WASHINGTON, D.C. -- A four-team playoff for college football has been formally approved by a presidential oversight committee, a dramatic change for the sport that will begin in 2014 and continue through the 2025 season. The four teams will be chosen by a selection committee, the semifinals will be held at current bowl sites and the national championship game will be awarded to the highest bidder.

The 11 conference commissioners watched on Tuesday afternoon as Notre Dame athletic director Jack Swarbrick presented their proposal to a board of 12 university presidents at the Dupont Circle Hotel. In less than three hours, the group agreed upon a postseason that college football fans have been clamoring for years.

The group of presidents also endorsed a rotation of the semifinal games among six bowl sites and a rotation of the championship game among neutral sites. The semifinals either will be played on New Year's Eve or New Year's Day, and the national title game will be played on "Championship Monday," the first Monday in January that is six or more days after the final semifinal game is played.

"A four-team playoff doesn't go too far; it goes just the right amount," said Virginia Tech president Charles Sterger, chair of the presidential oversight committee. "We are very pleased with this arrangement even though some issues … remain to be finalized."

There will be three contract bowls -- the Champions Bowl, which is a partnership between the Big 12 and SEC, the Rose Bowl, which has a longstanding tradition between the Big Ten and Pac 12, and a bowl to be determined for the ACC, which is likely to continue its partnership with the Orange Bowl.

"In terms of our contract bowl, and our New Year's Day tie-in, we expect to have an announcement on that jointly in the very near future," Swofford said.