Ohio State will join Alabama, Oregon and Florida State in the inaugural College Football Playoff.

The No. 1 Crimson Tide will face the No. 4 Buckeyes in the Allstate Sugar Bowl, and the second-seeded Ducks will face the third-seeded Seminoles in the Rose Bowl presented by Northwestern Mutual, both on New Year's Day.

The 12-member selection committee bumped TCU from the top four in favor of the Buckeyes, who defeated Wisconsin 59-0 in the Big Ten championship game on Saturday.

The Horned Frogs, ranked No. 3 in the previous rankings, dropped to No. 6, behind Florida State, Ohio State and Big 12 rival Baylor. Without Baylor and TCU in the College Football Playoff, the Big 12 loses out on $6 million for having one team in the playoff field.

"We're smarting today," Big 12 commissioner Bob Bowlsby said.

Alabama and Oregon remained No. 1 and No. 2, respectively. Florida State, which defeated Georgia Tech in the ACC championship game on Saturday, moved up one spot to No. 3.

The semifinal winners will meet in the College Football Playoff National Championship Presented By AT&T on Jan. 12.

The College Football Playoff replaced the Bowl Championship Series this season. The BCS matched the top two teams in the country in a national championship game.

Baylor and TCU won't get to play for a national championship, but both teams will play in "New Year's Six" bowls.

The Bears will play No. 8 Michigan State in the Goodyear Cotton Bowl Classic, while the Horned Frogs will face No. 9 Ole Miss in the Chick-fil-A Peach Bowl. No. 7 Mississippi State will play No. 12 Georgia Tech in the Capital One Orange Bowl. No. 20 Boise State and No. 10 Arizona will meet in the VIZIO Fiesta Bowl.

Las Vegas sports books installed Alabama and Oregon as the betting favorites. The Westgate SuperBook opened the Crimson Tide as 9.5-point favorites over Ohio State. It's the 68th straight game that Alabama has been the favorite. It's only the fifth time the Buckeyes have been an underdog under coach Urban Meyer. For his career, Meyer is 14-8 straight up as an underdog.

Oregon opened as an 8.5-point favorite over the Seminoles at the Westgate. It's the first time Florida State has been an underdog in its last 50 games, a streak that dates back to September 2011 against Clemson.