A committee of university presidents on Tuesday approved a plan for a four-team playoff in 2014, the NCAA reported on its website.

There are still some issues to work out, such as the bowl rotation and money dispersal, but the playoff will consist of two semifinal games to be played in bowl games and a national championship game that will be put up for a bid.

The presidents committee also endorsed the idea of having a selection committee choose the playoff teams, which would end the combination of human polls and computer rankings used to determine the matchups for the BCS national championship games.

"A four-team playoff doesn't go too far," said Virginia Tech president Charles Steger, chair of the presidential oversight committee, according to USA Today. "It goes just the right amount."

The commissioners took about 30 minutes to present their plan to the university presidents and chancellors, and the presidents met for about three hours before announcing their approval.

The current Bowl Championship Series contract runs through the 2013 season, but the BCS' 14-year reign will end at that point.