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If they had a few really bad seasons and started not to be BCS bowl regulars, this would make sense. Currently, if ND wins 9 games or more, they're in a BCS bowl. In '01, for example, OU won 10 games and had to settle for the Cotton bowl.
Right now though, it makes no sense financially for ND to be anything but an independant. Doesn't look like they stand much chance of making ANY bowl this year the way they've been playing, but you never know.
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