The 1992 NCAA Division I-A football season was the first year of the Bowl Coalition and concluded with Alabama's first national championship in thirteen years—their first since the departure of Bear Bryant. One of Bryant's former players, Gene Stallings, was the head coach, and he used a style similar to Bryant's, a smashmouth running game combined with a tough defense.
The members of the Bowl Coalition were the Sugar Bowl, Orange Bowl, Cotton Bowl Classic, and Fiesta Bowl. Under the agreement the Sugar Bowl, Orange Bowl, and Cotton Bowl Classic hosted the Southeastern Conference, Big 8, and Southwest Conference champions, respectively, and then a pool of at large teams was formed between the Atlantic Coast Conference champ, the Big East champ, Notre Dame, and two conference runner ups from the Big 8, SWC, ACC, Big East and Pac-10. The highest ranked host team would play the highest ranked at-large team. If the two highest ranked teams were both at-large teams, the championship game would be hosted by the Fiesta Bowl.
So for this year, (host) SEC champ Alabama played (at-large) Big East Champ Miami-FL, the Orange Bowl featured (host) Big-8 champ Nebraska and (at-large) ACC champ Florida St., the Cotton Bowl Classic featured (host) SWC champ Texas A&M and (at-large) independent Notre Dame, and the Fiesta Bowl featured (at-large) Big East runner up Syracuse and (at-large) Big 8 runner up Colorado.
The 1992 season also saw the expansion of the SEC and the first conference championship game to be played in the country. Before the 1992 season, the Arkansas Razorbacks and the South Carolina Gamecocks joined the SEC, which expanded the conference to twelve teams. The conference then split into two divisions, and the winner of each division would face off in the SEC Championship Game in Birmingham's historic Legion Field (later moved to Atlanta's Georgia Dome, in 1994). In the first year of the new system, Alabama won the SEC West, Florida won the SEC East, and the Tide won the match-up 28-21 on an Antonio Langham interception return for a touchdown in the closing minutes.
In the Sugar Bowl, to decide the national champion, Miami came in a heavy favorite with even heavier swagger. The Tide defense, however, with its eleven man fronts and zone blitzes, heavily confused Heisman Trophy winner Gino Torretta and Alabama won in a defensive rout, 34-13.
In other circles, the Big West Conference lost two members; Fresno State left for the WAC and Long Beach State stopped sponsoring football, but they also gained a member in Nevada, which made the jump from Division I-AA. Possibly in a show of how weak the conference was, Nevada went 5-1 in conference, winning the Big West championship and representing the conference in the 1992 Las Vegas Bowl (formerly the California Bowl held in Fresno, California). Taken from http://en.wikipedia.org/wiki/1992_NCAA_Division_I-A_football_season

Final Stats:

Conference	Top Team	Coach	Top NFL Players
SEC	Alabama 13 0	Gene Stallings	John Copeland DE picked 5th by CIN
			George Teague DB picked 29th by GNB
			Eric Curry DE picked 6th by TAM
ACC	Florida State 11 1	Bobby Bowden	Marvin Jones LB picked 4th by NYJ
Big East	Miami (FL) 11 1	Dennis Erickson	Jessie Armstead LB picked 207th by NYG
			Micheal Barrow LB picked 47th by HOU
			Darrin Smith LB picked 54th by DAL
			Ryan McNeil DB picked 33rd by DET
Ind	Notre Dame 10 1 1	Lou Holtz	Jerome Bettis RB picked 10th by RAM
Big Ten	Michigan 9 0 3	Gary Moeller	Elvis Grbac QB picked 219th by SFO
			Steve Everitt C picked 14th by CLE
			Tony McGee TE picked 37th by CIN
SWC	Texas A&M 12 1	R.C. Slocum	Marcus Buckley LB picked 66th by NYG
Pac-10	Stanford 10 3	Bill Walsh	John Lynch DB picked 82nd by TAM
Big 8	Colorado 9 2 1	Bill McCartney	Chad Brown LB picked 44th by PIT
			Greg Biekert LB picked 181st by RAI
WAC	Hawaii 11 2	Bob Wagner	Jason Elam K picked 70th by DEN
			Maa Tanuvasa DE picked 209th by RAM
MAC	Bowling Green State 10 2	Gary Blackney
Big West	San Jose State 7 4	Ron Turner