A board of 12 university presidents approved a four-team playoff for college football Tuesday evening, June 26, set to begin with the 2014 season.

Under the new format, four teams will be chosen by a selection committee, similar to the current postseason format of college basketball. The semifinals will be held at current bowl sites and the national championship game will be awarded to the highest bidder.

“What we want is the four best teams — we don’t want it limited to just a conference champion,” said ISU Athletic Director Jamie Pollard in an interview in May. “We want the four best teams to be selected by a committee so there is a human element and we want strength of schedule to be in the criteria to decide who the four best teams are.”

Pollard and the Big 12 Conference got just that Tuesday evening. 

Under the new format, the semifinal games will be played under a rotation of six bowl sites — including the current Rose, Orange, Fiesta, and Sugar Bowls, as well as two additional sites to be determined. The national championship will rotate neutral sites and not be branded as a bowl game.

The new format will replace the BCS postseason system, which is set to expire in 2013. The new four-team playoff, after it takes effect for the 2014 season, will be a 12-year deal through 2025. 

A selection committee will rank the teams to decide which four teams will play in the playoff. Among the criteria for those rankings will be win-loss record, strength of schedule, head-to-head results, as well as if a team won its conference.