Three problems with the current bowl situation:
1. Conference affiliations make destinations seem stale to fans. As evidence by Wisconsin, I think most of the Big Ten schools are tired of Central Florida on New Years. I've heard Georgia fans say the same thing about the Outback bowl. There is a need to mix it up. If Wisconsin was going to central Florida for the first time in 10 years instead of the fifth time, things might be different.
2. The greater emphasis on the BCS has made the second and third tier bowls less desirable. All we hear is BCS, BCS. No wonder everything else seems second rate. The only time a fan base gets excited about a second tier bowl is if they haven't been to one in a while. To all the other schools with National Title hopes, Orlando or Tampa or San Antonio feel like your team underachieved.
3. Finally, it is just not worth the money to travel to some of these games. Why spend a couple thousand dollars (bringing a few people from the Midwest to Florida or say sending one person from Boston to Boise) when you can see the game from the comfort of your own home? I love seeing games in person. But I have a price and I am in a two income, no kids house. I imagine bowl game travel will become even less of an option next year when I am a parent.
Repeat after me: playoffs!!!