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Details of new college football playoff finalized: ESPN gets media rights

Seven College Bowls will split $690 million a year when the new playoff system kicks in after the 2014 regular season.

Kirby Lee-US PRESSWIRE

Major conference commissioners agreed on a new post-seatson system that will guarantee a 4-team playoff through 2025. Six bowls will take part in the rotation for the semifinals and finals. There will be three "contract bowls" -- Rose, Sugar, Orange in the rotation along with three "host bowls" to be determined. The Fiesta, Cotton, and Chick-fil-A are expected to win the three other slots in the rotation.

The Presidential Oversight Committee has decided not to open the system up for bid and will accept a 12-year, $475 million a year deal already on the table from ESPN. Don't forget that the Rose and Sugar Bowls already have deals with the WWL to get paid $80 million a year when they are not in the playoff rotation, and the Orange Bowl is guaranteed $55 million a year when they are out of the playoff. That means the six bowls plus the Championship Game could be splitting $690 million a year.

The other key factor in the new system is that at least one "outsider" will be included every year. The highest-rated champion from the "Group of Five" conferences -- the Big East, Conference USA, Mountain West, Sun Belt and Mid-American -- will receive an automatic berth in one of the bowls every year.

That means 7 of the 12 slots are automatically filled every year with the other 5 teams to be determined by a as-yet developed selection committee.

The National Championship game host will be bid out and is not included in this deal.