Among the 13 members of the committee was West Virginia Athletic Director Oliver Luck.
"We wanted people of the highest integrity for this committee, and we got them," Hancock said in a release. "Every one of them has vast football knowledge, excellent judgement, dedication and love for this game."
Luck is one of six current athletic directors on the committee, and is joined by the committee chair and Arkansas athletic director Jeff Long, Wisconsin's Barry Alvarez, USC's Pat Haden, Nebraska AD Tom Osborne and Clemson's Dan Radakovich. The rest of the committee is made up of Lieutenant General Mike Gould, former superintendent of the U.S. Air Force Academy, former NCAA executive vice president Tom Jernstedt, former Ole Miss and NFL quarterback Archie Manning, for U.S. Secretary of State and Stanford provost Condoleezza Rice, former Big East Conference commissioner Mike Tranghese, former college football reporter at USA Today Steve Wieberg and former FBS head coach Tyrone Willingham.
"They will, no doubt, have one of the hardest jobs in sports," Hancock said. "But their skills and wide variety of experiences - from coaches and athletes to University leaders and journalists - will ensure that they will be successful.
"And they are committed to investing the time and effort necessary for this endeavor. We are grateful that they will be serving this terrific game of college football."
Luck has been West Virginia's athletic director since 2010 and had previously served time as the president and general manager of the Houston Dynamo of the MLS and was the CEO of NFL Europe and the Harris County-Houston Sports Authority.
The former WVU quarterback was honored to get the call to serve on college football's first selection committee.
"I'm honored beyond measure to be part of this group. As a former player I feel that the players are behind not only me but behind the whole committee," Luck said.
"(The committee is full of) highly qualified individuals. I have 100 percent confidence in this group to make the right decisions."
While Luck and the rest of the committee will have the unique challenge of trying to keep track of plenty of games across the country in order to determine the four teams the most deserving of earning a spot in the College Football Playoff, he said it's nothing the group won't be able to handle. He said that the technology and resources available to the committee will make it much easier to be able to accomplish this feat and pick the playoff teams properly.
"With the use of technology, I think I'm going to be able to watch games. It will be a big commitment in time, but we should have access to the compressed games of anyone that we need to watch," Luck said. "Using that, I will be able to keep up with the games we need to watch each week."