The plan is neither final nor finalized, but there is a good chance what the CFP unveiled Thursday is going to be very close to what is implemented.
When? Good question and one of several that needs to be addressed after college football managed to make huge news in the middle of June.
There are still a couple of steps left to get approval of the plan, which ultimately needs to be greenlit by a committee of university presidents. If there are no snags, the plan can become official sometime this fall.
When the 12-team playoff would go into effect is probably the biggest unanswered question.