In a significant development, the College Football Playoff (CFP) is edging closer to finalizing its agreement for the future. The presidents of the ACC and Big 12 conferences have voted unanimously to authorize their commissioners to adopt the new framework, which includes a revamped revenue model and concepts surrounding the playoff format. The discussions, conducted under anonymity, have been confirmed by sources to Yahoo Sports.

Previously believed to be the most resistant to a deal, the unanimous approval from the ACC and Big 12 leagues is viewed as a major hurdle crossed in reaching an agreement. The CFP Management Committee, consisting of the 10 FBS conference commissioners and Notre Dame's athletic director, is expected to meet in the coming days to solidify the new CFP framework. Each conference and Notre Dame will be asked to commit to the proposed changes.

The anticipated outcome, pending full approval from each conference's presidential board, is that all 10 conferences will commit to a new revenue distribution model, playoff format parameters, and a new governance structure. Multiple sources have confirmed that Notre Dame is supportive of the framework.

Under the proposed revenue distribution model, the Big Ten and SEC conferences would receive a combined 58% of the CFP's base distribution, according to insiders briefed on the matter. This allocation would exceed the combined distribution for the ACC and Big 12, expected to be around 32%. The remaining approximately 10% would be distributed to Notre Dame and the 64 Group of Five teams. Such a discrepancy in distribution could result in a difference of over $300 million between the two sets of conferences.

Notably, no school's revenue is expected to decrease. With the new contract with ESPN, the revenue for the CFP is projected to skyrocket to $1.3 billion annually starting in 2026, triple the amount generated by the previous four-team version. Major conference schools currently receive around $6 million in distribution, with the SEC and Big Ten schools poised to potentially triple or quadruple their annual distribution to approximately $20 million. The Big 12 and ACC schools are likely to see a doubling of their previous amounts. Notre Dame's anticipated distribution is also expected to increase significantly.

In terms of the playoff format, a definitive "look-in" provision is likely to be included in the contract, allowing for a re-evaluation of revenue distribution and the format in 2028. Realignment within the conferences could trigger an earlier review. While the specific playoff format is yet to be determined, protections are expected for the champions of the four major conferences, the highest-ranked Group of Five champion, and Notre Dame.

Further details on the formula for team participation and the format will be finalized once the conferences reach an agreement with ESPN on the television deal, which will run through the 2031 playoff. For the 2024 and 2025 seasons, a 5+7 12-team model has been established, granting automatic qualifying spots to the five highest-ranked champions and seven at-large spots to the next highest-ranked teams.

The influence of the SEC and Big Ten in determining the future format is expected to be significant, with a variety of 14-team formats circulating across the industry. The 5+9 14-team model, similar to the current 5+7 12-team format with two additional at-large spots, is gaining traction.

While the concept of the SEC and Big Ten having exclusive rights to the first-round byes has faced resistance and has been tabled for now, financial considerations remain crucial. With a future athlete compensation model on the horizon, the major conferences are preparing for extra cash flow to accommodate potential employment, revenue sharing, or collective bargaining arrangements for players. Additionally, ongoing antitrust lawsuits could necessitate considerable funds for retrospective NIL payments and television distribution.

Overall, the approval from the ACC and Big 12 marks a significant step forward for the College Football Playoff in finalizing its future agreement. The upcoming meetings and negotiations are expected to bring a definitive resolution to the long and eventful path towards the playoff's future beginning in 2026.