I don't think we ever had much of a shot to begin with, but it still comes down to us and Ohio St. in the Orange Bowl. Texas is who really got the shaft since the BCS can only take 2 teams from any conference.
One thought, now that Texas is locked out of the BCS, wouldn't it be cool if the Cotton Bowl rescinded its invitation to Ole Miss and had Texas play Tennessee? It would be a major coup for the Cotton Bowl since it would play out like a 5th BCS game and it would be the greatest Cotton Bowl matchup since the days of the old Southwest Conference when the Cotton was one of the major bowls.