Bowl season has expanded to what it is because TV, specifically sports TV expanded.
"There used to only be 4-5 bowls..." yeah there use to be about 4-5 channels too.
Also, football has blown up in popularity and conveniently for advertisers, sponsors, even fans the college football post season lines up perfectly with the holiday season. The sweet spot after baseball plays offs and before basketball season starts to matter.
There was/is a market there for media, sponsors, big marketing etc. to sell some stuff and make some money.
Someone said "hmmmmm got a lot of people home for the holidays, not doing anything, sitting around...they're not all fans of the 6-8 same teams from the 2-3 same conferences, playing in the same Rose, Sugar, Cotton, Peach, Orange bowls..."
Lot of blue-collar working-class men, and old retired grandpas who need a distraction from the clucking women, loud kids, and annoying ass in laws..
Boom...an entire industry is born...actually kind of genius.
Then from an athletic program and conference perspective it's a windfall of money.
Would agree we need an expanded play off. I just don't know if 8-12 teams is going to satiate the appetite...for fans or all the marketing, sponsors, big adverts, fans, etc...
Also, even with a 20 team play off, I still think there's a place and argument for the other bowls. Maybe, when the schedule expands which is inevitable, you move "Bowl Season" to August. Basketball has all the early season invitationals and classics...I think CFB needs the same thing. Again, sweet spot late summer nothing is going on...need some entertainment.