At long last, it looks like there will be a four-team playoff system in college football. According to Sports Illustrated's Stewart Mandel, a consensus was reached on a four-team playoff system on Wednesday afternoon.
Breaking: Jack Swarbrick: "We have reached a consensus on a 4-team playoff."— Stewart Mandel (@slmandel) June 20, 2012
Details regarding the four-team playoff system are currently unknown, as there still are likely plenty of details to iron out.
Presidents will still have the opportunity to discuss and lobby for alternative options, which include a plus-one system. Still, it looks unlikely that a plus-one will be utilized, as the four-team system seems like it is nearly a done-deal.
It is unknown how the bowl system will be incorporated into the playoffs, but details should be forthcoming over the next days and weeks.