I believe there is a "UTEP" clause in the contract; however, it's kind of a if there are no teams available and if UTEP is eligible (with an attractive record) then break glass only of necessary, but sponsor has right at first refusal.
In other words, the SB will never take UTEP. The contract is up in two years but because of the heavy hotel/motel tax and airports taxing fee's the Sunny is actually in pretty good shape (I think some some of the taxing fee for airlines goes to the Sun Bowl but I'm not totally certain). So associated in any way? Yes. Don't forget the UT system declared eminent domain on El Paso some years back so UTEP has more than "association", they have total leverage. The festivities, game and such belong to the association. So you can't have a bowl in El Paso without UTEP unless Tim Foster and his sports group decided to build a stadium or El Paso wants to piss off the taxpayers more and build one, too.