How did it not fail last year? You had three teams (Oklahoma, LSU and USC) that each had one loss. One of those teams (USC) ended up with half of the MNC and they didn't even play in the BCS game.
Having 3 or more teams finish with one loss is just as bad as having 3 or more finish undefeated.
The BCS is better than the previous system so I like it in that way. But it was a colossal failure last year. So until they come up with a playoff system (it's not impossible...just a matter of getting the NCAA to be willing to give up some $$$), we'll continue to have a champion that is decided by votes.