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UPDATE: Louisiana-Lafayette reached bowl eligibility with a 42-28 win against Middle Tennessee State, pushing the number of bowl eligible teams to 72. Louisville's loss to Rutgers and Arizona State's loss to Arizona eliminated them from bowl consideration.
Teams need to guarantee that they will finish with at least six wins (five of which are over I-A teams) and at least a .500 overall record to become bowl eligible. Not every team that becomes bowl eligible will be invited to a bowl game, but, with 68 spots in 34 bowl games, most will. As of Nov. 29, there are four more bowl-eligible teams than there are bowl invitation slots.
If one conference does not have enough bowl-eligible teams fill all of its bowl affiliations, the bowl can invite at-large teams from other conferences that are eligible. All 7-or-more-win at-large teams must be invited before 6-win teams can be invited. Officially, bowl invitations are made after the completion of all regular-season and conference championship games on Dec. 6. However, you can expect to see several teams accepting "unofficial" bowl invitations during the next week.
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