I am happy the Cotton Bowl is moving to Arlington. But I don't think they should become part of the BCS, where they can host actual national title games. If any bowl should become a part of the BCS system, it should be the Chick Fil A (formerly Peach) Bowl.
I keep hoping they will bring back the Bluebonnet Bowl. BTW, I recall about 20 years ago the Peach Bowl came very close to being discontinued. Anybody remember the Cherry Bowl, played in the Pontiac Silverdome?
The Cotton Bowl is one of the four oldest bowl games in continuous existence, and it has always been played on New Year's day. It has hosted national championship games before. The Fiesta Bowl originally was a rather minor bowl played before New Year's day when it started up in the early 1970's.