The conference commissioners met in Chicago earlier today and came out of their meeting agreeing on a 4 team playoff model that will be presented to University presidents next week for approval.
If the University presidents sign off on the model we'll see a four team playoff starting in 2014. However, the presidential oversight committee is still expected to discuss the various other models starting next week.
Pac-12 commissioner Larry Scott stated that the semifinal games will be incorporated with the major bowl games and the national title game location will be bid on, much like the Super Bowl.
How exactly the four teams will be selected hasn't been finalized; but a "selection committee" is where this is apparently headed.
Big Ten commissioner Jim Delany is happy with the progress that they have been able to make, and the fact that they have been able to come together to present a unified model to the presidents for approval.
"We're very unified. There are issues that have yet to be finalized. There's always devil in the detail, from the model to the selection process, but clearly we've made a lot of progress."