They can (and should) expand the playoff, but does that mean the bowl games have to end? Sure, they will most certainly decrease in importance and revenue, and maybe even die-out entirely if the NCAA adopts a 16+ team playoff, but why should we as fans care whether non-playoff teams play an extra game sponsored by a private entity?
These games would not exist if people didn't watch them. People want more football... why not give them opportunities to see it?