Yes once we lose 2 games the rest of the season is almost meaningless.By that same logic, the last few games of the regular season are even more meaningless. After all, most conference teams have been eliminated from contention by then, so why should the top players bother to play out the string against the likes of Northwestern and Indiana.
I've always enjoyed the bowl games though no question, there are waaaay too many of them. Extra month of practice. Potential for interesting intersectional matchups. The chance to end a season on a positive note. Good springboard for the following year. That kind of thing.
I do agree that an expanded playoff changes the equation significantly. I assume the current bowl system will somehow absorb the playoff set-up. It will be interesting to see how that plays out.