This is the perfect time of year to plan your strategy for another profitable season of wagering on the games. Watch for any developments that might have a major impact on a particular team’s odds for a run to a conference championship and a BCS national title.

To help you along, the following is a look at this week’s most interesting news and notes from the world of college football.

Consensus reached on new BCS playoff system

Zeke PikeMuch of the talk this offseason has revolved around ‘the powers to be’ in college football’s decision to revamp the current BCS system for its national title game, which has been in place since 1998. While most of the speculation focused on a switch to a four-team playoff system, this was finally confirmed last week when the BCS Commissioners and Notre Dame athletic director Jack Swarbrick fully endorsed this proposal. There are still a few obstacles to clear, mainly a crucial vote by the BCS presidential oversight committee which is scheduled for June 26 in Washington DC, but most experts believe the new system is on a clear path to be in place for the 2014 season.

One of the main of the stumbling blocks to a change to a playoff system was exactly how the four participating teams would be selected. Each major conference voiced their own personal preferences but in the end the decision was made to form a selection committee, similar to the process that is used to select the field for the NCAA Basketball Tournament. Another major obstacle that was ironed out was where and when would the games be played. The two semifinal contests will remain a part of the current BCS bowl game schedule and will switch sites on a rotating basis. The national championship game will be awarded to a particular location based on a bidding system.

Auburn quarterback arrested for public intoxication

Freshman quarterback Zeke Pike has started his career with the Auburn Tigers on shaky ground after getting arrested for public intoxication this past Saturday night. Pike enrolled with the school in January and competed this spring with redshirt sophomore Kiehl Frazier and redshirt junior Clint Moseley for the starting job, but is currently listed as third-string on the depth chart.

Pike was previously suspended for his high school’s 2011 season opener his senior season as a result from getting ejected from a playoff game as a junior. He also created a name for himself by using Twitter to agitate Alabama fans before the start of his senior year. The 6-foot-6, 229 pound signal callers was ranked by ESPN as the No.38 quarterback in the class of 2010.

Penn State wide receiver leaves team

Devon Smith has decided to leave Penn State for personal reasons, leaving a void at one the starting wide receiver positions on the team. As a starter in 2011, he ranked third on the team in both receptions (25) and receiving yards (402) and figured to play an even bigger role this season in new head coach Bill O’Brian’s offensive scheme.

It is still unclear whether or not Smith’s departure had anything to do with being arrested this past March for possession of marijuana and other drug paraphernalia. He had already applied for the school’s Accelerated Rehabilitative Disposition program in relation to the charges.