The new system will mirror the format used in the National League and will mean that teams finishing from third to eighth will now have the chance to compete for promotion to the Premier League.
Clubs finishing third and fourth will progress directly to the semi-final, while a one-legged quarter final will be played with fifth at home to eighth and sixth hosting seventh.
The Semi-finals of the competition will remain a two-legged affair, with the final taking place at Wembley at the end of May.
The proposal has been under consideration for a number of seasons and was approved by the EFL board and Football Association.
EFL chairman Trevor Birch said:
“Since their introduction in 1986/87, the playoffs have become a highlight of the domestic football calendar, capturing the drama, suspense, and jeopardy that make the EFL so special.
“The decision is intended to increase the number of competitive fixtures during the closing stages of the campaign, while also allowing two additional clubs to reach the play-off final at Wembley Stadium and progress to the Premier League.
“Following several months of discussion with clubs and other stakeholders, we are confident this change will further strengthen the Championship as a competition and give more clubs and their supporters a genuine opportunity of achieving promotion.”
At present, there are no immediate plans to expand the play-offs in League One or League Two, though the EFL will assess the success of the new Championship format before considering wider implementation.
