The long wait is over. According to an ESPN report, commissioners of the BCS conferences & the athletic director of Notre Dame agreed to a seeded, four-team playoff model to determine the national champion beginning in the 2014 season. Still, it has to agreed upon by the BCS presidential oversight committee which will meet on June 26th. If approved, the playoff format would replace the BCS system which had been in play since 1998.

Under the new model, the four teams would be selected by a committee that would agree upon certain criteria such as strength of schedule and conference championships. The playoffs would include two national semifinal games to be played at the sites of current BCS bowls (Rose, Orange, Sugar, Fiesta) and a national championship game to be awarded to the highest bidding city.

[via ESPN]