The school presidents said they have given thumbs-up to a four-team playoff to determine a champion in the Football Bowl Subdivision, becoming effective in 2014 and running through 2026.
Virginia Tech University President Charles Steger, chairman of the oversight committee, said under the new system four teams will be chosen by a selection committee, with semifinals to be held at current bowl sites on a rotating basis.
A national championship game would then be played at the bowl with the highest bid.
"A four-team playoff doesn't go too far, it goes just the right amount," Steger said. "We are very pleased with this arrangement even though some issues remain to be finalized."
The new setup would replace the current formula in which percentage totals from the Harris Interactive poll, USA Today poll and computer rankings were used to determine the top two teams, who then played for the title.
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