It's always IMPORTANT to win the North, because if we win the North we have a shot at winning the Big 12, if we win the Big 12, we get a BCS birth, and if we get a BCS birth we may just be playing for an MNC (not this year, but in other years).
However, I don't think it is much of an ACCOMPLISHMENT to win the North. It is kind of like winning a 'tard fight (ok, sorry that was insensitive and not politically correct, but true).
Now, win the North and pull off the upset in the Championship game, that would be an accomplishment. But, we have to win the North to even get a shot. That is why it is more important than ever.