overall record or within 1 game of best overall record. Here is what the P12 bowl selection process would look like should Iowa St win the B12 CCG.
Alamo Bowl - they have their pick between 10-3 Arizona St and 9-3 Colorado. Everyone else is more than 1 game below ASU. I'm assuming Alamo Bowl picks Colorado in this scenario.
Holiday Bowl - the only option they have is 10-3 Arizona St
Las Vegas Bowl - the only option they have is 8-4 Washington St
Sun Bowl - they have their pick of 6-6 USC, 6-6 Washington, and 6-6 California. I'm assuming they would go with USC.
L.A. Bowl - they'd have their pick between 6-6 Washington and 6-6 California. The pick would likely be Washington.
Independence Bowl - they'd get California is the only remaining team.
If Arizona State were to win the B12 CCG, then Washington State would end up in the Holiday Bowl. Las Vegas Bowl then likely picks USC, Sun Bowl goes with Washington, and L.A. Bowl ends up with California. Of course there could always be renegotiations among the bowl games, but assuming nothing like that occurs then this would how things would play out given the current rules/contracts.