College Football Playoff Fast Facts

Willie Grace | 12/8/2014, 9:36 a.m. | Updated on 12/8/2014, 9:36 a.m.
The No. 2 Oregon Ducks will face the No. 3 Florida State Seminoles in the Rose Bowl playoff semifinal in ...
Selection weekend takes place. The committee releases the matchups for the inaugural playoffs and for the other bowl games.

(CNN) -- Here's a look at the College Football Playoff, a four-team seeded postseason format which begins for the 2014 season and replaces the Bowl Championship Series (BCS).

January 1, 2015 - The No. 2 Oregon Ducks will face the No. 3 Florida State Seminoles in the Rose Bowl playoff semifinal in Pasadena, California. The No. 1 Alabama Crimson Tide will face the No. 4 Ohio State Buckeyes in the Sugar Bowl playoff semifinal in New Orleans.

January 12, 2015 - The College Football Playoff's first championship game will be played at AT&T Stadium in Arlington, Texas.

Other Facts: The 13-member selection committee selects and seeds the four playoff teams. (Number 1 will play Number 4; Number 2 will play Number 3).

The two winning teams of the semifinal games advance to the title game, which determines the Division I FBS college football national champion.

This replaces the heavily criticized BCS postseason system, which ran from the 1998-2013 seasons and was often accused of unfairness relating to team selections.

The College Football Playoff is expected to generate higher revenue than the BCS, resulting in "at least double the annual revenue" for each of the 10 Football Bowl Subdivision (FBS) Conferences.

The College Football Playoff trophy, presented to the championship team, is handmade, stands 26.5 inches tall and is constructed from 24-karat gold, bronze and stainless steel.

Is contracted from the 2014-15 season through at least the 2025-26 season.

Selection Committee: The committee members, which include athletic directors, conference commissioners, former coaches and players, and former Secretary of State Condoleezza Rice, serve on staggered three-year terms.

After the ninth week of regular season play, the 13-member selection committee begins ranking the top 25 teams on a weekly basis. The committee identifies and compares the top teams, then votes them into the rankings.

Towards the end of the regular season, selection weekend takes place, where the committee determines the playoff matchups.

The committee selects teams based on conference championship wins, overall win-loss records, strength of schedule, head-to-head matchups and other criteria.

The selection committee is also responsible for deciding the teams that play in the Cotton, Fiesta and Peach Bowls in years those bowls are not hosting the semifinal games. (The Rose, Sugar and Orange Bowls have previous existing contracts with conferences).

Members are recused from voting when "they or an immediate family member receives compensation from the school or has a professional relationship with that school."

Bowl Game Locations: Semifinal playoff games rotate between the Sugar Bowl, Rose Bowl, Orange Bowl, Cotton Bowl, Peach Bowl and Fiesta Bowl.

Cities interested in hosting the national championship game must submit a bid, in a process similar to bidding for a Super Bowl site.

Timeline: June 26, 2012 - A BCS oversight committee of university presidents approves the four-team seeded postseason format presented by the BCS commissioners, to begin in the 2014 season and continue through the 2025 regular season. (2026 bowl games).

November 21, 2012 - ESPN announces it has obtained the rights for the new college football playoffs from 2014 through the 2025 season.

April 23, 2013 - The College Football Playoff is announced as the name of the new system to replace the BCS.

October 16, 2013 - The names of the 13 members of the selection committee are announced.

January 6, 2014 - The final BCS National Championship game is played in Pasadena, California. The Florida State Seminoles beat the Auburn Tigers 34-31.

July 14, 2014 - The CFP national championship trophy is unveiled.

October 28, 2014 - The selection committee begins issuing weekly rankings for the top 25 teams.

December 6-7, 2014 - Selection weekend takes place. The committee releases the matchups for the inaugural playoffs and for the other bowl games.

Future National Championship Game Sites: 2016 - University of Phoenix Stadium in Glendale, Arizona.

2017 - Raymond James Stadium in Tampa, Florida.

For more information go to http://www.cnn.com