why doesn't OSU belong? Who does? Hawaii? No. USC. *see Stanford*.
Playoffs would ruin college football. It would basically take away the regular season. Now-A-Days, if you lose 1 game in the regular season, your out of the title picture (except for this year). The Regular season holds so much importance. Much more than other sports (did you know that if the Bengals win out, among other things, they could go to the playoffs, despite starting how they have)
A playoff (16 team) would also add 3-4 more weeks to the season. These kids are in college, although most of them don't care about their education and theink they're the shit and make 15 million in the NFL (that also pisses me off, but thats another story). but some do care about their education (Craig Krenzel), and another they can't spend their whole college career playing football for 6 months, half of them won't play in the NFL, more than half, and they need something to fall back on.
Playoffs in College Football = Kills tradition and the "student*"/athlete
What would college football be like w/o the Rose Bowl, Sugar, Fiesta, Orange? Unless thats the elite eight, which in that case a team who wins the whole playoff would win 3 different bowl trophies, and would only allow for the possibility of 16 teams to win a trophy, instead of the normal 60-65 teams.