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Semis can't be held at the same site. They must be held on the same day to keep competitive fairness. You can't turn over a stadium that quickly. They need to be held on the same day within ~8 hr driving distance of the final, if they want people to attend both games.
This also helps the local tourism immensely, instead of 2-4 day visits they get a 8-10 day visit. Even if it's split between two cities they come out ahead.
To be clear, I was referring to 3 or maybe 4 bowls rotating the 3 games among themselves. For example, in 1 year, the Orange (Miami) and Rose (LA) would host the semifinals on the same day and then the Cotton (Dallas) would have the final. The following year, it would Orange, Sugar and then Rose with the Championship. I do not think the NCAA really cares about people traveling (the host sites do).
And yes, it would be a nail in the Bowl's coffin. Only way for the Bowls outside of the Playoff rotation to survive would be to 1) have them in locations people want to travel to and 3) attract teams that travel.