Detail are few, but here’s what we know so far:
- Four teams will vie for the title, up from the two selected to play in the title game under the current BCS system.
- The teams will be decided on and ranked by a committee similar to the one that determines rankings for the NCAA basketball tournament, likely made up of former coaches, athletic directors, and other college football insiders.
- The committee will weigh factors including record, conference championships, and strength of schedule to choose and seed the teams.
- The two semifinal games will rotate among the already-existing BCS bowl games – the Rose, Fiesta, Sugar, and Orange Bowls. The national championship game will be auctioned off to the highest-bidding city.
- College football will become even more of a cash cow. According to ESPN, unnamed sources have hinted that the playoff could be worth between $400 million and $500 million for the NCAA.
The commissioners’ group has been flirting with the four-team playoff for a while now. “There are still some issues to be resolved, but this shouldn’t be a surprise,” SEC commissioner Mike Silve, who has pushed hard for the playoff, said during the announcement.