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The 'reward' you talk about is just something that people are used to since we've had a more or less meaningless bowl system for so long.. At the end of the day, winning the Rose Bowl means very little. 10 years from now it'll mean the same as winning the Fighting Hunger Bowl.
At the end of the day, winning a national championship means very little too. At the end of the day, sports is just a fun little diversion.
I don't think I'm being to trite when I say that. A professional sports league's focus on a championship makes sense. Everything is built around attaining a championship. The league puts into place policies designed to make all teams roughly equal over the long run. It's believable to thing every team could win a championship. The whole point of the NFL, or MLB, or NBA (besides from making money) is to find out which team was the best team in that sport that year.
That's definitely not the purpose of college football, and I'm not just talking about "sculpting better men through sports" or any of that treacle. The teams cannot ever be equalized. College football is the paradigm of unfairness. Texas and USC will always make more money and be more popular than Baylor and Stanford. They will always get better recruits. They will always attract bigger audiences. Television networks will always pay more for their games. There is absolutely no competitive balance, and so it will forever be.
That's fine...it is what it is. But that's why different events have more meaning in college sports. When the Bills beat the Patriots, its a fun little diversion, but so what? Those teams should be equal, and in the grand scheme of things, some day, one will be good and the other will be bad, as the giant Wheel of NFL Fortune spins again. When Baylor beats Texas, it is an event. When Stanford beats USC--even when Stanford is expected to beat USC--it is an event (Stanford students rushed the field this year, and they were
ten point favorites.) When a school like TCU wins the Rose Bowl, it is an event.
If they weren't events, there wouldn't be college football, at least not like we see it today. Why be a Baylor fan? Why be a Stanford fan? Even if your chances of winning a national championship were the same as Texas and USC, there are 120 schools. Just on pure numbers alone, your team will probably not win the championship during your lifetime. Even worse, your team really sucks, so the odds are even worse than 1/120.
Of course, we can step back and say "there won't be 120 major teams" anymore. No, there'll be some regular, homogenized amount, just like in every other major professional league. We'll have 30 or 32 major colleges that are roughly equal and each have ups and downs, and we'll cheer for those teams based on our geography. Fuck that. I already have the NFL, and the football is better. Crap teams make college football, because sometimes the crap teams win something, and the Baylor kid can make a wanking motion towards some Longhorn a-hole on the way out of Texas Memorial Stadium, and he doesn't have to hear "but you didn't win the championship" or "you didn't make the playoffs." Sometimes, the crap teams even get near the very top, like when they win a bowl game that predates both the championship game by seven decades.
If that still doesn't matter, and every league still has to point towards the same conclusion in the same way with the same tidy bracket structure and tie-breaker procedures and everything else, well, meh. I like different things too, and I don't think this one is so far broken that it needs to be altered. 34 teams will win bowl games, and at the end of the day, it doesn't mean anything to anyone except the players and the coaches and the fans. Then again, I don't know who is left after that.