I used to enjoy college football much more than I do now although never as much as I did the NFL.
The importance of the bowl games has changed too much with the BCS making all other bowl games essentially meaningless. I grew up in L.A. and loved the rivalry between UCLA and USC as well as with USC/Notre Dame, anyone with Stanford, etc. The Rose Bowl was a HUGE game back then with the top Pac-10 team playing the top Big-10 team but now it is kind of a side note.
I also like to follow players for more than a couple of years. The great Cowboys players played here for 10-15 years, not 2-3 like in college. Also, college football is more about the coach than the players since he stays and they move on but even then most college coaches move around a lot these days (except for Joe Paterno of course).
Lastly, since I moved to NC in 1992 I don't get to see UCLA or USC play very much and I hate the ACC teams so I've really lost interest in it.