Doc Saturday hit this one on the head, analyzing some numbers that the MWC's lobbyist produced. Essentially, the WAC and MWC champs that have made BCS bowls have delivered higher TV ratings and larger in-person attendance than the Big East and ACC champs over the 2007-10 BCS games. The problem then is that the Big East and ACC get more money for it than the conferences that are better delivering ratings and ticket sales.
I have to say, this is one that's always got me. Why is it that those who want to revoke the Big East's BCS auto-bid never talk about the ACC as well?
The Big East (6-6 in BCS games) actually wins these games with regularity (ACC: 2-10), and bowl ratings in recent years have confirmed that FSU and Miami are the only ACC teams the nation as a whole cares about. When either of them win the conference, they'll get a bid. No need to force Wake Forest in the Orange Bowl on the rest of us to ensure that those two get their completely inevitable piece of the pie.