Sorry, gotta beg to differ. The 1996 Peach Bowl - LSU 10, Clemson 7 - would have to take that dubious honor. I was there and I had trouble staying awake.
The Indy Bowl being based in Shreveport will always be pretty low on the pecking order. The Big12/SEC match-up is the best it can do, but I could see Houston and New Orleans getting a SEC/Big 12 matchup and leaving the Indy Bowl in trouble. The Indy Bowl should go SEC vs. Open or Big 12 vs. Open. Getting a 6-6 or 7-5 La Tech or SMU, TCU vs. Arkansas or Oklahoma State would be good for the bowl if it loses one of the conferences it now has (the sec or big 12).