June 27 (Bloomberg) — College football’s top division will implement a playoff system in two seasons to replace the Bowl Championship Series format. A four-team, three-game playoff that incorporates the major bowls and may be worth $500 million annually in television revenue was approved yesterday in Washington by the 12-member BCS Presidential Oversight Committee. The proposal was put forward by the commissioners of the 11 conferences at the sport’s top level — the Football Bowl Subdivision –and University of Notre Dame Athletic Director Jack Swarbrick. The playoff, which has been in demand for years by many fans, some lawmakers and even President Barack Obama,will start with the 2014-15 season.

Sanity be praised.