The article isn't very clear, but I'm hearing that the top 8 BCS teams will play in the 4 BCS bowls on New Years Day and the semis and final game will be at neutral sites (or possibly the BCS sites on a rotating basis ) the next week and then the NC game at a neutral site (most likely Dallas) the week after that.
D0wnside is that it would destroy the traditional conf tie ins to the bowls. Also Last year if this had been in effect no BigTen teams would have been in the playoffs.
you would have had LSU v K State, Bama v Boise, Ok St v Ark, and a Stanford v Oregon rematch if this system was in effect last year. Frankly none of those games excites me very much.
If that's what is coming though you could get a bunch of BCS games like that on New Years. I'd rather watch Wisc Oregon or Stanford Ok St or UM Va Tech myself.