College Football Playoff Fast Facts

Willie Grace | 8/24/2015, 6 a.m.
Here's a look at the College Football Playoff, a four-team seeded postseason format which began for the 2014 season and ...
Ohio State players celebrate after the College Football Playoff National Championship Game against Oregon Monday, Jan. 12, 2015, in Arlington, Texas. Ohio State won 42-20. AP / Eric Gay

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

January 12, 2015 - The No. 4 Ohio State Buckeyes defeat the No. 2 Oregon Ducks, 42-20, in the College Football Playoff's first championship game, at AT&T Stadium in Arlington, Texas.

December 31, 2015 - The two semifinal games will be played at the Orange Bowl in Miami Gardens, Florida, and at the Cotton Bowl in Arlington, Texas.

January 11, 2016 - The College Football Playoff National Championship will be played at University of Phoenix Stadium in Glendale, Arizona.

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 generates 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.