The BCS presidential oversight committee on Tuesday announced their approval of a four-team playoff to determine a champion in the Football Bowl Subdivision. The 12-year deal calls for the new playoff system to take effect in 2014.

Some details have yet to be announced, but the four teams will be chosen by a selection committee, and the semifinals will be held at current bowl sites on a rotating basis. The national title game will be awarded to the highest bidder. Since 1998, the BCS system pitted the top two teams in the national title game based on a complicated formula of polls and computer rankings.