http://espn.go.com/college-football/story/_/id/7855843/commissioners-discuss-selection-committee-potential-four-team-playoff
Good read.
It's obvious every conference commissioner is out for themselves, i.e. their respective conference. Which makes sense, and shouldn't be surprising.
But Scott, the Pac12 guy, would like to see the 4 teams come from conference champions (which, although not discussed in the article, would expedite the process of CFB turning into 4 Super Conferences - and I hate that idea). Slive, SEC honcho, doesn't like that model. OBVIOUSLY! If that were the case last year, Bama wouldn't have even sniffed the NC. They didn't even win their division, let alone their conference.
The article doesn't say which way Delany leans.
But there are numerous options: keep the BCS formulas, take top 4 at end of season. Tweak the BCS formula in some way. Go with a selection committee. Conference champions. List goes on.
This article says we could have all the answers by the end of the summer, possibly as early as June.