Edit:
Wait a minute, the renowned BCS ranking system ranks teams beyond 16 and we're using that system to determine who is playing in the title game based on #1 vs #2, right? There's a job, the aforementioned seeding, that nobody else has to do. Everybody has been saying the BCS is a much better and acceptable way of doing things, right? And any school ranked above 16 griping about not getting in can be told "sorry, it's the computers fault." See, it's getting simpler all the time.