Where it doesn't "work" though, the BCS only cares if you win ALL of your games. It doesn't take into account what ALL stands for. Look at the "cupcake" OOC scheduling that major teams do. They have 3, 4 wins before heading into conference play. I say move the scheduling ahead two-three weeks and you play your conference games from the get-go. Screw this USC-Troy, OSU-YSU, and TEX-ARK St, BS.
That's where the BCS is flawed. It also doesn't take into account that a loss is a loss. It counts losses but a Week 12 L > Week 3 L. This is where the system needs fixed. No matter when you lose it needs to be equally as important. USC loses to Oregon, and Unranked Washington. Still in the Top 10? That's ridiculous.
I'm opposed to having these conference champions be the ones to get automatic bids. If that's the case then you're going to need to give ALL conferences automatic bids, like College Basketball. And that makes the field too big.
I dig the idea of only having four teams, but that should only be used if we're given four undefeated teams. I really think the field should be set at eight using the BCS rankings. And give the Championship Bowl the spot light and headline the other major bowls with teams and talent you otherwise wouldn't see.