From CollegeBCS.com:
Quote:
The top two teams in the BCS rankings play in the designated national title game.
Then, the remaining conference champions are paired with their tie-in bowls.
After that, it starts to get a little vague, but there is a priority order to the selection. First, any bowl losing its tie-in team to the championship game can pick a replacement from among the remaining teams. If two bowls lose their tie-ins to the title game, the bowl losing the #1 team in the BCS standings picks first.
After that, any bowl with open spots submits a list to BCS HQ ranking three teams they would like for its game. If there are any BCS conference champions still in the pool, they must be first or second on the list. Each bowl will then be given its first choice on its list.
If more than one bowl chooses the same team, the priority order is:
* the bowl with the highest payout
* the bowl that did not get first choice the previous year.
Once all the games are set, the BCS folks can still do some shifting around to try to get more desirable matchups.
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Oklahoma's selection as #1 means that the Fiesta Bowl would lose their conference tie-in. Since they picked first last year (hosting the national championship), they would pick last this year. Given that Texas and Oklahoma State travel well and bring lots of fans and they would be less likely to be picked by the other bowls (tie-ins, marquee matchups, geography, lower rank in BCS standings), the winner of the Oklahoma State-Texas game would likely go to the Fiesta Bowl if Oklahoma does not.