Following an exciting 27–24 victory over Penn State on Thursday night in the Orange Bowl semifinal, Notre Dame’s journey to play for the program’s 12th national title was made possible by a diving interception off an ill-advised ball.

With 33 seconds remaining, Christian Gray, a fighting Irish defensive back, intercepted a ball from Drew Allar across the middle at the Nittany Lions 42. The Irish then advanced 19 yards to create Mitch Jeter’s 41-yard victory with 7 seconds remaining.

Notre Dame (14-1), ranked seventh in this first 12-team collegiate playoff, will face the winner of Friday night’s Texas-Ohio State quarterfinal on January 20 in an attempt to capture its first championship since 1988 back under the Golden Dome.

At the Goodyear Cotton Bowl Classic, the fifth-ranked Texas Longhorns and the eighth-ranked Ohio State Buckeyes square battle in the College Football Playoff semifinals. On Friday, January 10, the action begins at 4:30 p.m. PT/7:30 p.m. ET (6:30 p.m. CT). ESPN will broadcast the event live and stream it live on demand.

See additional streaming alternatives with free trials below, or watch the Ohio State vs. Texas football game live for free with Fubo (free trial) or Sling (lowest streaming plans, $25 off your first month).

NATIONAL CHAMPIONSHIP GAME: On January 20, the two last teams standing will square off in Atlanta.

This is the 2024–25 College Football Playoff bracket.The Associated Press

How does the CFP work?

After assessing the teams for six weeks, a 13-member CFP selection committee determined the bracket on December 8.

Regardless of their overall CFP rankings, the top five conference winners were guaranteed berths in the field. For instance, Clemson, who is ranked No. 16 in the CFP, was assigned the 12th and lowest seed as the fifth-highest ranked league champion. The top four seeds automatically advanced to the quarterfinals and received a week off.

In January 2015, there were four teams participating in the CFP. This year, it had its first expansion. Many think it might start to grow again as early as 2026.

How much money is at stake in the CFP?

A lot: The playoffs are worth roughly $115 million.

Every club that advances to the final 12 receives $4 million from each conference, while teams that advance to the quarterfinals receive an additional $4 million. In other words, without even playing a game, teams that received byes are worth $8 million to their conferences.

For their conference, teams that make it to the semifinals get an additional $6 million, while those that make it to the final earn a further $6 million.

The money is distributed differently by each conference. Additionally, each team that qualifies for the playoffs academically receives a $300,000 compensation. Additionally, teams that qualify for the playoffs receive $3 million to cover their costs.

How to watch CFP games streaming on ESPN

With Fubo (free trial) or Sling (lowest streaming plans, $25 off your first month), you may watch the games live for free. With your cable or satellite provider login credentials, you may also watch this game live on Watch ESPN if you currently have cable.

-This report was compiled by The Oregonian/OregonLive and The Associated Press.