The Big 12 and Southeastern Conference football champions will meet in the Sugar Bowl starting after the 2014 regular season.
The conferences had announced the agreement for the postseason game in May, and the Sugar Bowl was awarded the event for 12 years after a lengthy process.
"There were great cities, attractive destinations, and impressive venues to consider," said Big 12 commissioner Bob Bowlsby. "Now Big 12 fans can look forward to a New Year's tradition and coming to New Orleans to support their team."
The first game will be played on Jan. 1, 2015 at the Superdome.
There are two scenarios when the champions will not meet in the game: (a) if the Sugar Bowl is selected as a semifinal game in the new BCS structure, the Superdome will not host the matchup that year; or (b) one or both champions are selected to play in the new BCS structure.
In the latter case, another team from the conference(s) will take the place of the champion.
"The result will be, without a doubt, one of college football's best bowl games on an annual basis, one that brings tremendous national prestige and millions of dollars in economic impact to our city and state over the New Year's holiday," said Sugar Bowl CEO Paul Hoolahan.
The two league champions have met twice in BCS bowl games since 1998, both in BCS National Championship Games. In 2010, Alabama defeated Texas, 37-21, in Pasadena, Calif., and in 2009, Florida defeated Oklahoma, 24-14, in Miami, Fla.