re: So how will they structure the 12 team playoff

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Unless something changed, it is the top 5 ranked teams that won their conference get in, with the next 7 highest ranked teams after that.

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Actually, the current agreement is that the top SIX ranked conference champs get in along with SIX at-large bids for the six highest ranked non-conference champs. The top four ranked conference champs get a first round bye. The 5th and 6th ranked conference champs, as well as the two highest ranked at-large teams, will host a first round home playoff game.

There have been no changes to this format yet since what appears to be the eventual demise of the PAC-12.