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It stands for Bowl championship series.
"The BCS National Championship Game, presented by Allstate."
No, the BCS is decided by a single game, the winner is the champion. However, there has been a shared National Championship since the BCS began. LSU won the BCS national title game in 2003, but the AP granted the National Championship to USC.
Bowl championship Series
CRYSTAL
The Oregon Ducks have not won a BCS National Championship. They reached the BCS Championship Game twice, in the 2010 and 2014 seasons, but lost both times. The team has had significant success in college football, but a national title has eluded them.
BCS stands for Bowl Championship Series. It determines what two teams would play in the National Championship Game. The championship game winner would become the college football national champion.
Florida and LSU have each won two BCS championships. No one else has won more than one.
ALABAMA vs TEXAS
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BCS National Championship