But the winner of today's game likely will be No. 1.
In the 2007 preseason polls.
"It's probably the biggest bowl game for next year and everyone knows that," Michigan running back Mike Hart said.
Count USC quarterback John David Booty among the believers.
"I think even the loser will be No. 2 or 3," he said.
If recent form holds, USC or Michigan, both loaded with key junior starters and talented underclassmen, will follow the path of Ohio State. The Buckeyes parlayed a Fiesta Bowl win over Notre Dame last January into a No. 1 preseason ranking and held it from start to finish in the regular season.
Ohio State plays Florida next Monday in the BCS title game.
Some college football observers, looking ahead to the 2008 bowl season, regard this year's USC-Michigan matchup as a possible preview to the next season's Sugar Bowl, which will host the BCS title game in New Orleans.
"I could definitely see that happening," Michigan safety Jamar Adams said.
Both teams feature junior quarterbacks who will probably receive Heisman Trophy consideration, especially if they play well today. Booty and Michigan's Chad Henne could be next season's Troy Smith and Brady Quinn, who played in the 2005 Fiesta Bowl and finished first and third in this season's Heisman balloting.
Hart, who averaged 126 rushing yards a game this season, returns after finishing fifth in Heisman balloting. All-American tackle Jake Long also will be back. USC returns all of its running backs and All-America tackle Sam Baker.
The Trojans lose only one starter on defense and expect to welcome back safety Josh Pinkard, who suffered a season-ending knee injury in the opener. The Wolverines return half as many starters, but among them is linebacker Shawn Crable, who announced recently that he would return for his final season of eligibility.
"It could happen," USC defensive end Lawrence Jackson said of a rematch. "But there is a long way to go and a lot of games to be played before we get to that point."
USC and Michigan need look no further than their final regular-season games to validate Jackson's statement.
Both blew opportunities to play in this year's BCS title game by playing their worst games against their most bitter rivals.
On Nov. 18, unbeaten Michigan traveled to Columbus, Ohio, and fell, 42-39, against the top-ranked and undefeated Buckeyes.
On Dec. 2, USC was second in the BCS standings and needed only a victory over UCLA to advance to the BCS title game for the third time in four years. But UCLA's defense harassed Booty and shut down the Trojans' running game in a 13-9 upset at the Rose Bowl.
The losses put both the Trojans and the Wolverines in the Rose Bowl game for the third time in four years.
Players and coaches from both teams acknowledged disappointment at missing the chance to play Ohio State in Glendale, Ariz., but that appears to have dissipated as today's game drew near.
"I haven't really had to sell it," Michigan coach Lloyd Carr said. "I think certainly there was a point where before we knew we were coming here; we knew we weren't going somewhere else."
USC coach Pete Carroll said the Trojans had moved past the UCLA loss and were prepared for their Rose Bowl opportunity.
"We're looking forward to a big explosion on game day for our team, and I know their team will be loaded and ready to go, too," he said.
In regard to next season, it's worth noting both teams can take encouragement from the fact that the Rose Bowl helped launch other title drives in several of the past few years.
For example, USC finished its 2003 season with a 28-14 win over Michigan on Jan. 1, 2004. The victory clinched the Associated Press national title and installed USC as the No. 1 team in the 2004 preseason polls. The Trojans finished unbeaten and defeated Oklahoma in the 2005 BCS title game.
Texas defeated Michigan in the 2005 Rose Bowl and began the next season ranked second behind USC. Texas returned to Pasadena last year and won the BCS title by ending the Trojans' 34-game winning streak.
For Michigan, however, just winning a bowl game would be sufficient reward.
The Wolverines have not won in the postseason since 2003, when they defeated Florida in the Outback Bowl.
"I haven't won a bowl game since I've been here," Long said. "A lot of the guys haven't won one. We don't know what it's like to experience that. We want to prove that we can finish a season."
Gary Klein writes for the Los Angeles Times.
Outback / / Penn State vs. Tennessee, 11 a.m., ESPN
Cotton / / Auburn vs. Nebraska, 11:30 a.m., chs. 45, 5
Capital One / / Wisconsin vs. Arkansas, 1 p.m., chs. 2, 7
Gator / / Georgia Tech vs. West Virginia, 1 p.m., chs. 13, 9
Rose / / Southern California vs. Michigan, 5 p.m., chs. 2, 7
Fiesta / / Boise State vs. Oklahoma, 8:30 p.m., chs. 45, 5