First, I'll say that I'm all for the band going. A bowl game, especially according to the no-playoff crowd, is supposed to be a reward for the team. It is not initended to be a money-maker, or anything else outside of the BCS championship game. Therefore, I say reward the university - the players, coaches, athletic trainers, equipment managers, administrators, regents, and their spouses and families.
Second, regarding the argument that taking the band is a money-loser: as a member of a conference like the Big Ten, it really isn't because the travel "allowance" is not the extent of bowl income received. We all must remember (as athletic directors, regents, and administrators at all Big Ten schools do) that bowl money is distributed a certain way to all conference universities. Sure, each school is provided an "allowance" for expenses, and the allowance may be smaller at the lower-level bowls, but the reaminder of the bowl pot from all Big Ten bowl games is divided evenly among all 12 schools in the conference. Therefore, even though taking the band to a lower-level bowl may mean the school will pay more than its "allowance" for that game, the school will still receive its allotment of the overall distribution of bowl funds received by the conference from bowl games (of which there are TEN this season, and two are BCS games). That should ease the pain of paying a bit extra for bringing the band. If you don't believe that, in my mind, it seems as though you are arguing that we can't afford to take the band because we would be losing the financial battle against Indiana and Minnesota if we do.