The BCS national championship is set with the SEC's Alabama (#1) taking on the Big Twelve's Texas (#2).  The Rose Bowl was also set with the Pac 10's champion Oregon (#7) taking on the Big Ten's champion Ohio State (#8).  The Orange Bowl's relationship with the ACC champion meant that Georgia Tech (#9) was slotted for that Bowl.  That left any of the other teams in the top 14 of the latest BCS rankings who also had 9 wins or more available for the remaining at-large selections.  The Sugar Bowl's relationship with the SEC and the fact that they had the first selection since the SEC's champion, Alabama, is in the National Championship game, meant that they were guaranteed to select Florida (#5) for their bowl game. 
The Big East's champion, Cincinnati (#3) was an automatic qualifier (AQ) for a BCS bowl game.  TCU (#4), not from a BCS conference, was an automatic qualifier because they were the highest ranked non-BCS team.  Boise State (#6), also not from a BCS conference, was available for an at-large selection, but not guaranteed a BCS bowl game.  The remaining at-large selections available were the Big Ten's Iowa (#10) and Penn State (#13), the ACC's Virginia Tech (#11), and BYU (#14) who is also from a non-BCS conference.  The SEC's LSU (#12) could no longer qualify due to the rule that no more than two teams may go to a BCS bowl. This means that there were four spots left to fill with seven available teams, two of which were guaranteed a BCS Bowl game.
Here is how the selection process did go for the remaining bowl slots:
1) The Sugar Bowl picked Florida
2) The Fiesta Bowl (since they have a relationship with the Big Twelve and Texas is in the BCS National Championship game with no other qualified Big Twelve teams), selected automatic qualifier Texas Christian University.
* Note: The BCS organizers set a different selection order for the conferences each year. This year it was Orange, Fiesta, Sugar
3) The Orange Bowl selected an at-large team, Iowa.
4) The Fiesta Bowl selected Boise State
5) The Sugar was forced to select Cincinnati because they were the last remaining automatically qualified team.

Here are some other ways the Bowl selection process could have gone after the Sugar Bowl had selected Florida:
1) The Fiesta Bowl selects TCU (since they are a high-ranking team from that general area)
2) The Orange Bowl selects Iowa
3) The Fiesta Bowl selects Cincinnati
4) The Sugar Bowl selects Boise State
With this format #1 plays #2, #3 plays #4, #5 plays #6, #7 plays #8, and #9 plays #10.  It would allow TCU to take on a higher-ranking BCS opponent and if the writers so decide, declar them the national champion.  It would also allow Boise State a shot at Florida and if they won, put them in the discussion for the AP championship.  However, this scenario is predicated on the Sugar Bowl selecting Boise State, who they would not have to select and could have iced them out of the BCS games all together.
Another way this could have gone:
1) The Fiesta Bowl selects Cincinnati (who is the highest BCS ranking team)
2) The Orange Bowl selects Iowa
3) The Fiesta Bowl selects Boise State
4) This would have forced the Sugar Bowl to select TCU as the last remaining automatically qualified team, and forcing a match-up that every would like to see between Florida and TCU.

Cincinnati and TCU had to be selected somewhere, but Boise State and Iowa did not have to be selected.  However, it would have been a shame to leave out Boise State, and kudos to the Fiesta Bowl for making sure they got into a BCS bowl.  After that, Iowa was the highest ranking team left on the board and I don't know that you could make a good case for Virginia Tech, Penn State or BYU.  Once Iowa was selected, Penn State could no longer qualify for either of the two remaining slots due to the BCS rule that no more than two teams from a conference may be selected for the BCS bowl games.

It is one thing to say that there should be a playoff or that certain match-ups are desired, but it is another thing to aim for some good football within the parameters of the current system.  So with that, I would like to present how I would have liked the selections to go.

1) The Fiesta Bowl selects TCU.  This is a non-BCS team from a BCS area of the country.  They are undefeated and have a good claim toward being considered for the championship.  They would have been foolish not to select them with their first pick.
2) The Orange Bowl selects Cincinnati.  This is key here.  Cincinnati is undefeated and ranked higher.  I like Georgia Tech matching up with Cincinnati better than I do Iowa.  I'm not really interested in the Orange Bowl with their current teams.
3) The Fiesta Bowl selects Iowa.  If Iowa had not been selected by the Orange Bowl, I'm thinking the Fiesta Bowl would have given stronger consideration to Iowa here.  The claim they gave that Cincinatti would not travel as well to Arizona doesn't hold with Iowa.  This would have pitted TCU against a BCS conference team, even though Iowa was not the Big Ten champion.
4) The Sugar Bowl selects Boise State.  Boise State has defeated some BCS conference teams this year, but Florida is pretty formidable.  If Boise State could somehow beat Florida, they too would have the right to be considered in the national champion discussion since they'd be undefeated.  If Florida soundly defeats Boise State, then that would validate the BCS conferences' claim that the smaller conferences and teams don't deserve to be held in as high a regard as the the BCS conference teams in terms of the national championship.

These match-ups along with the BCS National Championship game and the Rose Bowl would have been more interesting to me.  That said, I do like having Florida and Cincinnati squaring off as it would show if Cincinnati deserves to be that highly ranked and if Florida shouldn't be third or even second in the final rankings.  If Cincinnati wins, shouldn't they be in the consideration for being declared the AP national champion?  The Orange Bowl and Fiesta Bowl really do not have my interest at the moment.  The Fiesta Bowl winner just ends up being the champion of the consolation bracket in my mind.