MIAMI (CBSMiami) – After decades of waiting, it appears a four-team playoff for major college football is finally here.

Conference commissioners came to a consensus on Wednesday that has now been sent to the BCS Presidential Oversight Committee, which would have to give final approval to the system.

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While the final details have yet to be ironed out, the respective conferences agreed to a 1-4 seeded tournament with semifinals played in traditional bowl games and the title game played at a neutral site that will be determined by bidding, similar to the Super Bowl.

One thing is certain; the Bowl Championship Series is finally dead.

Most of the conference commissioners gave their support to a selection committee that would choose the four teams to play in the new tournament. The committee would use items like strength of schedule, conference championships, and other areas to determine the selected teams.

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However, the Big Ten and Pac-12 also submitted a plus-one model, which would see one extra game after the BCS bowls. The plus-one format is not expected to be adopted.

The BCS Presidential Oversight Committee that has the final say is made up of the following members, courtesy CBSSports.com:

  • Scott Cowen – President, Tulane University
  • Rev. John Jenkins – President, University of Notre Dame
  • Bernie Machen – President, University of Florida
  • Max Nikias – President, University of Southern California
  • Duane Nellis – President, University of Idaho
  • Harvey Perlman – Chancellor, University of Nebraska
  • John G. Peters – President, Northern Illinois University
  • Bill Powers – President, University of Texas
  • James Ramsey – President, University of Louisville
  • Gary Ransdell – President, Western Kentucky University
  • Charles W. Steger (chair) – President, Virginia Tech
  • John Welty – President, Fresno State

The committee can either approve the playoff proposal, the plus-one proposal, or send commissioners back to work putting together more details, according to ESPN.com. Still to be determined will be the exact payouts the new playoff system will carry with it.

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Regardless, the playoff is coming and will be in place by the 2014 college football season.