The Atlantic Coast Conference and the Discover Orange Bowl have finalized a 12-year deal placing the ACC champion annually in the bowl against either an SEC or Big Ten team, or Notre Dame, starting Jan. 1, 2015.

The agreement was announced Thursday. ESPN will pay an average of $55 million annually for the bowl, sources said.

The $55 million figure will be split evenly between the ACC and the SEC or Big Ten, depending on which conference is represented in the Orange Bowl. However, when Notre Dame plays in the bowl, the Fighting Irish will receive a "significant amount less" than the $27.5 million payout the SEC or Big Ten will get, sources said.

The selection of the ACC representative's opponent will be based on securing the highest-ranked team in the final standings available from either the Big Ten, the SEC or Notre Dame. However, the Big Ten and SEC teams must appear at least three times each during the 12-year life of the deal, while Notre Dame can appear in the game a maximum of only two times. There is no minimum number of requirements by Notre Dame.

The Orange Bowl is one of the six bowls in the rotation for the semifinals for college football's upcoming playoff, which will begin after the 2014 regular season. It is one of three contract bowls along with the Rose (Big Ten and Pac-12 champions) and Sugar (SEC and Big 12 champions). Each will be televised on ESPN.

In years when the ACC champion or another ACC team qualifies for the four-team national semifinals, then the next highest-ranked ACC team would play in the Orange Bowl.