Even if they loose, they may still pick up a Peach of Fiesta bowl bid. I think this year the only other team of note is Boise State.
Granted when Boise State show up in the Fiesta Bowl, it generally doesn't work out good for whoever they play.
If UCF looses and still gets a NY6 bowl, I figure it will probably be Peach Bowl. Even though they're both NY6 bowls, I see Fiesta as higher quality. Before the playoff format came about, the Peach as accepted numerous teams with as bad as 6-6 or 7-5 record. Fiesta I don't think has ever had teams with less then 9 or 10 wins.