Sources said the group is close to finalizing the revenue distribution deal for the new playoff. The oversight committee gave the commissioners authority to finalize a media rights deal with ESPN. It is projected to be worth about $500 million a year over 12 years, Sports Business Journal reported.

The SEC, Big Ten, Big 12, ACC and Pac-12 will receive the biggest chunk of the new revenue. Each of those leagues will receive the same base amount of revenue, sources said. The remaining "Group of Five" leagues -- Big East, C-USA, MWC, Sun Belt and MAC -- will split a smaller amount among themselves. How the "Group of Five" will divide that revenue is still to be decided.

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