Vansmack and Venerable want you to know that:
(1) The Top 4 are automatically eligible
(2) The Top 14 teams have priority
(3) No more than two teams from each divsion of the SEC, ACC, Big 10, Big 10, Pac 10 or Big East can qualify
(4) Any non "Big Division" team in the top 12 must be picked (Hawaii is currently down by 21)
(5) Rose Bowl gets first pick if (when) one of their teams is picked
Therefore, Illinois and ASU stand to benefit, while Florida and either Mizzou or Kansas stand to lose out despite being in the top 10 in the BCS.
We assume the C in BCS stands for clusterfuck. We are therefore, sympathetic to two things:
(1) Conference Championship corollary (or the Mizzou Rule) - if you make the conference championship, you deserve priority over another divison team who didn't make the conference championship if you're in the top 14 [but we can be swayed to top 10 instead fo 14].
(2) The old bowl format with a "Plus One" Game
This is worse than 2001, but not as bad as 2004.