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I can't see any reason to not do it. The lower ranking teams get to be involved in something that might not be prestigious to the top teams but it is a lot of fun and gives the middle of the table teams something to look forward to. There are so many bowls these days that it is difficult to keep up with them all but everyone knows which bowl games really matter. No harm, no foul!
Yeah, I quite enjoy the fact that there are more than just a handful of bowl games played each year. I would imagine it also brings a lot of tourism dollars to the respective areas.