Updated

The Big 12 and Southeastern Conferences have announced a five-year agreement for their football champions to meet in a postseason bowl game following the 2014 season.

The first game between the champions of the two conferences will be played on January 1, 2015. If one or both of the champions are in the new four-team playoff model, then another deserving team from the conference(s) would be picked for the game.

"A new January bowl tradition is born," said SEC Commissioner Mike Slive. "This new game will provide a great matchup between the two most successful conferences in the BCS era and will complement the exciting postseason atmosphere created by the new four-team model. Most importantly, it will provide our student-athletes, coaches and fans with an outstanding bowl experience."

The two league champions have met twice in BCS bowl games since 1998, both in BCS National Championship Games. In 2010, Alabama defeated Texas, 37-21, in Pasadena, Calif., and in 2009, Florida defeated Oklahoma, 24-14, in Miami, Fla.

The relationship between the SEC and the Big 12 will be like that of the Big Ten and Pac-12, whose champions play in the Rose Bowl if they are not committed to the BCS championship game.

"Our goal is to provide the fans across the country with a New Year's Day prime-time tradition," said acting Big 12 Conference Commissioner Chuck Neinas. "This is a landmark agreement between two of the most successful football conferences during the BCS era to stage a postseason event. The creation of this game featuring the champions of the Big 12 and SEC will have tremendous resonance in college football."

During the 14-year history of the Bowl Championship Series, the Big 12 and SEC have combined for 16 appearances in the BCS National Championship Game, with the Big 12 ranking second behind the SEC's nine appearances with seven trips to the National Championship Game.

Specific details, including host site(s), will be announced at a later date.