A sport that once made perfection a near-requirement for winning the national championship will now create pathways for several three-loss squads. The 24-team College Football Playoff is official. ESPN and the CFP have agreed to a five-year contract for nearly $1.7 billion, which will double the number of competitors beginning in the 2027 campaign, per ESPN's Heather Dinich. The network will own broadcasting rights of this free-for-all.