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(Sports Network) - The BCS presidential oversight committee has approved a four-team playoff to determine a champion in the Football Bowl Subdivision.

The BCS commissioners and Notre Dame athletic director Jack Swarbrick reached a consensus on a model for a four-team, seeded playoff system last week, and the oversight committee announced their approval of the 12-year deal on Tuesday

The system will become effective in 2014.

"A four-team system doesn't go too far, it goes the right amount," Virginia Tech president Charles W. Steger said at the press conference.