I happen to accept the Bible as totally and completely authoritative. I believe that the Word found in Sacred Scripture contain all things necessary to salvation, and that no genuine apostolic Tradition will ever contradict the Word of God. If you cannot find it in Scripture or the practice of the ancient Church who recieved the direct teaching of the apostles, then it’s an attempt to improve upon the Apostles, and like the ancient Church, we are called to reject it.
That said, the Canon of the New Testament, when finally nailed down, a pretty specific guideline for inclusion: If it was written by an apostle or an apostolic figure and it’s authenticity was never in doubt, then it was accepted. That is why such books as the Protoevangelion of James was rejected - it was spurious (not written by James). No one knows who really wrote the Shepherd of Hermas, as good as the book is, and while Polycarp, Justin Martyr, and the Patristic Fathers wrote wonderful volumes of work, they were not considered to be apostolic figures.
Thus, Canon set, the Church went about preaching the good news and living out that good news in the context of the Tradition that was handed to her.
The modern concept that the Church has authority over the Bible is flawed, and when taken to extremes (as has been done of late) results in rank heresy. An Episcopal bishop in Pennsylvania is noted as having said in a homily “The Church wrote the Bible, and the Church can rewrite it whenever she feels the need.” This is utter fallacy, and is not only a non-Catholic position … it is a non-Christian one.
The Bible and Sacred Tradition hold rule over the Church, not the other way around. Whenever the Church goes about reinterpreting either for her own benefit, she falls into trouble.
Rob+