The idea was to push forward a range of alterations to the sporting regulations in order to make the cars faster than the latest crop of single-seaters. Among them were proposals to widen the tires, widen the track of the suspension and fit larger wings to generate more downforce.
Ferrari was one of the most vocal proponents of the rule change, releasing renderings showing its vision for what the new F1 cars could look like. Both McLaren and Red Bull are said to have presented designs of their own, albeit less radical.
An agreement among the leading teams would have been needed and be supported by an emergency fax vote by the FIA World Motor Sport Council in order to push the rules through in time for next season. The FIA mandate that any major changes to the following year's regulations be made before March of the preceding season. Since the parties failed to come to an agreement, though, it looks like they'll have to be delayed until 2017 at the earliest.
Another proposal is on the table to increase the output of the V6 turbo hybrid power units from their current levels of around 760 horsepower to about 1,000. The parties involved, however, seem to agree that they couldn't carry out that change until 2017, so if they're all approved, a new era could be kicking off in one fell swoop in two years from now.