Three years after a political law practice associate at Caplin & Drysdale in Washington, D.C., formed a political action committee with some law school buddies to push for the creation of a college football system to replace the sport’s much-maligned Bowl Championship Series (BCS), that dream has finally become a reality, even though one key legal issue remains unresolved.

A group of NCAA conference commissioners and an oversight committee of university presidents announced late Tuesday the approval of a four-team playoff scheduled to begin in 2014 and continue through 2025. Under the new system, six bowl games that will rotate as hosts of the semifinals will bid for the right to host the national championship game.