You're a fraud
According to
Dennis Dodd at Sportsline.com, the Jayhawks bought their way into the Orange Bowl.
"Kansas got into the Orange Bowl ahead of Missouri because the school guaranteed tickets. Attendance is still an issue with the Orange, and KU AD Lew Perkins guaranteeing ticket sales probably put the Jayhawks over the top. As unseemly as it sounds, Missouri could have bought its way into the BCS. The ticket thing is left over from the old bowl system. It's clear that Perkins knows how to play the game. Missouri thought everything would work out. Well, it didn't."

Full disclosure: Dennis Dodd graduated from the University of Missouri. So too did this here guy typing. That out of the way, I'm not outraged as a Mizzou fan, but do think it's noteworthy.
Reader Dubbs in Kansas City had some more info, summarized thusly:
"according to radio in kc the big12 has opened a formal investigation into it this afternoon... all that will happen is they pay a fine, but I think their public image will be damaged terribly if it is in fact true, the espns will laugh even harder at the ku joke... soft schedule and buy way to big bowl, on top of the fact that they are on ncaa probation for academic fraud (no one mentions this fact)"
Mangino and the KU football program bought its way to the Orange Bowl. I would have thought Mangino would buy his way into the Cheesesteak Bowl before anything else (BA DA DA CH!).
Previously
The BCS: where winning kind of matters
UPDATE: (cue Unsolved Mysteries theme music)
The St. Louis Post Dispatch reports there will be no Big 12 investigation.
Also, friend in KC points out that the radio voice behind the investigation rumor, Kevin Keitzman, is known to rumor monger. What a rumor whore (according to the rumor, anyway).
UPDATE 2:
--Kansas AD Lew Perkins speaks, fails to address odd spelling of own first name.
-- Mizzou spokesperson Chad Moller speaks about lobbies.