Via Athlon Sports:

College football's bowl season is inching closer, but it's never too early to take a look at what the matchups might look like. With 11 weeks of results in the books, it's beginning to get easier to make projections about which teams will be eligible for the postseason.
The post-Week 11 bowl projections are a mixture between how things would look if the season ended today, future schedules, and a dose of the results so far this year. Expect more changes over the next few weeks.
* Indicates an at-large team due to a conference unable to fill bowl slots according to Athlon's projections.
** UCF is appealing a postseason ban and for now, is eligible to compete in the 2012 postseason.
Bold indicates a team has accepted bowl bid.
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Oh, you meant to say "Wildcats," from Kansas STATE. Got it.
To answer your question, the BCS bowls don't just get to pick their teams. Each has conference tie-ins. Were there no BCS, under the current alignment, a Big XII champion K-State would play in the Fiesta, and Pac-12 Champion Oregon would go to the Rose to face the Big Ten champion (looking to be Nebraska). Since both bowls are losing the two highest ranked teams to the title game, they get to pick which at-large team they want to invite. Personally, I would expect the Rose to invite Notre Dame with the first pick (since I expect Oregon to switch places with K-State and finish #1), to face Big Ten winner Nebraska. The Fiesta would then pick OU as the Big XII runner up to maintain that tie-in, and invite the Aggies since they're closer to Tucson than Alabama. With two SEC teams already in, the winner of the conference championship would get an automatic berth in the Sugar Bowl, and the runner-up would go to some non-BCS bowl (since no conference can field more than 2 teams in BCS bowls).