The Fiesta Bowl has learned its fate on their future and as expected the bowl will remain in business. The Fiesta Bowl will pay a small fine of $1 million to stay in business. Here is BCS Executive Director Bill Hancock, per the Arizona Republic:
"I think the message is, they have cleaned house and addressed their problems. We are satisfied with the reforms they have taken, and they have focused on improving the management of the bowl."
The bowl has other rules to go by which include dismissing any and all board members who participated or had knowledge of wrongdoing at the bowl. The BCS also is requiring the bowl to find a new outside auditor to review the spending habits of the Fiesta Bowl.
The odds of the bowl being shutdown, even temporarily, was slim. The fine is a drop in the bucket and the NCAA should have sent a real message by implementing a clause that allows the bowl to give up 50 percent of their profits to the NCAA.