There is no major sport where fewer games matter.
-Every non BCS league team plays an entire schedule of completely meaningles games.
-Even some BCS teams play an entire schedule of completely meaningless games (Cincy says hello).
-Even for the OSU's and Texas's and LSU's and Bama's, "every game counts" -- until you lose one or two. Then, exhibition time.
-The supposed "great" regular season is nothing more than diminishing returns. Once more & more teams get knocked off, less & less of the games actually matter. By the final weeks, you are lucky to get 3 or 4 truly meaningful games.
-It's also the only sport that plays an entire postseason of meaningless exhibitions, save one game.
The fewer teams you allow to compete for a title, the less meaningful games you end up with. By simply adding a 4 team playoff (nevermind a more ideal 6 or 8 team field), college football would increase the number of truly meaningful games, and improve the sport drastically--both the regular season and the brutal postseason.
I see your point, but I feel you are looking at it completely through the hindsight eye...
In hindsight, you'll say Cincy played an entire, undefeated schedule of meaningless games...but you must realize that despite going undefeated and not going to the big game, every game for them was as important as the last before that point...it just so happened Bama or Texas played undefeated schedules as well. It doesn't change the fact that late in the season, in Pitt, in the snow, they played a helluva meaningful game. If Colt McCoy's pass stays in the air for a second later or stumbles a bit, you are seeing Cincy in the championship game.
Also, even though on the national level, games can be "meaningless" amongst the small spheres that comprise of college football's fanbase they are not. The final few weeks are filled with games with bowl implications, rivalry games, etc. While the NFL season's final month is dull and boring and with little meaning, college football games, even if you are 3-9, the final weeks hold meaning as you travel to see your rivals, or you have homecoming games, etc. Meaningless in the grand scheme, but to the people that matter to that certain school, meaningless is the farthest thing from the truth.
As for the Bowl Games being meaningless...well, grand scheme, yes...but those games are about money, and little else (the little else would be the extra practice time teams get in prep for next year).