DALLAS – The first 12-team College Football Playoff field is set and this weekend is going to be huge for college football fans.

There are plenty of high-profile matchups on deck, from intrastate rivalries to a Blue Bloods showdown against resurgent powerhouses. The first round begins with Indiana taking on Penn State and ends Saturday night with arguably the best matchup on the slate between Ohio State and Tennessee.

But when do these games take place and where can you watch them? Here’s a breakdown of the weekend’s college football slate.

• Time: Friday, December 20, 7:00 p.m. CT (8:00 p.m. ET / 5:00 p.m. PT)
• channel: ABC/ESPN
• What you should know: The two Hoosier State sites are 200 miles apart, but this is the first meeting since 1991. Hoosiers won 11 games for the first time in program history. The Irish have won 10 straight since their loss to Northern Illinois. The game is a fun game for those in Indiana with varying loyalties.
• What’s next?: The winner advances to the Sugar Bowl to play No. 2 Georgia (Jan. 1, 7:45 p.m. CT / 8:45 p.m. ET on ESPN).

• Time: Saturday, December 21, 11 a.m. CT (12 p.m. ET / 9 a.m. PT)
• channel: TNT/Max
• What you should know: SMU received the final overall bid after losing to Clemson on the final play of the ACC Championship Game. Penn State is in the playoffs for the first time. Both strive for victories as confirmation.
• What’s next?: The winner of the Fiesta Bowl plays No. 3 seed Boise State (Dec. 31, 6:30 p.m. CT / 7:45 p.m. ET on ESPN).

• Time: Saturday, December 21, 3:00 p.m. CT (4:00 p.m. ET / 1:00 p.m. PT)
• channel: TNT/Max
• What you should know: This will be the first meeting of the teams. Clemson entered the ACC title game through the back door — they don’t like that narrative — and beat SMU to earn an automatic bid. The Longhorns’ only losses come against Georgia.
• What’s next?: The Peach Bowl winner against No. 4 seed Arizona State (Jan. 1, 12 p.m. CT / 1 p.m. ET on ESPN).

• Time: Saturday, December 21, 7:00 p.m. CT (8:00 p.m. ET / 5:00 p.m. PT)
• channel: ABC/ESPN
• What you should know: This will be the teams’ second meeting and first since Peyton Manning led the Volunteers to a 20-14 victory in the 1996 Citrus Bowl. Ohio State leads the nation in total defense and the Vols are fourth. Tennessee’s RB Dylan Sampson is a headache for other teams and the Volunteers definitely feel like they’re back. The Buckeyes are looking for some redemption.
• What’s next?: The Rose Bowl winner plays No. 1 seed Oregon (Jan. 1, 4 p.m. CT / 5 p.m. ET on ESPN).

As of this week, top-seeded and undefeated Oregon and Texas are considered 7-2 favorites to win the national championship, according to BetMGM Sportsbook. Next up, Georgia and Ohio State are 5-1.

The remaining odds: Penn State (25-4), Notre Dame (8-1), Tennessee (25-1), Indiana and SMU (40-1), Clemson and Arizona State (50-1) and Boise State (60 -1).

A 13-member CFP selection committee spent the last six weeks evaluating the teams and then finalizing the standings on Dec. 8.

The top five ranked conference champions were guaranteed spots in the field, regardless of where they were ranked overall by the CFP; Clemson, for example, is ranked 16th in the CFP, but was ranked 12th, its lowest ranking, as the fifth-highest league champion. The top four will receive a week off and automatically advance to the quarterfinals.

The CFP started in January 2015 with four teams. This year it was expanded for the first time. Many believe there could be another expansion, perhaps as early as 2026.

A lot: About $115 million is at stake in the playoffs.

Each conference will receive $4 million for each team that makes it to the final 12 and another $4 million for those that make it to the quarterfinals. That means teams that earned byes are worth $8 million to their conferences without even playing a game.

Teams that reach the semifinals mean $6 million more for their conference and another $6 million to advance to the finals.

The conferences all distribute the money differently. There is also a $300,000 scholarship per team that is academically qualified for the playoffs. Teams that make it to the playoffs will also receive $3 million to cover costs for each round.

Editor’s note: The Associated Press contributed to this story.