That would sure be nice, but we'll never see it ... or anything close. With the contractual obligations of conferences and bowl games, and power/money concentrated in a minority of the conferences and teams, it will not happen.
But, wouldn't it be sweet to have a single elimination tournament, with conference champions and a few wildcards to round things out, playing to a national championship? National interest would be HUGE, and they'd make more money overall. Problem is, big-money conferences and bowls don't want to share. Which is why it sucks.