The latest pertinent news is that the Big 10 has set its bowls for this season, and Michigan State will be headed to the Buffalo Wild Wings Bowl (they scouted Baylor yesterday) while Minnesota will be going to Houston for the Meineke Car Care Bowl. Purdue is also slated, as was predicted for weeks, for the Heart of Dallas Bowl. This news is now reflected in Jerry Palm's latest bowl projections as well as SB Nation's own constantly-updating projections from the mothership.
Speaking of SB Nation, there is also a SuperGroup devoted exclusively to bowl news and a story stream with updates as they come in. You should check out those for the latest about CFB generally.
The most important aspect of our own eventual bowl destination is going to be how things shake out in the BCS. If OU makes a BCS game as the second Big 12 team, we're in line for either the BWW or Alamo bowls, with the destination depending on which placed liked us best. If not, we're probably pushed down to the Meineke Car Care Bowl, perhaps the best result in terms of our overall fanbase but a disappointment with how the season ended. We won't know for sure whether NIU pushes OU out of the BCS until this evening. I'll update this story stream as more information becomes available.
Once again, check the updates on the SB Nation bowl projections page for the latest info on the national bowl picture.