Early in humanity's history, the most powerful magic users in the world came together under the belief that their great power should be used to protect the world from evil, and to condemn those they believed were guilty. They also created the Rock of Eternity.
The Council of Eternity was created by Geoff Johns. They made their first appearance in The New 52 FCBD Special Edition #1.
The original Council of Eternity consisted of seven magic users representing seven powerful magical cultures. The only named member of the original council is The Wizard. Many years following the Council's destruction it was briefly reconstituted by the Presence with several villainous members. During this period, the team consisted of Blight, Eclipso, Mister E, Neron, Sin Eater, Trigon, and Zauriel.
Major Story Arcs
Trinity of Sin
The Council together three people who they have deemed the worst sinners in humanity. They curse these three, The Phantom Stranger, The Question, and Pandora, to wander the Earth, forever punished for their crimes.
The Council remains fairly active until they are almost completely destroyed by their own, power-mad creation, Black Adam. Only the Wizard remains alive to act as a guardian of magic and the Rock of Eternity. He seals Adam away and hides magic, causing it to fade to myth. When Black Adam returns, he endows the power to young Billy Batson.
In the future, a new version of the Council consisting of villains is brought together to judge the Phantom Stranger and determine if he should be forgiven for his crimes and freed of his eternal punishment. Instead, they attempt to barter for his forgiveness in exchange for the Amulet of Origins, a key into Heaven. They are confronted and presumably destroyed by The Presence.