The game will be part of the semifinal rotation for the new playoff system, along with the Rose Bowl and the Orange Bowl. The Big Ten and Pac-12 will continue their longtime relationship with the Rose Bowl, and the Atlantic Coast Conference has a deal to send its champion or another highly ranked team to the Orange Bowl.
Another deal is being worked on that will send a team from either an SEC team, a Big Ten team, or Notre Dame to the Orange Bowl to face the ACC in years the Miami-based bowl does not host a national semifinal.
At least three more sites need to be picked, and the Cotton Bowl is likely to be one of them.
"Regardless of which site we chose, the other city is likely to host an access bowl, to host semifinals and will be considered to host the championship game," Bowlsby said.
The Fiesta Bowl in Glendale, Ariz., is expected to be in the playoff rotation, and Atlanta, which hosts the Chick-fil-A Bowl, is the other leading candidate to be part of the new postseason system. How often each site hosts a semifinal has yet to be determined.
There is also a plan being considered to add a seventh game to the rotation that would match either a Pac-12 or Big 12 team against the best team from the five other FBS conferences, including the Big East.
"Both a seven-game and a six-game model are still in play," Bowlsby said.