Apparently, if they stay as-is, Texas is the one out in the cold. Cal and Texas both claim a Top 6 finish. However, Cal will finish as a non-champ of the conference, but ranked 3 or 4, so they're in automatically. Texas would get in, too, since they're in the Top 6, but the non-BCS conference champion trumps the BCS conference non-champion. So Utah goes in and Texas doesn't.
That's my understanding. Part of me (ok, most of me) says that's great. Sucks for Texas, but since the BCS is so anti-non-BCS conferences, they pretty much have to let Utah in. Of course, they'll probably cast them off to play BC, who will likely win the Big East.