The Fiesta Bowl might be on the verge of suffering an even bigger embarrassment than Oklahoma 48, Connecticut 20. (Yikes – remember that game on New Year’s Day? Me either.)

According to a report by the AP, the results from an internal investigation covering the “political and financial” dealings of the Fiesta Bowl could be released as early as next week. And officials are apparently bracing for the worst.

For those unaware of the backstory, prior to the 2010 matchup between TCU and Boise State, past and present Fiesta Bowl employees alleged that they were encouraged to make financial contributions to state political figures and were subsequently reimbursed by the bowl. If true, this would be a violation of both state and Federal campaign finance laws.

The Fiesta Bowl is a non-profit organization and thus, is prohibited from making political contributions of any kind. It’s alleged that Fiesta Bowl officials (which includes CEO John Junker) have spent a reported $4 million since 2000 in order to gain favor from BCS decision makers and elected officials. Junker was placed on indefinite administrative leave roughly a month ago.

The good news for the Fiesta Bowl is that because of its contract with the BCS, it will remain a BCS game for the next three years regardless of the findings from the investigation. But in three years, this scandal could open the door for other sponsors to gain BCS favor (uh, legally of course). The bowl that might make the most logical sense is the AT&T Cotton Bowl, which is now played at the brand new, luxurious Cowboys Stadium.