As long as the field is small. I'm all about a college football playoff, but only if the NCAA keeps the max at 8 teams, and preferably just 4. And I do think that's what will happen if a playoff is set up. There's no reason to take away the value of the regular season, and I don't think that'd happen in a plus-one system, which can still use the bowls as part of the process without changing much at all. Yes, there will be tons of arguments on how to determine the teams, etc... But I'd rather argue about the fourth and fifth place team each year than the second and third. It'd still generate controversy, but I don't think it'd generate long term bitterness that certain schools have a right to express, like Auburn and Southern Cal have in recent years in our current system.
As for the other teams, and more specifically with your statement, the bowl season would be the exact same. Ole Miss fans aren't complaining about the Cotton Bowl because they didn't get picked for the Sugar Bowl or any other bowl that's considered better. And if a playoff system had been in place, they still would've packed that stadium full. A bowl game and an NIT game have nothing in common. A bowl is an event.. a one-time deal win or lose. It's a championship in itself. You can't say that at all about a non-NCAA post-season basketball game.