I tend to think it is, but sadly the system is better then the old bowl system where the number one ranked team would play the highest ranked team in some division. THere's no way to perfect the system and sadly this is probably as good as we're going to see it.
Biased - YES!!!! (Only certain Football conferences are part of the BCS)
A lot of me says that UTAH should be #1, but in reality, the best solution, create a true Playoff Season.
It would only require the addition of 3 more games (or you could move some current bowl games to an later date).
Take 4 major Bowl games, and make them play on or very close to January 1st. Place the top 8 ranked teams (with any undefeated team being required to be placed in the top 8). Use the rankings to seed the Top 8.
Then a week later, have the 4 winners play again, reseeded in the Top 4.
Then on the week between the NFL Conference Championships and the Super Bowl, have 1 last game to decide the College National Championship, between the 2 winners from the Top 4.
Yes, there would be some complaints for the 9th ranked (or near the 9th) that they got prevented from the "playoffs", but it would be a lot more clear who truly is the best team by matching them up in a seeded playoff system.