I'm probably in the minority, but I would prefer simply to use the BCS standings and take the top four teams. A selection committee will be very, very messy, just like in basketball. There will be all kinds of controversy, allegations of bias, etc. I can't wait until the first time the 6th or 7th ranked team in the country (or worse) is selected over the 3rd or 4th ranked team because of "strength of schedule," the "eye test," or some such thing. Let's just hope this committee will be able to keep its story straight from year to year on the criteria it used for selection better than the basketball committee has been able to do.
If they use some of the same criteria as is used for b-ball, it could get downright ugly. One of the factors in b-ball is how they did the last three weeks or month of the season. Here are the last four games of the top-6 teams in the BCS standings:
ND (4-0): Pitt (5-6), BC (2-10), Wake (5-7), USC (7-5)
Bama (3-1): LSU (10-2), Tx AM (10-2) -- loss, 1AA Western Carolina, Auburn (3-9)
Georgia (4-0): Ole Miss (6-6), Auburn (3-9), 1AA Georgia Southern, Ga Tech (6-6)
Florida (4-0): Missouri (5-7), La-Lafayette (7-4), 1AA Jacksonville St, FSU (10-2)
Oregon (3-1): USC (7-5), Cal (3-9), Stanford (10-2) -- loss, Oregon St (8-3)
Kansas St (2-1): OKSt (7-4), TCU (7-4), Baylor (6-5) -- loss, Texas (8-3) -- yet to play
Georgia would likely be downgraded for playing 3 1A schools at no better than 6-6 plus a 1AA school. Notre Dame's and Florida's schedules are weak, as well. Oregon, on the other hand, played three ranked teams, and K-State played two. Even though they each lost a game (assuming K-State beats Tex), someone might upgrade them.