Here are the details on the "standards document" that the Mountain West has refused to sign. I wrote about it the day of the national championship game.
The league could gain automatic qualifier status if it meets a set of criteria involving 1) highest ranked BCS team in a conference; 2) number of teams in the top 25 of the BCS; 3) ranking of all a conference's team in the BCS. The commissioners refuse to release the actual math that goes with this because they don't want to become speculated on, similar to the RPI in basketball.
There are three years left on the current review 2009-2011. If the Mountain West performs well is could become an automatic qualifier for a BCS bowl in 2012 and 2013, on a temporary basis.
Also, here is BCS chairman John Swofford's statement on the Mountain West:
“The commissioners have not received anything specific from the Mountain West. I’m sure they will listen to any proposals that come forward, any potential changes would be considered by the full group of commissioners representing their respective conferences and the BCS Presidential Oversight Committee.”
Looks like it's going to be some lively BCS meetings in late April in Pasadena.