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College Football Playoffs: 4-Team Playoff Format Approved

On Tuesday, an oversight committee made up of college presidents approved a four-team playoff format for college football that will replace the current BCS system starting in 2014.

"A four-team playoff doesn't go too far; it goes just the right amount," said Virginia Tech president Charles Sterger. "We are very pleased with this arrangement, even though some issues … remain to be finalized."

Related: NCAA Football Playoff: NCAA To Ditch The Term 'BCS'

The semifinals will be rotated among six current (as yet undetermined) bowl sites, while the title game will be awarded to the highest bidder. The championship game will not be branded as a bowl game, according to the presidents.

The four playoff teams will be chosen each year by a selection committee. One of the big issues remaining unsettled is how the revenue will be distributed.

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