NEW YORK—After years of relentless expansion, college football’s nearly monthlong holiday party—the bowl season—finally seems to have maxed out.

Those involved in the bowl business say that, with the national economy flailing, events which are as much about tourism and corporate sponsorship as football now are staring at a set of challenges that will level off the number of second-tier bowls if not reduce them.

There are a lot of second-tier bowls to choose from.

“We’re talking about disposable income and that’s drying up as fast as water in the desert,” sai...

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