My opinion is that Bowl games matter more for the individual teams then the conference as a whole. They allow the players of those teams to get extra practices, gives the programs more exposure and a chance to raise their stock in the polls. As for the conferences, not so much value.
Look at the B1G, ACC and SEC, they've all been minimalizing the bowl seasons for years. For them it's all about the National Championships. With the way things are set up know, it's minimalized bowls even more.