On Tuesday, BCS commissioners and school presidents made the announcement that NCAA Division I-A/FBS football would be moving to a four-team playoff system beginning in the 2014-15 season.
The deal, as expected for some time now, is a 12-year agreement for a four-team seeded playoff. The national semifinals will be held at existing bowl sites, with six bowls sharing hosting duties over the course of those 12 years.
This deal is expected to be extremely lucrative for all parties -- excluding the players, of course -- especially considering that there are expected to be bids put out in order for sites to hold the national championship game each year.
Matt Hayes of the Sporting News reports that the TV rights for the semifinals and championship game each year would likely be worth $500 million, meaning that the 12-year deal could result in a $6 billion television contract for the NCAA and the BCS.