As far as a selection committee, it depends on who does the selecting, and what they are actually selecting. Right now there is a selection committee of 4 bowls that pick which teams go where, and sometimes up to 2 teams. We've seen how well that works out.
The conferences will never agree to a system that doesn't guarantee their champions/best team a spot. Because of that, there will almost always be at least 1 bad game. I can't think of any year where the top 6 teams have been the champions of the respective BCS conferences.
The bowls will never agree to a system where they don't get to choose thier participants, at least to some extent. The fiesta bowl would rather have an 8-3 Notre Dame team then a 10-1 Miami team. The Rose Bowl would prefer to have a 8-3 Cal team then a 10-1 Texas team. They are looking for a pretty interesting game (for TV) and team that have traditional ties, and teams that travel well (for ticket and hotel sales).
There are only 2 changes I could see coming. One is to get rid of the rules about the #3 and #4 teams, and the non-bcs school rules. That would guarantee there are always 2 wild cards.
The other one would be that the #1 and #2 teams play in the designated national championship game. Then, whichever bowl has the #3 team by conference affiliation would get the next pick, instead of the bowl that lost the #1 team.
I don't think either of those scenarios would give us Auburn and Utah, though. The sugar bowl doesn't want Utah because of the stigma that mormons don't travel and don't spend money.