Found June 26, 2012 on Down and Distance:

BCS President Charles Steger and the oversight committee has approved a deal for a 4-team college football playoff to begin with the 2014 season. The Presidents discussed having a playoff system similar to college basketballs but chose to limit it to four teams in order to preserve the significance of the regular season. They considered an 8 team playoff and a 16 team playoff but did not choose those because of academic concerns. The BCS has in place a twelve year agreement for the playoff system.

The games will rotate between six bowl sites. The semi-finals will rotate among those six on a pre-determined basis and who receives the first games has yet to be determined.

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