By law, every airline must offer free cancellation within 24 hours of booking. If you want to go but are waiting for ISU to be selected, book the airfare the morning of December 2nd, wait and see if ISU is selected. If ISU is picked at the bowl you booked, keep the airfare. If not, cancell within 24 hours of your booking. Like others have said, if you wait until after ISU is announced at the bowl, all airfare will skyrocket in price.
If you have a lot of miles with an airline, you can book flights for several bowls and cancel them anytime with no penalty. I've done this for multiple NCAA MBB sites as we wait for the brackets to be announced. Didn't expect to be using the tactic for football this year.