After years of debate and speculation if Division I college football would ever have a playoff, the debate officially ended on Tuesday as the BCS presidential oversight committee approved a four-team playoff.

The teams will be selected by a committee, and the semi-finals will be hosted by six bowl sites on a rotating basis. The national championship game host site will be up for grabs, with the game being awarded to the highest-bidder on a yearly basis.

The current BCS format in college football will remain in play this season and next. The 4-team playoff begins with the 2014 season, thus killing the BCS as we know it.

Click here for the full story from the AP, courtesy of abcnews.com.