What happened: The agreement expands the field to 24 teams beginning next season and runs parallel to the current rights deal through the 2031 postseason. The top eight ranked teams earn second-round byes, with seeds 9-24 opening on campus in the second week of December and winners advancing to eight second-round games on campus the following week. Quarterfinals remain on New Year's week and semifinals in the second week of January in a rotation of six bowl games.

Why it matters: The move adds more than $300 million in additional revenue and recoups lost conference championship revenue after title games are eliminated. Authority over format rested with the Big Ten and SEC, with 23 at-large bids set by committee rankings plus one automatic spot for the highest-ranked Group of Six champion. The expanded inventory pushes first- and second-round games to weeknights to avoid NFL Saturdays and leaves the fate of roughly 30 other bowls uncertain.

What to watch: Final signing is expected soon after Thursday's committee presentation. Watch for shifts of Army-Navy and the Heisman ceremony to the first Saturday in December and for an open-market bowl consortium for non-playoff power-conference teams.