It appears to be headed toward ESPN.
This from ESPN:
Rose Bowl Game on ESPN Beginning in 2011
ESPN will televise the Rose Bowl Game starting in January 2011, it was announced today by John Wildhack, ESPN executive vice president, programming and acquisitions. The network had previously announced it would televise 15 other Bowl Championship Series (BCS) games – including the Fiesta, Orange, Sugar and BCS National Championship — as part of a new, multi-year agreement also beginning in January 2011.
The 2010 Rose Bowl Game and the 2010 BCS National Championship Game from Pasadena, Calif., will remain on ABC. The Rose Bowl Game has a separate media rights agreement from other BCS bowls.
“Having all BCS matchups on one home, especially within ESPN’s year-round college football environment, is the very best scenario,” Wildhack said. “Fans will welcome ESPN’s all-encompassing approach, and the additional opportunities and value resulting from our multi-platform presentation will benefit the college football community and our business partners.”
As part of its regular-season schedule, ESPN on ABC will continue to offer Saturday Night Football, broadcast television’s first-ever weekly college football primetime series. Additionally, ESPN Radio, which has broadcast all BCS games since 2000, is the national radio home of the BCS through 2014.