So they won't be done until after the Superbowl in mid February as it is a 4 week process?

Yes you could move the bowl games up significantly in the season and play them. But then you are losing the tradition anyway. Not to mention travel and fans. Who is wanting to travel to see the Orange Bowl in mid November in Miami when you are planning on spending 3 or 4 weeks in the college football playoffs thereafter.

Honestly the Bowl system is one of the worst contrived systems in all of sports. Let's just have our winner play another random conference as opposed to a playoff like they do in all other college sports (and high school sports and pro sports and FCS football, D2 football, D3 football)? It's dumb.