The lack of enthusiasm, to me, is because of several reasons:
1. Too many bowl games compared to seasons like 1987.
2. A New Year's Day Bowl was something to look forward to because that was the highpoint of the bowl season, period. By the end of the night, you pretty much knew who would be number 1.
3. The networks got greedy with the play-off system and now we have "games" beyond New Year's Day and the same teams, (pretty much) in the pay-offs every year, which really kills the buzz nationally for the average college football fan.