have to be disappointing and financially will make more sense. BYU hasn't played Colorado in football since 1988, so 36 years ago. If neither of those teams are in the Big 12 conference championship game, a bowl game matchup would be perfectly fine if not cool.
As long its not a rematch of a matchup that already happened earlier in the season, then I have no problem with it.
For the non-elite bowls, regional bowls make most sense when its easier for the local fanbases to travel. And if you make them regional matchups, then there is an increased chance that an intra-conference matchup would make a lot of sense.