[FROM ESPN.COM] WASHINGTON, D.C. — A four-team playoff for college football has been formally approved by a presidential oversight committee, a dramatic change for the sport that will begin in 2014. 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 bidder.

The 12-year deal is through the 2025 season.

The 11 conference commissioners and Notre Dame athletic director Jack Swarbrick presented their proposal to a board of 12 university presidents at the Dupont Circle Hotel. In less than three hours, the group agreed upon a postseason that college football fans have been clamoring for years.

The group of presidents also endorsed a rotation of the semifinal games among six bowl sites and rotation of the championship game among neutral sites. The championship game will be managed by the conferences and will not be branded as a bowl game. The group 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.

“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.”

Two main topics that need further discussion are how teams will be selected and how revenue will be distributed. The commissioners have agreed in principle as to how the revenue will be divided, according to Big Ten commissioner Jim Delany, but that has not been made public yet.