The College Football Playoff has replaced the BCS Championship. So this is the new system and i would think it would be in place for a while (like the BCS) until a better system is agreed upon. Im not sure but I would think that a 8 team setup could be possible, but who knows if it would ever be implemented. There are still bowl games being played left and right and the big ones like the Orange Bowl, Fiesta Bowl, Peach Bowl and Cotton Bowl Classic were televised locally ( i think ESPN too).
But I think you are right