It appears the BCS conference commissioners are headed towards finalizing a 4-team neutral site playoff. The semifinals would be played on New Year's Day with the championship game a week later.
As PimpMario said in his thread, despite what's coming out of the PAC-12 and B1G offices the BCS conference commissioners overall are willing to "screw the Rose Bowl" and not allow it to host a national semifinal game if it does not give up the traditional Big 10/Pac-12 tie-in.
The idea of on-campus semifinal games is dead because of logistical problems and I have to say I agree with it. Imagine going to TCU in a national semifinal game with only 45,000 seats. The ESPN article also makes the point that many cities don't have enough hotel rooms to host a big game like that. They use Portland, Ann Arbor Tuscaloosa and Lincoln as examples.
Lastly, what was nicknamed the "Nebraska rule" the last time they tried this and got nicknamed the "Alabama rule" this time, a rule requiring teams to win their conference to get in to the playoff is pretty much dead.