http://espn.go.com/college-football/...otball-playoff
Conference Champion will be a component:
"Sources told ESPN.com that under the recommended model, four participating teams would be selected by a committee, which would consider certain criteria such as conference championships and strength of schedule."
Site information:
"The two national semifinal games would be played within the existing BCS bowl games (Fiesta, Orange, Rose and Sugar) on a rotating basis, with the host sites being predetermined before each season. The national championship game would be offered to the highest bidding city."