I think the college rules are pretty lame actually, as are soccer and hockey games decided by penalty kicks and shots.
Seems to me the best and far simpler approach would be based on the old high school rule of penetrations deciding the winner of the game. Why not keep the overtime rules the same sudden death way they were, except instead of first possession being decided by a coin flip make it decided by whoever got the most penetrations into the opponent's territory, or whoever had the biggest yard differential or some other thing like that?
My dad's Ganado team was tied with Tidehaven* back in the late 70's late in the 4th quarter, ahead by TWO penetrations (this was back when ONE team out of every district went to the playoffs, and Tidehaven was ranked #1 in the state in 2A). Threw a swing pass on 1st and 10 from his own 20-ish that ended up in a pick 6. Lost 13-7.
That being said...
uh, hu, hu, hu, hu, hu, you said penetration, uh, hu, hu, hu, hu, hu
*it could have been Brookshire Royal or East Bernard. Good story when dad tells it, though