WASHINGTON (June 26, 2012) -- College football will finally have a playoff. Come 2014, the BCS is dead.

A committee of university presidents on Tuesday approved the BCS commissioners' plan for a four-team playoff to start in the 2014 season.

The move completes a six-month process in which the commissioners have been working on a new way to determine a college football champion. Instead of simply matching the No. 1 and No. 2 teams in the country in a championship game after the regular season, the way the Bowl Championship Series has done since 1998, the new format will create a pair of national semifinals. No. 1 will play No. 4, No. 2 will play No. 3.

The winners will advance the national championship game.

The teams will be selected by a committee, similar to the way the NCAA basketball tournament field is set.

There are still some details to work out, but all the decision-makers are on board.