This puts a rest to the controversial Bowl Championship Series, which lasted a mere 14 seasons (1998-99 to 2011-12).
The committee, which includes 12 university presidents and chancellors, were expected to go late into the evening debating whether the proposal would be good for all sides. It had shot down any ideas in the recent past due to constraints on the student-athletes, the regular season and money issues.
"It's a great day for college football," said BCS Executive Director Bill Hancock, according to Sports Illustrated. "As soon as the commissioners realized they could do this and protect the regular season, the light went on for everybody."
But that quickly changed, as the meeting took just three hours.
Beginning with the 2014 season, the national championship will be decided by two semifinals and a title game. The current system will stay in place until then.
Many details will still be hammered out between now and spring of 2013, but here's what we know right now:
- A selection committee—much like college basketball's—will choose and seed the teams in the playoff. Strength of schedule, head-to-head results and conference championships will be heavily considered when picking.
- The semifinal games will be played in a rotation among six bowl sites and the national championship will be held by the highest bidding city.
- The six major bowl games (including the two semifinals) will likely be played on New Year's Eve and New Year's Day each season. The first national championship game is scheduled for January 12, 2015.
- The President Oversight Committee wants to keep college football a one-semester sport, so it agreed to place the approved system through the 2025 season. Therefore, the playoff will not be extending to eight, 10, 12, or 16 teams anytime soon. Put your brackets away.
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