Chip!
Other conferences, including the Big 12 and ACC have been whispering into Notre Dame's ear that the Irish have other options. DeLoss Dodds at Texas has been wooing the Irish non-stop for three years, even proposing the Irish remain independent in football and bring their non-football sports to the BIg 12 and start their own third-tier network.

http://texas.rivals.com/content.asp?CID=1366398
What kills the bowl system is a playoff that includes only conference champions. Because if that does trigger realignment to the tune of four, 16-team super conferences, then the bowls have nothing new to pick from.
Why? Just because there's four teams, that doesn't mean they'd always have to come from the same conferences. Only 2 teams are being taken out of the bowl system. And, who the hell is the Pac 12 going to add to get to 16? All this talk of 16-team super conferences makes no sense.
With only four conferences, schools selected by the bowls will have either played each other that season or most seasons, and would not excite fans or provide new matchups. Some of the more intriguing bowl matchups occur when schools from different conferences meet for the first time.
That doesn't make sense.
If the two best teams in the country are from the same conference, so be it. Who wants to see an undefeated conference champ against a 2-loss Wisconsin in a semifinal game when there's a 1-loss team who didn't win its conference but played a much tougher schedule and is more deserving?
The conference championships would be a part of the playoffs. That's what everyone seems to be ignoring. If the playoffs are 4 conference champions, then the playoffs are actually 8-12 teams since you have to win the championship game of your conference to move onto the next round (assuming Big 12 adds 2 teams to get a champ game). So, the first round is SEC Championship, big 10 Championship, PAC Championship, Big 12 Championship plus ACC Championship and/or Big East Championship if they have a team in the top 6. The second round of playoffs would be the semifinals.