Though not a surprise, the BCS presidents have approved of a four-team playoff starting in the 2014 season. It's the first time in college football history the sport will actually have a true playoff, even if it's limited to only four of the hundreds of teams that make up the FBS level of football.
As speculated, there will be a selection committee that ultimately chooses who will play in the playoffs. The choices will be based on win-loss record, strength of schedule, head-to-head and whether or not a team won its conference champion. There will be no guarantees, though, to conference champions.
Basically, we're given a system that is left in the hands of only a few. Hopefully that few likes you or you're going to be left out.