Perhaps.
This happens every year. In mid-November, it looks like there's a good chance that there won't be enough six-win teams. And, then 1-3 teams from the Group of Five have 6+ wins and no bowl.
A five-win team going bowling is bound to happen eventually, but with no six-win Power Five teams on a bowl ban this year, I think enough will ultimately qualify.
Many, many bowl games ago, a team had to be a good team to get a bowl bid. A really good team. Now that the number has reached 41 (?) bowl games per year, it's ridiculous.
If this happens both teams should be 5-7.
The game would be non televised, played at Headmasters School of Hair Design in Lewiston, ID on Jan the 19th at 7:00 am
The Who Gives a Crap Bowl,Trophy, a big pair of Scissors
Well since Vandy has been to only 7 bowl games and 4 of them have been in the past 7 years, I'd say they'd definitely jump at the chance to go as a 5-7 team.