The minute you have these semi-final games at anywhere outside of the BCS bowls, the bowl system dies a quick death. You might as well just dispense with the pretense,and go immediately to a 16 team playoff system,leaving the other 108 Div 1 football programs at home after thanksgiving weekend to start watching their bb teams.
So you end up with pretty much the same revolving group of maybe 12-14 teams in the playoffs every year,which will simply cement their top echlon status even more.
Iowa will not be in that group. No bowl games, just cannon fodder for the legacy programs in the Big Ten,such as OSU and Michigan,maybe PSU and Neb..with occasional visits by Wis and MSU...and then Iowa maybe once a decade,playing in the postseason...oh joy. All the advantages of making postseason currently...recruiting,extra practice time ect...will accrue to the same 3-4 teams in each league every year,just making them even harder to beat. At least in the NFL,the revenue is shared and the draft parcels out talent in an equitable manner to give lower teams a chance,but not in the new College-NFL-lite system. Bama will love it tho, as will LSU...so by all means lets make Saban happy.