typically put the 1 seeds in the closest regional venue.
Except for football there are also some historical conference and team ties to the bowl games; expect the Big Ten champion to take the Rose Bowl bid.
Based on current AP rankings:
#1 Texas (SEC champ) - Sugar Bowl
#2 Oregon (B1G champ) - Rose Bowl
#3 Miami (ACC champ) - Peach Bowl
#4 Iowa State (B12 champ) - Fiesta Bowl
From there, just back in the 5-12 matchups with #8/9 v. #1, #7/10 v. #2, and so forth.