Absolutely a playoff, but realize a real championship would change some things. The first four or five weeks of the season where everyone tries to schedule winnable (but slightly better than cupcake) games would be mostly unnecessary.
Take the top 32 teams and start the first round over Thanksgiving weekend, and only 4 more rounds to NC (the last 3 rounds after semester break). Play the semis arround 12/23 and NC 1/1. Let the bowls select any team they want for consolation (read profit) bowls sorta like the Rose Bowl has been for the last couple decades. Any team not in the final 8 can play in a bowl. Reduce regular season games to 8 or 9 so no net inrease in number of games - but more games will be after semester break/fewer during semester. I think this scenerio would be revenue positive except for NFL and NCAA hoops.
The NCAA hoops season is now up to 40 games if you last long enough - that's half an NBA season except they go from Oct to june. I'd like to see hoops start arround thanksgiving with alot of games played during semester break. Try to play 12 games on weekends from 1/15 to 3/15 and play the first 4 rounds over spring break. Academic integrity over greed is just plain silly so this plan is useless.