Baylor and TCU won't get to play for a national championship, but both teams will play in "New Year's Six" bowls involved in the inaugural College Football Playoff.
The No. 5 Bears will play No. 8 Michigan State in the Goodyear Cotton Bowl Classic, while the No. 6 Horned Frogs will face No. 9 Ole Miss in the Chick-fil-A Peach Bowl.
No. 7 Mississippi State will play No. 12 Georgia Tech in the Capital One Orange Bowl. No. 20 Boise State and No. 10 Arizona will meet in the VIZIO Fiesta Bowl.
In years when the Orange Bowl is not part of the playoff bracket, the game will pair the top remaining ACC team -- in this case Georgia Tech -- against the next highest-ranked nonconference champion from either the SEC or Big Ten, or Notre Dame.
The Cotton Bowl, Fiesta Bowl and Peach Bowl participants are all selected by the playoff committee.
The Peach Bowl will be televised by ESPN at 12:30 p.m. ET on New Year's Eve, followed by the Fiesta Bowl at 4 p.m. and the Orange Bowl at 8.
On New Year's Day, the Cotton Bowl will be at 12:30 p.m. ET, followed by No. 2 Oregon and No. 3 Florida State in the College Football Playoff Semifinal at the Rose Bowl Game presented by Northwestern Mutual at 5 ET. The College Football Playoff Semifinal between No. 1 Alabama and No. 4 Ohio State at the Allstate Sugar Bowl is at 8:30 ET.
ESPN will begin its 12-year agreement to exclusively televise the College Football Playoff this season, featuring the top four teams as selected by the College Football Playoff selection committee.
Here's a look at the 2014-15 college football bowl lineup and playoff schedule (all times Eastern).
2014-15 College Football Bowl And Playoff Schedule
ESPN.com's Heather Dinich contributed to this report.