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BCS conference commissioners on Wednesday reportedly had reached a consensus on a four-team playoff for college football during a meeting in Chicago. (via Brett McMurphy's Twitter).
Big Ten commissioner Jim Delany said that there is an understanding that university presidents will discuss the four-team model and the plus one playoff model. There was no confirmation from the commissioners, specifically from the SEC's Mike Slive, if they were in favor of seeding based on conference champions or the four highest ranked teams. However, Delany did say that he thinks the presidents will be able to make a decision on the playoff format because "they're smarter than we are."
The presidents will meet in Washington on June 26 and decide on which of the the variations of the four-team playoff model to put into place. One aspect of the selection process for the playoff on which there has been no decision is a selection committee.