I'm not sure about a lot of this, but I thought that I'd start a thread to collect some news, speculation, and opinions.
Here's what's extremely likely: we'll play an SEC team in either the Outback Bowl or Gator Bowl. With Nebraska losing, we're ineligible for the Capital One Bowl, since we have two fewer wins than Nebraska. So either Nebraska or Northwestern will go to the Capital One.
Then the Outback Bowl picks. They'll choose between Michigan and whichever of Nebraska and Northwestern doesn't go to the Capital One Bowl. If the Capital One picks Northwestern, the Outback has to pick Nebraska. Then the Gator Bowl chooses, and they'll almost certainly pick whichever of the three is left.
Long story short: we're going to either the Outback (Tampa, Jan 1, vs. SEC #3/4) or Gator (Jacksonville, Jan 1, vs. SEC #6).
That means that we're playing an SEC team. If you believe some reporting out there by the Atlanta Journal Constitution and Shreveport Times (links below), the SEC bowl picture seems to be clarifying. It sounds like the Capital One will probably take Texas A&M (maybe for an old Big 12 battle vs. Nebraska). They probably also like that they'll get the likely Heisman winner.
The Shreveport Times then says this:
The Outback Bowl in Tampa, Fla., is next, and it is strongly in favor of taking No. 10 South Carolina (10-2). A logical place for the Gamecocks could be the Chick-fil-A Bowl, but that bowl is locked into No. 14 Clemson (10-2) as an opponent. And the SEC does not want a South Carolina-Clemson rematch after those two just played on Nov. 24.
Most projections I've seen have Mississippi State in the Gator Bowl.
So if you believe what's above and that the Big Ten is more unsettled than the SEC, we're most likely looking at South Carolina in the Outback Bowl or Mississippi State in the Gator Bowl.
Worth noting ----- It's very possible that all of this is wrong or premature.