Talks between ESPN and College Football Playoff are in the final stages of review in their bid to expand the postseason to 24 teams next year, the CFP announced in a two-sentence statement on Friday.
Though no timeline was provided, a formal decision on the agreement will come following the review, the CFP said. The media rights deal would cover the nine-figure sums the major conferences would lose by eliminating their respective title games.
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ESPN previously reported offering an additional annual payment of $345 million to the CFP to double the playoff field from 12 to 24 teams. The current six-year deal which begins this year is worth $7.8 billion.
The parties have been discussing a format in which the Power Four conference champs and the highest-ranked team from the Group of Six earn automatic bids, with the other 19 teams being chosen by a selection committee.
The first two rounds of the expanded playoff would be held on college campuses, with the top eight teams getting a first-round bye and hosting games the following week.
The major bowls would continue to host the quarterfinals and semifinals, with the championship game behind held in late January.
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