The 10 FBS commissioners and Notre Dame athletic director Jack Swarbrick will meet next week to discuss the possibility of implementing the format.
The 12-team format was proposed last year, but was rejected last February.
The 12 teams will consist of the six highest-ranked conference champions and six at-large teams, similar to other NCAA tournaments.
The rankings of the teams will continue to be determined by the CFP selection committee.
According to the report, the four highest-ranked conference champions will be seeded one through four, each receiving a first-round bye.
Teams seeded five through 12 will play each other in the first round on either the second or third weekend of December.
The quarterfinals and semi-finals will be played in bowl games on a rotating basis, and the championship game will be at a neutral site under the current four-team format.
In a statement about the new initiative, SEC commissioner Greg Sankey said, "This is an exciting day for the future of college football. As originally proposed, the 12-team playoff creates more access for teams and conferences across the country to compete in college football's championship event."
"The four-team format has been very popular and is a big success. But it's important that we consider the opportunity for more teams and student-athletes to participate in the playoff," a four-person working group said in a statement last year.
Photo: Noelle Redman on flickr
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