The key here is excessive brake pedal travel implies air bubble is trapped in the brake line. Did you drain/purge all the old fluid out the master cylinder (I use an old turkey baster) to remove most of the fluid in the M/C reservoir, then do the bleed to get the old stuff out, and check that you used the right DOT rated fluid?
Remove the pads, lightly sand the surface and wash with clear water only, do the same to the rotor to give it a "brushed neutral random swirl look" using fine sandpaper in circular motion to roughen the polished swept surfaces. Inspect the pivot pin for grooving, if worn replace, otherwise use thin layer of high temp grease, reinstall pads and torque to spec.
Finally, double your efforts to bleed the brakes to purge all air out of the system. Use a friend if necessary to press the pedal and timing closure of the bleeder valve just prior to bottoming. May have to do this several times to get stubborn air bubble out, as the hose may arch above the M/C level. Too long brake pedal travel is dangerous, and should not be allowed to continue as an emergency stop should be short and crisp.
