Look at Stanford last season. They did not win a Pac-10 title. They did not win a MNC. However, they went to the Orange Bowl and beat Virginia Tech. They were crowned Orange Bowl champions, got a neat trophy and had some cool shirts & hats, and talk of Stanford's great season dominated ESPN for a day or two.
If Michigan goes to the Sugar Bowl and wins, that's what we'll get. Why would we not want that? And no, we will not get the same thing by winning the credit card bowl.