The BCS has accepted a four-team playoff system, but there's still work to be done before college football's postseason is completely sorted out. University presidents still have to agree to a system, but the BCS has accepted a model for a four-team seeded playoff system.
BCS has achieved consensus on 4-team seeded playoff— Brett McMurphy (@McMurphyCBS) June 20, 2012
Conference commissioners won't be discussing the specifics anytime soon -- almost certainly because some of them still have to be ironed out -- but the commissioners have reached a consensus on most issues. The BCS is going to present one model to university presidents next week, but the presidents will be able to bring up whatever issues and alternative solutions they want to discuss.
There is still the possibility of a "plus-one" model being discussed independent of the model that the BCS will present, something that the Big Ten has been adamant about. The conference's commissioner, Jim Delany, said that a "plus-one" is still going to be discussed in addition to the system that the BCS agreed on.
The commissioners of the BCS conferences have not disclosed the method for which the teams would be selected in a four-team playoff. Past solutions that have been discussed included a new rankings system and a selection committee.