The BCS formula was terrible. None of the computer polls were created by statisticians or people with a math/stats background. They were just online randos screwing around in Excel, and they happened to get their numbers out on the Internet back in the 1990s when there just weren't many college football websites out there, so they caught on.
Even worse, 5 of the 6 polls kept their formulas secret, so there was no way to audit them and see if they screwed up (or even worse, faked their results, although that is a little conspiratorial). Indeed, the 1 poll that did have a public formula did make a mistake one year that caused the BCS to have to reissue their "final" rankings after someone realized the error, and Boise State and LSU flipped spots. Imagine if that had happened with one of the top 2 spots. Or if that really did happen with one of the other 5 polls - we'll never know!
The BCS also used the Coaches' Poll, which is often filled out by interns because actual head coaches aren't going to be bothered with that, and you sometimes had coaches openly rigging their ballots to benefit their teams. One time Mack Brown explicitly said "I'm going to vote Texas #1 to give it as much help in the BCS rankings as I can" and there was no consequence for it!
Having said all that, I would support abolishing the committee and all human polls altogether, and replacing them with mathematically valid and rigorous computer polls, as long as any random person on the Internet is able to check and verify the results.
