I can think of a Bluebonnet, a Peach and a Liberty Bowl in the 80s where we were either 6-5 or 7-4 going in. The notion that only the “most deserving” got a bowl game back in the day is romanticized. The bowl system has always been about money and politics. The tie ins have reduced it a little, but back in the day it was equal parts of how good you are, how well you travel and what kind of ratings you bring.
I think you'll agree that if you plot a graph showing all the teams in FBS by how many games they won, you'll get, roughly speaking, a bell curve. Very few teams go 12-0 in the regular season, and very few go 0-12, but a whole lot go 5-7, 6-6, or 7-5. Right?
Keeping that in mind, in 1996--just 25 years ago--36 teams were invited to 18 bowls out of the 111 teams in Division I-A at the time. That's 32% of the total. A bit less than a third.
The area under a bell curve for 32% looks about like this:
This year, 2021, there were 44 scheduled bowls. That means 88 teams, of the 130 total, got invites (we won't muddy the water by adding in teams who got invites after other teams backed out for covid-19 reasons). 88 of 130 is 68%.
68% of the teams looks like this in a bell curve:
I think you'd have to agree that the first group looks a heckuva lot more exclusive and "rewarding" to be invited to join than the last.
Sure, how a team's fan base travels and how much pull it has behind the scenes plays a part. Always has, always will. And I'm not saying you had to be elite to get invited. It was more widespread than that. You only had to be one of the "better" teams in the country, not one of the "best".
Nonetheless, the bowls, being invited to a bowl, simply used to mean much more. As recently as 25 years ago.