A four-team playoff to determine a national champion in college football will become a reality in the 2014 season after an oversight committee of university presidents on Tuesday approved the conference commissioners proposal in Washington.
The plan involves a 12-year deal, so this format will be in place though the 2025 season.
There are still some issues to work out, such as the bowl rotation and money dispersal, but the playoff will consist of two semifinal games to be played in bowl games and a national championship game that will be put up for a bid. The semifinal games will be rotated among six bowls, and the title game will be at a neutral site.
The presidents committee also endorsed the idea of having a selection committee choose the playoff teams, which would end the combination of human polls and computer rankings used to determine the matchups for the BCS national championship games. The criteria the selection committee will use have yet to be determined.
"A four-team playoff doesn't go too far," said Virginia Tech president Charles Steger, chair of the presidential oversight committee, caccording to USA Today. "It goes just the right amount."
The commissioners took about 30 minutes to present their plan to the university presidents and chancellors, and the presidents met for about three hours before announcing their approval.
The current Bowl Championship Series contract runs through the 2013 season, but the BCS' 14-year reign will end at that point.
The commissioners have agreed in principle on how the revenue will be divided, according to Big Ten commissioner Jim Delany, but that has not been made public.
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