There are 10 guys on OU's offense that will get drafted.
You think it is "absolutely ridiculous that there are some teams out there that no matter what they do, they can not play for a national title" yet you are against the only reasonable solution for that problem. How do you reconcile that?
Don't the benefits of diminishing the regular season some far outweigh the detriments? I agree with EGD that if you have a playoff structure like 1AA, II and III (16 teams) you will have better and more quality non-conference games. If a team isn't concerned with being knocked out of contention by playing Ohio St, texas, OU, whoever (or even quality non-BCS teams like Boise and Utah who have impossible times scheduling good BCS teams and can't get one to come to their place if their life depended on it), they will play those teams. Win your conference and that lose means little, now, you are f*ed, as UT and OSU who lost to each other in consecutive years.
How about the benefit of UW not being left ass out when they beat Miami, who in turn was also ass out even though they beat FSU, or 13-0 Auburn not being left out, or 11-1 USC the year before that, or Pac 10 champion 11-1 Oregon at the expense of a team who didn't win their division (Nebraska) or UT this year, or PSU this year, or USC, or Utah, Boise, need I go on?
Regardless, the regular season wouldn't be diminished much at all. If a team wants to put all their eggs in the conference title basket, so be it, make their non-cons meaningless.
16 teams, 11 conference winners and 5 at larges. Generally speaking the first team left out of the tournament is ranked 12th or 13th and has 3 losses. This year the first team out is Oklahoma St by BCS rankings. That means that the regular season would be so meaningless that OSU's loss to OU, Mizzou's lose to KU and their subsequent loss to OU kept them out of the tournament, it also meant that PSU had to beat MSU in the final week of the season to assure they were in, lose and they might well have fallen out, it also meant Oregon St's loss to Oregon knocked them out (and gave life to TCU, otherwise USC would have been an at large). would it diminish certain games, sure, but it is a gross mis-characterization to say it would turn into the NFL or NCAA.
And answering your #2, how about March friggin Madness? Which this would surpass in a heartbeat. Every secretary and receptionist in the country is in a March Madness pool.