Virginia Tech's trip to the Sugar Bowl will mean about $375,000 extra for each ACC school from the conference's bowl payout this season.
By placing two teams Bowl Championship Series games for the first time in its history, the ACC will receive approximately $41.3 million in bowl money from eight games, based on published reports regarding bowl payouts. The conference receives $22.3 million for Clemson's appearance as an automatic qualifier, $6.1 million for the Hokies' at-large appearance and approximately $12.9 million from the other six bowls.
The conference will take $10 million in travel expenses out of that pot ($1.7 million for each of the two BCS teams and $1.1 million for each of the other six) and distribute the remaining $31.33 million evenly to its 12 members. Each ACC school will receive about $2.61 million in bowl revenue this season. Had the Hokies not been selected by the Sugar Bowl, each would have received about $2.24 million.
If Tech had gone to the Peach Bowl, the ACC's bowl payouts would have totaled approximately $36.2 million with the Sugar Bowl removed and Military Bowl added. The conference would have distributed $9.4 million in travel expenses and divided the remaining $26.83 million among the 12 schools.
Not sending a team to the Military Bowl or Fight Hunger Bowl actually helps the average payout per team because the payout for those two bowls is under the $1.1 million the conference allowcates for bowl travel.
[This release (PDF) from the Football Bowl Association has bowl payouts from non-BCS bowls. The BCS Media Guide (PDF) has BCS payouts on page 6. The ACC Football Media Guide (PDF) details bowl revenue distribution on page 14. Thanks to D1scourse for helping me find some of these figures.]