Here is a link with the information:
The 4 Quarterfinal bowls will seed #1-#4
First - Historic relations (Rose = Big10, Sugar = SEC/Big12, Orange = ACC/SEC/Big10 - Orange is a Semifinal this year)
(But they are going to rank SEC champ ahead of Big12 champ 99% of the time, so Sugar = SEC)
Second - By rank choice #1-#4. Fiesta and Peach Bowl, The teams will pick and choose which location they want. So unless SMU is #3 and picks Fiesta, the ACC is going Peach, Big12 is going Fiesta.
The 2 semifinal bowls (Cotton + Orange this year)
#1 seed chooses which bowl will host the #1/#8/#9 vs #4/#5/#12 game
The 2nd bowl will take the other matchup.
I personally think that the Big10 champ is going to be #1 seed, and they will choose the Cotton bowl. and while I would love watching #4 BYU play in the Cotton bowl, I think the #3 seed has a much more favorable bracket of games.
Speculation time -
#1 and #5 seed will be Oregon and Ohio State. . . Both look really good in my book and I don't want BYU to play them if we can avoid it.
The #4 seed looks like they will play the 2 best teams in my book in the playoffs.
#2 and #6 seed will be the SEC champ and Runner-up, or SEC champ + Penn State.
The #3 seed has a MUCH easier lineup to get to the championship game.