The College Football Playoff will double in size to 24 teams beginning next year, bringing an end to a three-decade era of conference title games that used to be among the marquee events of the season.

College leaders announced the new format Monday, after ESPN agreed to rework its contract to add the 11 new games. Terms were not announced, though ESPN said it was a deal for five years and additional $1.7 billion, on top of the $7.8 billion contract that runs through the 2031 season.

The revenue generated from the new games will presumably make up for the estimated $345 million the Power Four conference title games were worth. ESPN would then not be on the hook for $140 million of the extra money due to cancellation of the title games, the network reported.

The new format will have five automatic qualifiers — the champions of the Power Four leagues and the best-ranked team in the smaller Group of Six conferences — with the other 19 teams being chosen by a selection panel.…