According to the Seattle Times, via the WWL, the Pac-10 is close to a deal with the Alamo Bowl in which the conference's #2 team would go to San Antonio. Not only would this deal improve the conference's bowl lineup with the Holiday Bowl taking the conference's #3 team, but if the report is true, it will also result in a big pay bump.
The Alamo Bowl is also set to move to January 2nd this year so if it stays in that spot, it will give the Pac-10 a great post-New Year's spot. Throw in the increased exposure Texas' fertile recruiting ground and this looks like a great move.
The only real qualm I have with this deal is that it will pit the Pac-10 against the Big 12, which is also the case in the Holiday Bowl. Some variety here would be nice. Maybe a SEC matchup?