Last year, the nation's bowls paid schools roughly $270 million. Just for playing middlemen and providing 70-degree temperatures, bowl execs grabbed a larger cut, north of $300 million.

Even bowl apologists admit that by implementing a playoff system, like every other NCAA sport does, schools could generate three to four times what they're bringing home now. That's because TV networks will pay far more for a playoff game than they will for straight-to-DVD thrillers like the Beef O'Brady's St. Petersburg Bowl.

The ticket scheme alone leaves schools awash in red ink. Virginia Tech lost $400,000 on last year's trip to the Orange Bowl, despite getting $1.2 million from the ACC. Though Auburn claimed last season's BCS crown, financial records show it still lost $600,000, even after a $2.2 million bailout from the Southeastern Conference.

I'm having a hard time understanding how Purdue lost $70k on this year's bowl game. They only had to travel 4 hours but somehow their total expenses for the LCB was $670k. Sounds like they are misusing money.