We've been using the term "Champions Bowl" to refer to the game that will be between the SEC and Big 12 champions beginning in 2014. It was just a placeholder term until the two leagues chose the site of the game.
Tonight, apparently to bury the news under the election coverage, the announcement has come down:
The Allstate Sugar Bowl has been awarded the host site of the post-season football bowl game following the 2014 regular season, featuring the champions of the Southeastern Conference and the Big 12 Conference, conference and bowl officials announced Tuesday. ...
The game will be played at the Mercedes-Benz Superdome in New Orleans, with the first matchup of the SEC and Big 12 teams on Jan. 1, 2015.
The agreement is for 12 years. In the event that the bowl is selected as a semifinal game in the new BCS structure, the game would not host the SEC – Big 12 matchup in that year.
The champions of the two conferences will be in the matchup unless one or both are selected to play in the new four-team model to determine the national championship. Should that occur, another deserving team from the conference(s) will be selected for the game.
According to the ubiquitous "sources" that have been talking for a while, the Sugar Bowl and Cotton Bowl were the two finalists for hosting the game.