Well now. It looks like the SEC and Big 12 are tired of the current bowl structure and want their own "Rose Bowl". Probably a smart move on their part. Here are some quotes off the WWL's B1G Blog:

In a wildly interesting development, those two leagues announced today that their champions would meet annually in a Jan. 1 bowl game, unless one or both of those champions is in the new four-team playoff. The conferences didn't say where the bowl would be or if it will be folded into an existing bowl; expect current bowls like the Sugar and Cotton to fall all over themselves trying to land this whale of an event.

I would agree with what Bennett writes later in the article...this would seem to cement a Pac-12/B1G matchup in the Rose Bowl even if the top team from either (or both) conferences makes a playoff. Also it looks like the other "BCS" bowls just took a hit as none of them can reasonably claim a spot on Jan 1 and expect to have anyone watching:

The Big 12/SEC game will also try to challenge the Rose for New Year's Day supremacy; the two leagues said in their announcement that they would play the game in primetime on Jan. 1, likely right as the Rose Bowl is wrapping up.

What are people's thoughts?