FA chairman Greg Dyke was the first to arrive at Wembley for the meeting, which also included FA vice-chairman Roger Burden and former England defender Danny Mills.
Former and current England managers Glenn Hoddle and Roy Hodgson are also on the body, as is Manchester United defender Rio Ferdinand.
Football League Chairman Greg Clarke, PFA chairman Ritchie Humphreys and League Managers Association chairman Howard Wilkinson are also involved.
"It was a very good discussion," Dyke told Sky Sports News.
Asked how long will the whole process take he said: "Quite a time I should think but it was a very good discussion we had today. I was very impressed by the people we've had for the first two meetings."
Dyke is not putting a timescale on when he the commission should submit its findings. "I'd rather we got it right than rush it so we'll see," he said.
Ex-Crewe boss Dario Gradi is the final member of the commission and he said: "I'm impressed they thought of me because I'm not a high flyer.
"They've obviously done some sort of homework on who they've got. My ability is coaching players, that's where I'll be able to contribute, I hope."