All the Big Ten teams play their final game next week (except Illinois, which ends the season in two weeks against Fresno State), so as usual, things are going to get decided there pretty soon. The conference champion is presumably head to the Rose Bowl unless at least 4 teams above them lose, which seems very unlikely.
Right now, there's a 3-way tie atop the Big Ten, with Wisconsin, Ohio State, and Michigan State all 6-1 in conference, and 10-1 overall.
1. If both Ohio State and Michigan State win, the highest rated team in the BCS goes to the Rose Bowl, since it either would be a 3-way tie (if Wisconsin also wins), or a tie between OU and MSU (who did not play each other this year). This is currently Wisconsin, but it's close enough that it's up to the notoriously fickle human voters.
2. If only Michigan State loses, Wisconsin gets the Rose Bowl bid (as they beat Ohio State).
3. If only Ohio State loses, then Michigan State gets the bid (as they beat Wisconsin).
Texas' #1 bid should be short-lived as USC has 3 (currently) ranked teams left on their schedule in Cal, Fresno State, and UCLA. Texas plays OK State, Baylor, Kansas, and Texas A&M (and the Big 12 conference championship game)