The teams will be chosen by a selection committee, according to ESPN
. The playoffs will consist of two semifinals games which will be played at current college bowl sites, and a national championship game that will be put up for bid and awarded to the highest bidder.
The semifinals games will take place on either New Years Eve or New Years Day and the championship game will take place about a week later, USA Today
According to The Associated Press
, the selection committee will look at factors such as win-loss record, strength of schedule, head to head results, and whether a team is a conference champion.
Conference commissioners presented the plan Tuesday, and then took questions from the presidents who deliberated for 3 hours before announcing their approval, USA Today
"A four-team playoff doesn't go too far," said Virginia Tech President Charles Steger, chair of the of the presidential oversight committee. "It goes just the right amount."
"It's a great day for college football," BCS Executive Director Bill Hancock said according to The AP
The presidents also endorsed the idea of having 6 bowl games, three contract bowls and three access bowls, ESPN
The contract bowls will be the Champions Bowl, the Rose Bowl, and a third which will be determined by the ACC.
The access bowls have yet to be determined.
According to USA Today
, the lobbying for which bowls will be involved in the rotation has already started. Just a few hours after the playoff was announced, the Cotton Bowl released a statement saying: It's a great day for college football. We congratulate the conference commissioners and presidents for their diligent work to enhance the post-season. We look forward to learning more about the opportunities that will be created by today's announcement. With partners like AT&T and Cowboys Stadium, we believe we have a great story to tell."
Football Bowl Association executive director Wright Walters said in a statement
: "Today is the beginning of an exciting time in the future of college football and we are committed to continuing the rich tradition of the bowls."
According to The AP
, the commissioners are also looking to lock in a TV deal. The current 4-year BCS deal with ESPN expires in 2013. The new format will be presented to potential television partners this fall.
The name of the playoff, who will be on the selection committee, and how revenue will be divided are details that still need to be worked out, ESPN