There have been very few detailed released about the revised CBS contract. Here's what I've heard:
CBS gets the first pick each week. They currently start around the third week of the college football season, after the US Open tennis tournament. With ESPN taking over the US Open, there is speculation that CBS will now start broadcasting earlier in the season.
Previously there was a rotation between CBS and ESPN. CBS would receive something like 4 selections and then ESPN would get a selection. Then CBS would select 2 more games and then ESPN picked one. That ensured that ESPN would get the top SEC game at least twice a year.
In addition, CBS is allowed one to two double headers per year. Usually one is a morning/afternoon double header, and the other is an afternoon/night double header.
We know that CBS no longer has the 2:30 central time exclusive window for SEC games. The speculation is CBS will now have the top pick each week in return for them allowing ESPN to show games in their formerly exclusive time slot.
All of that is speculation based on what I've read and the rumors I hear around town. (I live in Birmingham).
What we do know is that after CBS has their pick, there is an eight person committee who will review all the remaining games and decide when they will be played and which ESPN network will broadcast the game. There will be four officials from the SEC office and four employees from ESPN making the decision each week.
CBS has previously wanted to have the big games spread out so each week has only one truly marquee game. It will be interesting to see if the SEC schedules two marquee games per week. For example, Texas A&M vs Alabama the same week of Auburn vs Georgia. That would give CBS one marquee game, but would also guarantee that one marguee game would be selected by one of the SEC networks.
Sorry so long, and full of speculation, but just trying to be helpful.