The Superdome in New Orleans will be the site of the new marquee bowl matching the Southeastern Conference and Big 12, and the game will still be called the Sugar Bowl. 

The conferences made the announcement Tuesday. The agreement between the leagues and the bowl is for 12 years, and ESPN will hold the TV rights.

The SEC has a long history with the Sugar Bowl. Seventy-one times an SEC team has played in the game, far more than any other league. The very first Sugar Bowl in 1935 matched Tulane, then of the SEC, against Temple.

"New Orleans and the Sugar Bowl are synonymous with post-season college football. For many years, fans have enjoyed the color and pageantry that New Orleans offers," SEC Commissioner Mike Slive said in a statement.  "We look forward to competing against the Big 12 as a new championship tradition begins on New Year's Day."

The agreement was first reported by ESPN.com, which also reported that ESPN will pay $80 million per year to televise the game.

Several sites were vying to host the game, including Cowboys Stadium in Arlington, Texas. Atlanta, Houston and San Antonio also submitted bids, but it came down to the Cotton Bowl in Arlington and the Sugar Bowl in New Orleans.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)