Nowhere... It is just an announcement. Pre-engagement or friendship ring, if you will.
No Teams in BIGXII right now (other than Texas and OK)**
They do (or will) have existing bowl contract obligations
Either Cotton Bowl gets bumped down, or this replaces Cotton Bowl.
**Everyone talks about how BIGXII have won, or played in so many BCS games. Guess what, that was BEFORE half of their league left. Lets see what Cotton Bowl(2) matchups look like in the next 4 years, and how much money is made (or lost) on these matchups.
If ACC teams started to WIN some OCC games (I suggest a bunch of BIGXII, and B1G games, as they are easlier to win), and some Bowl games ACC is fine.
If everyone bolts, the VT is in great shape, no matter what.