We thought The American's bowl future would at least be similar bowl to what C-USA previously had, but it looks like it'll be a lot worse.
Power 5 conferences have taken C-USA's top 2 non-Hawaii bowl tie-ins, the Liberty signing SEC and Big12 and the Big Ten signing with the Armed Forces Bowl in Fort Worth. The Liberty Bowl hosted the SEC under the previous contract, but now adds the Big 12 as an opponent. There has been an overwhelming desire for the elite conferences to play each other in bowls, and The American is becoming a repeated casualty.
Armed Forces Bowl previously hosted teams from C-USA and the Mountain West. The Mountain West will keep its spot, and will now face an opponent from the Big Ten. It's a bit surprising that the Mountain West will keep it's spot since there are no Mountain West teams in Texas, and there are two teams in The American in Texas, but that's what happens when one conference has superior leadership and the other is fumbling around with an underwhelming new name and little direction.
For the American, the bowl picture is cloudier than ever. The Military Bowl is signed, which at least gives us a game against a Power 5 team in the ACC. The Hawaii Bowl is there for the taking, but it's in a place that's an expensive 8-10 hour flight away. From the above article, SEC isn't renewing with the BBVA Compass Bowl, so if the American keeps that one it'll likely be playing a MAC or C-USA school, since those conferences were previously alternates. Beyond that, your guess is as good as mine.