So the Big 12 and SEC agree to an alliance on a Bowl that would not have taken place in the entire BCS era. One Twitter I saw called it the "Never Happen Bowl."
So what's the point? Pretty much just symbolic. First, it tells the PAC and B1G that the SEC and Big 12 are alligned, and will counter-balance them in the playoff discussions.
And it basically tells the ACC and Big East...you're out. The Big Four conferences have been decided. The big daddy of all conferences considers the unstable, 10-team, no-conference-championship-having, bad academic Big 12 their equal. Not the ACC, with all it's stability, book learning, and self-proclaimed "major conference-ness".
To announce a bowl that is almost impossible to imagine taking place, the only thing to take from it has to be symbolic.