The Associated Press reports that the deal gives Fox the broadcast rights to the Fiesta, Orange and Sugar bowls from 2007-10 and the national title game from 2007-09.
Fox landed the NFL 11 years ago and recently extended its deal, paying $4.3billion for the rights to broadcast NFC games through to 2011.
In 2000, Fox acquired the exclusive rights to major league baseball's postseason and All-Star game from 2001-06 for $2.5billion.
"If you look at the landscape of television ... it's a very shaky quagmire," Fox Sports chairman David Hill said. "Big sporting events are the only guarantee there is for advertisers to find viewers."
ABC has held the broadcast rights to the BCS since college football's major conferences implemented the system to crown a national champion in 1998.
ABC withdrew from the bidding last week.
Network officials said they were unhappy with the new BCS structure, which added a fifth game.
"I think we were concerned as we went into the process whether there would be market support for the extra game," BCS coordinator and Big 12 commissioner Kevin Weiberg said. "We were pleased to find that we had good interest on the part of multiple networks."
The deal with Fox cements the new setup, which increases the number of teams in the BCS from eight to 10.
ABC paid about $305million for four years in its current BCS deal.
