The BCS presidential advisory committee and group of commissioners unanimously approved the final details Monday on a four-team playoff for the Football Bowl Subdivision post-season.

The new playoff system, which was approved in June, will begin in the 2014-15 season.

"Today's meeting is a unanimous ratification of what we announced last June in Washington, D.C.," chairman of the presidential oversight committee Charles Steger said. "I'm delighted that additional details have been resolved and that everything is on track so fans can enjoy the post-season they've been asking for. College football, with its great regular season, is strong and popular -- it's about to get stronger and more popular."

The group agreed to:

- Lock-in a four team seeded playoff. The teams that will play will be chosen by a selection committee.

- Create three "contract bowls" and three "host bowls" as part of the post- season format. The highest-ranked champion from the five conferences that are not in contract bowls will be guaranteed a spot in a host bowl.

- Share revenue, for the first time in college football history, based on academic performance as part of the funding formula.

- Share revenue with a higher portion of revenues going to the conferences of the four teams that qualify for the playoff and participate in the other games. Distributions will also be made to conferences whose teams don't qualify for either a contract or host bowl. Since the new format is projected to be so popular, there will be more revenue for all conferences and independent institutions.

- Move forward to complete a television rights agreement for the new format.

- Begin hiring staff so the new structure can begin operating.

"This format is good for college football in both the short-term and long-term and I think it's great for the game," executive director of the BCS Bill Hancock said. "The four-team playoff will be wonderfully popular and because fans can't get enough college football, the other bowls will benefit too. I'm proud of how everyone came together and that agreement has been reached."

The name of the new structure, details of the selection committee and location for the first playoff games, including the championship game, have yet to be announced.