With BCS commissioners having thrown their support behind a four-team playoff, attention now turns to how the field will be selected. According to Sports Ilustrated's Stewart Mandel, the commissioners prefer using a selection committee, a la the NCAA men's basketball tournament, over a formula incorporating polls and/or computers.
Via multiple sources, commissioners prefer a selection committee that picks "best four," emphasizes but not requires conference champions.— Stewart Mandel (@slmandel) June 20, 2012
While the committee would not be required to select conference champions, it could certainly factor into their decision-making. Still, there is nothing explicitly preventing something like last year's Alabama-LSU rematch from happening.
CBSSports.com's Brett McMurphy also suggests that, more than likely, the semifinal games will be played in bowls as opposed to on-campus sites.