A presidential oversight committee a four-team playoff for college football beginning with the 2014 season and continuing through 2025. 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 bidding city.

The group of presidents also endorsed a rotation of the semifinal games among six bowl sites and a rotation of the championship game among neutral sites. The semifinals either will be played on New Year's Eve or New Year's Day, and the national title game will be played the first Monday in January that is six or more days after the final semifinal game is played. 

The title game has yet to be named.

The championship game will be managed by the conferences and will not be branded as a bowl game. The presidents 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.

Football Bowl Association executive director Wright Waters said in a statement: "Today is the beginning of an exciting time in the future of college football and we are committed to continuing the rich tradition of the bowls."