"We have developed a consensus behind a four-team, seeded playoff," Swarbrick announced, reading a prepared statement to the media.
The group met on six occasions, totaling hundreds of hours, with plenty of jousting.
Each commissioner--representing various opinions during the meeting--stood together symbolizing unity and solidarity.
"The fact that we're all here together is an important statement for college football," said Southeastern Conference commissioner Mike Slive.
The proposed postseason model is scheduled to begin in 2014, but still not been finalized. That could happen during the June 27 presidential oversight committee meeting in Washington D.C.
Each commissioner has discussed the possibilities with their conference's presidents. It is in their committee's hands to agree on a new model. Wednesday's meeting was the push for that change.
"It brings us one step closer to have the potential reality of a four-team playoff; 1 (seed) playing 4 , 2 playing 3," said ACC commissioner John Swofford. "Today is about that fundamental."
A decision being reached at the presidential oversight committee meetings is unlikely, but the group of commissioners remains optimistic the issue will soon be resolved. It is now being passed from the BCS committee to the presidents.
"We all share an overall goal is to reach stability and not spend so much time together anytime soon," joked Swarbrick.
The first BCS meeting took place on January 10 in New Orleans, where each representative placed ideas on the table and began the discussions.
Following a meeting in May, the group appeared leaning toward a four-team playoff; a milestone in the process. However, a consensus was still far from reached.
BCS executive director Bill Hancock said the main concern voiced by each commissioner during the first meetings was preserving college football's exciting regular season. Once that was agreed upon, constructive discussions move forward.
After Wednesday's meeting, Hancock's voice was quiet and raspy, but had enough left to declare the unanimity and praise the long process.
"It was building from the first day we met, it was the most remarkable process," Hancock said. People saying what was on their minds, exchanging ideas and then coming to the finish today."
Now that a consensus has been agreed on, the group is confident that a four-team playoff model would not compromise the regular season.
"We're all convinced that this can be done and keep the regular season healthy, maybe healthier, than it has been," said commissioner Delany.
The eleven conference commissioners and Swarbrick depart Chicago with a fulfilled, optimistic feeling for college football's future. Unity has been reached at the roundtable.
"The model we have come away with is a consensus," said Slive. "I am delighted."