Notre Dame entered the game with a 10–2 record, ranked 14th in the AP Poll. The Fighting Irish split their four games against ranked teams, defeating Virginia and Navy while losing to Georgia and Michigan. This was Notre Dame's second Camping World Bowl; their 2011 team appeared in the then-Champs Sports Bowl, losing to Florida State, 18–14.
Iowa State entered the game with a 7–5 record (5–4 in conference). The Cyclones finished in a four-way tie for third place in the Big 12. They played three ranked FBS teams during the regular season, defeating Texas while losing to Iowa and Oklahoma.