It may be the MOBO. All of the P67 & Z68 ASUS should have their BIOS updated first; I get it's impossible now.
Pull the top GPU and only use the 2nd PCIe, and if that works then flash the BIOS. Statistically having 2 bad GPUs is super r-a-r-e, so my money's on the MOBO.
If that fails then IMO I would breadboard with a minimal config.