A 12-year deal was approved by university presidents that agrees to 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."

As of now, the university presidents said the sites of the playoffs are still to be determined and will likely rotate from year to year between the current BCS venues.

For the next two seasons, the current system in college football will decide a national champion.

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