Two week's ago there was news that the college football playoffs could be expanding to add more bowl games into the rotation, which at first look made me think that there would be a good chance that a Mountain West team, or other mid-major league team, could earn a spot in a big money bowl game.
Now, the Pac-12 and Big 12 are looking at creating a new bowl game which would pit a representative from either league up against someone from the Mountain West, Big East, Sun Belt, MAC or C-USA. The details are sketchy on this due to the person who spoke did so on the condition of anonymity.
The details that are there include having the top rated team from the conferences listed above go up against a Big 12 or Pac-12 team. At this point we have no idea how or what system will be used to determine who is the best team among those leagues.
The Pac-12 apparently is on board and will be sending either its league champion or a replacement team to the game in years when the Rose Bowl hosts a national semifinal. This means that at this time the Pac-12 does not have a second tie in to a major bowl game. Also to be kept in mind is that the Rose Bowl is being limited in their turn in the rotation of hosting a semifinal match, meaning that this opportunity for them to go up against the top non-major school would not happen too often.
As for the Big 12, right now they have a deal with the Champions bowl for their league winner, and there is no word on if they will strike a deal to send their second team to either the Fiesta or Cotton Bowl. It is possibly that the Big 12 representative could be at best the third team and maybe even the fourth team assuming a Big 12 team is in the playoffs.
This is a big win for all of these smaller leagues, because the new playoff is looking a lot like the old bowl system where leagues create their own deal, and want to keep that league in their game. None of the five mid-major leagues have pull to create a bowl game themselves -- that includes the newly changed Big East, so this helps all of those leagues. Ideally, it would be great for the Mountain West to find a place for their champion to get into one of the seven or eight bowl rotational spots, but that is not likely to happen. So, this is next best thing for them and all the leagues.
Also, no location has been decided for this bowl game.