The two conference champs will meet if they are not in playoff. If they are, then second place, third, etc. Essentially the rose bowl for these two conferences. My guess is early bowl sites interested in this will be dallas, atlanta and n'awlins. Depending on how it plays out, could be death to fiesta and/or sugar as top tier bowl status.
Not sure. Doesn't happen until 2014. My gut is that they will reach an agreement with a current bowl, probably the Cotton. Then again, as I saw mentioned on Twitter, what is to keep them from starting their own bowl and the conferences split the profits?