Maybe the whole coin toss thing should be rethought. Why not just get the coaches together before the game, do the toss with them; then reenact it with the captains for the fans before the game.... 
My opinion means nothing, but I am strongly opposed to taking the game away from the players. Remember, there was a time when only a player could request a time out. They took that away. Now the coin toss is at risk.
However, there are two sides to all stories. Football rules were first started in the 19th Century by players, and the players were in college, and they were there, first and foremost, for education (long before athletic scholarships). In those days, college students were motivated by education, and were probably greater in basic intelligence than average. So, being able to handle a coin toss was well within their capability, with little or no coaching. What do we have today? Many, if not most, college football players are there with one goal in mind - to get to the NFL. Education is not their highest priority. The NCAA has rules in place to require some minimal level of academic performance by prospective and actual student-athletes, but they hardly guarantee that a 19 or 20 year kid will have the academic background to handle decision making - even those as simple as with a coin toss. So, it isn't surprising that 'captains' make mistakes, and that coaches may want to absorb, by rule, the coin-toss decision making.
But I hope it doesn't happen. The game would be much better served to have coaches
teach their players what happens in a coin toss, and to give them the training they need to handle it.
Just me.