A couple things:

1) I disagree with the position that Congress should be dealing with other more important issues. Were this any other Billion dollar industry they were looking at in an attempt to determine whether antitrust violations were occuring i doubt anyone would bat an eye.

2) as for the statement that that the BCS violating Article 1 of the Sherman Act is a flimsy premise for an investigation, untrue! is say. Article 1 attempts to prohibit agreement in restraint of trade, i.e. agreements that limit or destroy competition in the respective field. Out of the 10 positions in the BCS games, 6 are guaranteed to the winners of the 6 major conferences (Pac 10, Big 10, Big 12, Big East, SEC, ACC). That leaves only 4 slots open for non BCS schools. When you add in the fact that the schools and conferences who form the BCS are given given an advantage in the system as to strength of schedule, there definately seems to be a restraint on the possability of non-BCS teams participating in the big games.

3) on the flip side of that, the BCS is, technically, a voluntary, private organization. By virtue of that, the BCS could argue, there is no real restraint of trade because the non-BCS teams could simply branch out on their own and compete in the market separate from the BCS. This could give us a system similar to boxing, where there are multiple champions even in the same weight classes.

4) Congress should care about this because, don't forget, the opportunity to play in a BCS game, especially the national championship game, means Millions of dollars to that particular institution in a multi-Billion dollar industry. And that money is not just for sports. For a lot of these smaller schools that have been screwed by the BCS (Utah in 2008 and 2004, Tulane in 1998) that kind of money could go a long way. Sports, for one reason or another, is seemingly the only free market, non-regulated industry left in the U.S. Whether you believe all markets should be free and unregulated or not, the fact is they are and the BCS and college football are not different and should not be treated any differently. Interstate commerce is interstate commerce and Congress has the authority to regulate it.

5) rant over.