Heather Dinich for ESPN:
A four-team playoff for college football has been formally approved by a presidential oversight committee, a dramatic change for the sport that will begin in 2014. The four teams will be chosen by a selection committee, the semifinals will be held at current bowl sites and the national championship game will be awarded to the highest bidder.
The 12-year deal is through the 2025 season.
Not perfect, but a solid compromise. This was the only option that was ever going to fly. And it’s going to make college football that much more exciting. One loss for a top-tier program no longer means you’re done.