So I was having this debate in another forum yesterday, although I've revised my analysis a bit since then. Here's my thoughts:
From Wikipedia, here's the tie-ins, in order: CFP or NY6 Bowl, Alamo Bowl, Camping World Bowl, Texas Bowl, Liberty Bowl, Cactus Bowl, and Heart of Dallas Bowl. Also, there's the at-large bids for Cotton/Fiesta/Peach Bowl.
My guess would be that OU will make the CFP, and TCU has a good chance at an at-large bid. I think Oklahoma State would almost certainly get selected next, which would be the Alamo Bowl if TCU gets an at-large bid. If UT wins next weekend, I'd say we'd almost certainly get selected ahead of WVU due to beating them head-to-head, and name recognition. If ISU wins next weekend, it would be tough to say who gets selected next, since they will have an 8-4 record vs our 7-5 record.
If UT wins and ISU loses, I believe UT would go to the Camping World Bowl (if TCU gets an at-large bid) or the Texas Bowl (if TCU doesn't get a bid).
If UT wins *and* ISU wins, Texas will most likely go to either the Camping World Bowl, the Texas Bowl, or the Liberty Bowl, depending on TCU's status and whether ISU gets selected ahead of UT.
If UT loses next weekend, we would probably be looking at either the Cactus Bowl or the Liberty Bowl.
Now, if we take a Bayesian approach and assume that UT's odds of beating TTU are 75%, ISU's odds of beating KSU are 50%, TCU's odds of getting an at-large bid are 50%, and both KSU and ISU have a 50% chance of getting selected ahead of us if they end up with 1 more win than us, here's the probability of UT making each bowl:
Camping World Bowl: 28%
Texas Bowl: 37%
Liberty Bowl: 28%
Cactus Bowl: 6%