So, despite the agreed upon sort-of playoff format, there is still a BCS this year with the convoluted system we've all come to know and love. It is early, but here's how things would play out if the season ended today (and everyone involved had the requisite number of wins.
Automatic Qualifiers: Alabama, Kansas State, Oregon, Louisville, Florida State, Nebraska, and Notre Dame.
BCS Title Game: Alabama (SEC Champ) vs Kansas State (Big12 Champ)
Rose Bowl: Oregon (PAC12 Champ) vs Nebraska (Big10 Champ)
The Sugar Bowl would get first pick to replace Alabama. LSU or Notre Dame make all the sense in the world here. If ND is undefeated, I think they get the spot. We'll go with that.
The Fiesta Bowl gets second pick to replace Kansas State and they also get third pick as it's their year to pick first among the open spots. I think LSU (or whatever SEC team they deem second best, could be Florida) is the no brainer. The second pick is much tougher. Because the SEC already has two teams, the only possible choices are: Louisville, Oregon State, Oklahoma, Clemson, and Stanford. If Louisville is still undefeated, this might be a possibility, but I think Oklahoma is the better choice in terms of travel and fan excitement.
Now the Sugar Bowl get's to pick the team to face Notre Dame. They can choose from the same list above. As an undefeated team, Louisville gets the nod, albeit a weak one. The other teams might travel a bit better, but the record will win out.
Finally, the Orange Bowl has to pick an opponent for Florida State. They're not going with fellow ACC team, Clemson, so they have to pick from the PAC12. Stanford made a good run last year, but they're less exciting without Andrew Luck. I think Stanford is the pick (they traveled better than expected last year), but I'd love to see it be Oregon State for sentimental reasons.
So we've got:
BCS Championship: Alabama vs Kansas State
Rose Bowl: Oregon vs Nebraska
Fiesta Bowl: Florida vs Oklahoma
Sugar Bowl: Notre Dame vs Louisville
Orange Bowl: Florida State vs Oregon State