Checking in from commissioners' meeting

CHICAGO -- Greetings from the Hotel InterContinental along the Magnificent Mile, site of the latest BCS commissioners' meeting to shape college football's future postseason model.

The BCS postseason portion of the meetings takes place today between 2-6 p.m. ET. BCS executive director Bill Hancock will address the media, and several commissioners also are expected to speak.

For what it's worth, Hancock's news conference takes place in the Camelot Room, next to King Arthur's Court. I'm looking forward to Jim Delany vs. Mike Slive in the joust.

According to colleague Joe Schad, a sub-committee including several major conference commissioners met earlier today to discuss revenue sharing. It's one of the many interesting components that must be hashed out. Will revenue be based on performance, as CBSsports.com has reported? Or will it be distributed in a way to ensure no lawsuits or actions from Congress?

The big question entering today's meeting: How close is a basic model from being finalized? Answers vary depending on whom you ask. ACC commissioner John Swofford is confident, and all the commissioners felt significant progress was made at last week's meeting. On the flip side, I was told last week that it's unlikely much will be finalized next week when the BCS presidential oversight committee meets in Washington D.C. I also was told the oversight committee members want to see multiple models rather than one recommendation from the commissioners. The likely models presented: four-team playoff inside the bowls and plus-one (championship game participants selected after bowls).

We should find out more today.

The commissioners clearly are in the details stages, but the big topics aren't fully settled, including how teams are selected for a postseason model. A four-team model continues to generate the most discussion, but how they're chosen -- selection committee with guidelines, selection committee with rules, a new BCS poll/computer formula -- remains to be seen. One thing is clear: the commissioners want the new process to be more transparent than the previous one.

Colleague Mark Schlabach is here with me, and Schad will have coverage of the day on ESPN and ESPNU, so be sure and stay tuned.