They're just meaningless exhibition games now. That is all. When I was a young lad, there were about a dozen bowls and a team pretty much had to be ranked to get one. It was two pretty good-to-good teams playing and it was a chance to move up in the final poll - bragging rights were at stake. Now there are teams with losing records playing in bowl games and many are almost devoid of meaning, except it means about 15 more days of practice for the team. That's significant.
Back then you had the following bowls:
Rose - Pasadena, CA
Orange - Miami, FL
Sugar - New Orleans, LA
Cotton - Dallas, TX
Fiesta - Tempe, AZ
Gator - Jacksonville, FL
Liberty - Memphis, TN
Tangerine - Orlando, FL
Peach - Atlanta, GA
Bluebonnet - Houston, TX
Holiday - San Diego, CA