Penn State has apparently sent out some media information:
PSU just sent an email to beat writers saying "in the event psu is selected to the Cap One bowl here's the teleconference info" Its official
Update: Now it's for reals.
The BCS Selection Show is on Fox at 8 p.m., but because there are way too many parties involved to keep a secret, it
appears mostly IS a done deal: Penn State is Capital One Bowl bound.
Just to recap a crazy day: there was no reasonable scenario in which the second Big Ten team went anywhere but the Fiesta Bowl. That was yesterday. Then semi-credible people started saying the Fiesta Bowl was "falling on the sword" for the BCS and taking two mid-majors.
If I had to guess (because we need more unsourced rumors here), this was likely a lead by the Fiesta people, and with reaction being universally bad, it looked like they changed their mind. A Big Ten team was going to the Fiesta Bowl after all.
More semi-credible people were saying Penn State was still in the mix. Then they were almost certainly Iowa, largely based on a source who told David Jones that Penn State had been told to book hotel rooms in Florida for the Capital One Bowl.
But that information is from Jones, who is the same guy who called the TCU-BSU Fiesta Bowl a fake rumor, claiming Iowa was going to Arizona after all. [Note: From the link above, which has been updated.]
Which became significant because several more people chimed back in later, including the New York Times, to say the mid-major championship is in fact happening and Iowa is headed to the Orange Bowl.
So whatever, it should be fun to see the truth at 8.
One last thing, it sounds like LSU is in fact filling the other sideline in Orlando.