The commissioners of the BCS conferences and Notre Dame athletic dorector Jack Swarbrick have officially endorsed a four team playoff system that would go into effect for the 2014 season.
The consensus must be approved by the BCS presidential oversight committee. If the consensus is agreed upon, it would be the first change to the BCS format since 1998.
The proposal would consist of four teams, which would be seeded, selected by a committee, like the NCAA Tournament, and they would consider such criteria like strength of schedule and conference championships.
The two semifinal games would be rotated among the existing BCS bowls, Fiesta, Orange, Rose, and Sugar and the National Champonship would be awarded to the highest bidding city.
"We're very unified," Big Ten commissioner Jim Delaney said, "There are issue that have yet to be finalized. There's always devil in the detail, from the model to the selection process, but clearly we've made progress."
The commissioners of the BCS conferences have met five times since the National Championship in New Orleans, including the five hour meeting on Wednesday. SEC commissioner Mike Silve compared the meetings to a marathon saying, "My hope is we've done 26 (miles). My hope is that we have .2 to go."
The presidential oversight committee, which meets June 26 in Washington, DC, still will discuss over options for a playoff like the plus one format proposed by the Big Ten and Pac 12 conferences.
The president's committee could either approve the proposed four team format or direct the commissioners to iron out all the remaining details.
"I'm sure all the I's and T's won't be crossed and dotted," Pac 12 commissioner Larry Scott stated, "The presidents just have to decide whether they want to go in this particular direction that we're coming out with. Every other detail, I feel comfortable can be worked out."
The commissioners have agreed upon the principles of how the increased TV revenue will be split by the participating conferences. Industry sources have said that with the proposed four team format would bring in $400 to $500 million dollars a year.