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, and the semifinals will be held at current bowl sites and the national championship game will be awarded to the highest bidder.
The deal will last 12 years, going through the 2025 season.
The group of presidents also endorsed a rotation of the semifinal games among six bowl sites and rotation of the championship game among neutral sites. The championship game will be managed by the conferences and will not be branded as a bowl game. The group also announced the creation of a selection committee that will rank the teams to play in the playoff, "giving all the teams an equal opportunity to participate." The committee will consider win-loss record, strength of schedule, head-to-head results, and whether a team is a conference champion.
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