The university presidents have approved a 12-year deal that would provide a four-team playoff for college football. The deal begins in 2014-15.

From USA Today:

"This was timely, had to be done," former Big 12 acting commissioner Chuck Neinas said before Tuesday's meetings began. "(It was in) response to the public, response to the interest in college football. The BCS has done a great deal in helping promote college football, and there's a general feeling we need to do something better to determine a national champion."

Because there is a current BCS contract in place, the next two seasons will not feature the four-team playoff.

The university presidents said the sites of the playoffs have yet to be determined and will likely rotate from year to year between the current BCS venues.

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