BCS conference commissioners met in Chicago on Wednesday and have reportedly reached a consensus on a seeded four-team playoff for college football (via Brett McMurphy's Twitter).
Big Ten commissioner Jim Delany said that university presidents will discuss the four-team playoff model and the plus one playoff model. Delany expects that the presidents will be able to decide the matter quickly. The commissioners will reportedly recommend that the "four best teams" be chosen by a selection committee (via CBS Sports). However, there was no word from the commissioners about how the selection committee to select the teams for the playoff will be selected.
The presidents will meet in Washington, D.C. on June 26 and decide on which of the the variations of the four-team playoff model to put into place. The playoff, if approved by the university presidents, will not begin until the 2014 college football season when the current BCS contract runs out.