So there's a new bowl being put together in the new BCS system. It's basically involving a Big 12 or Pac-12 team where they send their champion to the bowl in the years the Rose Bowl is a semifinal, except it's unlikely either team will end up here because they'll probably both be in the playoff, and even if neither them get in it's likely the Big 12 champion goes to the new Champions Bowl and the Pac-12 champion would end up in the Rose Bowl replacement.
So this is likely going to feature an at-large team from either the Big 12 or the Pac-12, and they'd take on the best representative from the Big East, Mountain West, Conference USA, Sun Belt, and MAC Conferences. Basically, this segregates the Big East in with the mid-majors by default, as they are no longer tied in with any of the other major bowls left in the BCS system. It increases hierarchical structures that should favor the Pac-12 and Big 12 in terms of landing additional teams in the big money BCS bowls, which should place them in similar stature as the ACC, Big ten and SEC.
From a fan's perspective, this bowl sounds just as dumb as any of the other 30+ bowls that we will watch because free football!