Conference champs are automatic.
There are a few other automatics.
After that the BCS bowls can choose among qualified teams, but not more than 2 per conference. There is absolutely nothing to prevent the #5 non-conf champ team from being left out while the #14 team gets in, even if the #5 would be only the second team from it's conference. And it is certainly out if 2 teams from it's conference are already in.
http://collegebcs.com is a great source for this. See the FAQ,
http://collegebcs.com/bcsfaq.html
Which teams are eligible for BCS bowls?
The automatic qualification standards are not the same for all teams. The teams are divided into four groups: automatic qualifying (AQ) conferences (ACC, Big Ten, Big 12, Big East, Pac Ten, SEC), non-automatic qualifying conferences (C-USA, MAC, Mtn West, Sun Belt, WAC), Notre Dame, and other independents.
There are ten spots in the five BCS bowl games (Rose, Fiesta, Orange, Sugar and the title game). Under no circumstance may a conference place more than two teams in the BCS games. With that in mind, the following teams automatically qualify for one of those spots. (In order of preference. All ranking criteria refer to the final BCS standings unless otherwise noted.)
1. The top two teams in the rankings. Those teams are assigned to the title game.
2. AQ conference champions, regardless of ranking. Exception: If the #1 and #2 teams are from the same conference and neither is the champion, then the champion of that conference will not participate in the BCS.
3. The highest-rated champion of a non-AQ conference if it either ranks in the top 12 or is ranked in the top 16 and also ranked ahead of one of the champions of an AQ conference.
4. Notre Dame, if it finishes in the top eight.
5. The #3 team, if it is a member of an AQ conference and there is still an open spot.
6. The #4 team, if it is a member of an AQ conference and there is still an open spot and no team qualifies under rule 5.
If there are still open spots after all that, then any team can be selected by a BCS bowl if it:
- Has 9 wins against I-A opponents, and is rated in the top 14 of the BCS standings, or
- Is a non-AQ conference champion and meets the qualification standard in #3, but was not the highest-rated team to do so.
Once every four years, a team may count a win against a I-AA opponent toward the nine needed for BCS-eligibility. So far, no one has used that exception.
Note that for independents not named Notre Dame, the only way to automatically qualify is to finish #1 or #2.
Also, the #3 provision only applies to the champions of the non-AQ leagues. That means, for example, if TCU were to finish 11-1, but have that loss be to Utah, which is 8-4 overall, but 8-0 in Mtn West play, then TCU could not automatically qualify under rule #3 no matter how high it is ranked.
There is a pecking order for which bowl gets to choose first. See the FAQ for that too.
In it's infinite wisdom, I don't see that the BCS has any provision for what happens if the Big 12 and SEC dominate the top 14, such that they can't fill the 10 bowls spots under their rules. That probably won't happen this year because of Boise and Utah, but it would happen in a situation like this:
Spots 1-6 are filled by the 6 conferences champs, all ranked in the top 14.
Spots 7, 8 and 9 are filled by a team from each of the SEC, Big 12, and Pac 10. Those teams must be in the top 14 or they can't get in.
No non-BCS conference schools are in the top 14, nor are any other Big 10, ACC or Big East schools. The Big 12, SEC, and Pac 10 have the other 5 spots in the top 14.
Very unlikely, but...who gets the remaining spot? Do you go past #14, or do you allow 3 from a conference?
We actually were pretty close to this a year or two ago.