"The CODcast feature is a special spectator mode that allows the player to take on the role of a game commentator. Using the CODcast interface, the CODcaster has the ability to see all of the action in the game by switching between many different views, including a picture-in-picture mode that allows the player to toggle between the game camera and map top-down view. This is the same kind of functionality used by professional commentators on pro gaming circuits, and is now made available to Call of Duty® fans everywhere."
CoDCast is a new feature in Call of Duty: Black Ops II, it gives a player in the game the power to view all players from their first person perspective, and a overhead view of the mini map, showing the locations of all players. When viewing the overhead map, the player can change the colors of the arrows, so if its on a Multi-Team TDM, you can make each team a different color. It uses an interface that lets that player "commentate" the match and closely resembles the system that MLG games do, games in Theater Mode can also be viewed in CoDCast mode at a later date with all of the features as if doing it during the game. The CoDCast feature is always disabled in public matches to prevent cheating by players seeing where the enemies are.
An example of using multiple colors to show all 4 teams while playing Multi-Team TDM
Codcasting previewed at Gamescom 2012, the numbers by the player names indicated the length of their current scorestreak