This was discussed on the old board yesterday....
The Outback and Alamo Bowls do not have to abide by the "two win rule" or the "6-6 rule" if the Big Ten gets two teams into the BCS. So, Iowa and Wisconsin could be attractive to those games regardless of what Northwestern does against Illinois.
If we were to lose to Iowa, and Northwestern beat Illinois, the Wildcats would clinch the Champs Sports Bowl (against the ACC, for the person who asked) bid over us, since that game isn't allowed to take a team with two fewer victories.
There are so many things that could still happen when determining our bowl fate, it's kind of useless to even speculate. Just beat the Hogeyes.