Quinn- Do you believe that there is any fire to the possibility of making the Cotton Bowl into a BCS Bowl, or rather is it at this point pure speculation?
It's well beyond speculation at this point, but with plenty of caveats.
What we know is this: if there ever is an extra BCS game, it will be called the "<sponsor name> Cotton Bowl". The reason is the new Cowboys stadium and having a fine ambassador/businessman like Jerry Jones pushing for it. He's done a great job bringing some great college football games there recently, with some nice ones being worked on like BYU vs TCU.
As for a market, "Dallas" makes sense for a Big 12 tie-in over Phoenix at this point.
And if the MWC got an autobid, perhaps you'd see the current BCS schools agree to an extra BCS game like the Cotton Bowl so that they won't just not have to worry about losing an extra at-large bid, but with a new game and a MWC bid, there would be a new at-large bid that would likely go to a BCS conference. Based on the recent rankings and with the Boise defection to the MWC, it would likely mean your have in most years: 12 total bids: 2 SEC, 2 B10, 2 Big 12, 2 Pac-10, 1 BE, 1 ACC, 1 MWC., 1 at-large to ACC, Big East, MWC or other.
Of course the easiest way for Jerry Jones to get his stadium and a "Cotton Bowl" in the mix would be for the BCS to simply add the Cotton Bowl to the 5 game rotation. So instead of doubling up at the same venue for 2 weeks in a row, you'd have one of the bowls be the dedicated National Championship game. It's a step backwards from what the system is now, but would not require any changes in number of bids.
but again, this is all speculation in that the Cotton Bowl is still on the outside. But Jerry Jones and the other interested parties in the region are doing everything the right way to make themselves as a real option. If you're options were San Diego (Holiday Bowl), Atlanta (Chick-fil-a Bowl), Orlando (Capital One Bowl), Tampa (Outback Bowl), or Dallas (Cotton Bowl), it's easy to see that the Cotton Bowl really rises to the top.
The system is what it is now and there are no signs of any changes coming. I don't think though that the Cotton Bowl will be brought into any serious discussions until/if the MWC is granted a waiver and an auto-bid. At that point, it will make some sense for the other BCS conferences to consider new means to replace the lost revenue with the MWC taking an $18 million chunk rather than the occasional at-large bid money.
And there's the issue of the current BCS deal with ESPN. Again, Cotton Bowl might not be a factor to discuss until the current contract ends. That said, ESPN has historically shown more flexibility in makign changes on the fly when the changes benefit them.