Yesterday the BCS commissioners agreed to a recommendation of a four team playoff for college football beginning with the 2014 season. This isn't the final step in the process but it is a big step and could set off the next round of 'realignment' this time focused on Big 12 expansion.
The final approval will need to come down from the BCS presidential oversight committee which meets next week and that committee could still decide to go in a completely different direction. For now at least, the model in play seems to be a four team playoff determined by a selection committee.
If a selection committee is in fact the process, then it wouldn't appear that the race toward the 16 team super conference model will commence. However multiple sources have reported that the Big 12 does appear poised to expand on some level.
The most likely still seems to be Clemson and Florida State bringing the league to 12, while Notre Dame is reportedly looking to join the league with their Olympic sports. If these two things happen it means that the Big 12 is once again looking at a conference championship game format in football. It also means that Notre Dame would have their toe in the water if further changes take place.
The possibility of future changes certainly seems likely considering everyone discussing the proposed system, including the BCS commissioners, have openly stated that it's an improvement but recognize that it isn't perfect. Everything is still speculation at this point but once again it appears that baby steps are being taken and the complete college football, conference realignment overhaul isn't going to happen in one fell swoop.