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How does the College Football Playoff work?

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The College Football Playoff (CFP) determines the national champion of the Football Bowl Subdivision (FBS) of the NCAA. It features 12 teams and has four rounds. The CFP selection committee ranks the top 25 teams at the end of the season. Guaranteed bids are given to the five highest-ranked conference champions. The next seven ranked schools receive at-large bids. The four highest-ranked conference champions are then seeded and given a first-round bye. The remaining schools compete in first-round games, with the 5 through 8 seeds playing the teams ranked 9 through 12. Winners advance to play seeds 1 though 4 in the quarterfinals. Next is the semifinal round, which is followed by the championship game.