Things are getting a little clearer in this department after the Cotton Bowl.
See Which FBS Conference will have the best Percentage of Bowl Wins? for the earlier picture.
Using these two sources:
I have constructed this table:
Jan/7/2012 After Cotton Bowl:
Conference Bowl Records
Conference Bowl Teams Record % Bowls Remaining Best W-L Best % Worst W-L Worst %
Conference USA 5 3-1 0.750 Compass 4-1 .800 3-2 .600
MAC 5 3-1 0.750 GoDaddy 4-1 .800 3-2 .600
Big East 5 3-1 0.667 Compass 4-1 .800 3-2 .600
Big 12 8 6-2 0.750
SEC 9 5-2 0.714 BCS 6-3 .667 6-3 .667
Sun Belt 3 1-1 0.500 GoDaddy 2-1 .667 1-2 .333
Independents 2 1-1 0.500
Big Ten 10 4-6 0.400
Mountain West 5 2-3 0.400
Pac-12 7 2-5 0.286
ACC 8 2-6 0.250
WAC 3 0-3 0.000
And you can see that the race is down to the schools in the poll (on its way).
Who gets the trophy?
Public poll.