The Fenway Bowl featured the
Louisville Cardinals from the
Atlantic Coast Conference and the
Cincinnati Bearcats from the
American Athletic Conference. The Bearcats and Cardinals were long-time conference mates, having played together in the
Missouri Valley Conference from 1963 to 1969, as independents from 1975 to 1995, in
Conference USA from 1996 to 2004, in the
Big East Conference from 2005 to 2012, and in the
American Athletic Conference in 2013. Both teams played annually for
The Keg of Nails trophy until the rivalry went dormant when Louisville joined the ACC in 2014. On November 27, 2022,
Wisconsin announced that it had hired Cincinnati's
Luke Fickell to become their new head coach, meaning that Fickell would not coach Cincinnati in the Fenway Bowl. To fill the vacancy, Cincinnati hired Louisville head coach
Scott Satterfield to the same position on December 5, three days after Cincinnati and Louisville were announced as bowl opponents. At his introductory press conference, Satterfield said that he would have no part in the bowl game with respect to either team. Entering the game, Cincinnati led the all-time series 30–22–1. The teams had last met in
2013, when Louisville defeated Cincinnati, 31–24, in
overtime.
Cincinnati The Bearcats, representing the
American Athletic Conference (AAC) and coming off of a
College Football Playoff appearance in
2021, began their campaign with a road trip to play No. 19
Arkansas, to whom they lost by a touchdown. Cincinnati earned their first win of the year the following weekend, as they defeated
Kennesaw State by 53 points in their home opener. A neutral-site game at
Paycor Stadium followed, as the Bearcats defeated
rivals Miami (OH), and they returned home to finish September with a 21-point win over
Indiana. In their first AAC contest, the Bearcats beat
Tulsa by ten, which put them back into the
AP Top 25 for the first time since the preseason poll. Cincinnati then defeated
South Florida on
homecoming before taking a
bye week. They earned
bowl eligibility following a defeat of
SMU on the road, though dropped out of the rankings the next week after losing a four-point contest at
UCF. They rebounded quickly with a pair of home conference wins against
Navy and
East Carolina, before traveling to
Philadelphia and beating
Temple by twenty points. Cincinnati's regular season concluded with a home loss to No. 19
Tulane, which knocked them out of contention for a third consecutive AAC championship. The Bearcats accepted a bid to the Fenway Bowl on December 2; they entered the game with an overall record of 9–3 and a conference record of 6–2. This was Cincinnati's final game as a member of the American Athletic Conference, as the Bearcats joined the
Big 12 Conference in 2023.
Louisville Louisville, representing the
Atlantic Coast Conference, began the season with a conference road matchup against
Syracuse, resulting in a 24-point loss for the Cardinals. Their first win came the next week as they traveled to
Orlando and defeated
UCF. Their first two home games of the year, played against
Florida State and
South Florida, ended in a close loss and a blowout win, respectively, putting the Cardinals at 2–2 after their first month of play. Another pair of road games followed, as Louisville fell to
Boston College by a single point before beating
Virginia by seventeen, earning their first ACC win before heading into a
bye week. Their next contest, a
homecoming matchup with
Pittsburgh, marked Louisville's first run of consecutive wins on the year, and they added a third in a row the following week by virtue of a 27-point upset of No. 10
Wake Forest. The Cardinals earned
bowl eligibility with a win the following Saturday over
James Madison, extending their win streak to four. The streak came to an end on the road against No. 10
Clemson, though Louisville was able to rebound the following week by defeating No. 24
NC State in their final home game. Their final regular season game was a
Governor's Cup game at
Kentucky, a 13-point loss for the Cardinals. They entered the bowl game with an overall record of 7–5 and an ACC mark of 4–4. In addition to the majority of its full-time coaches, Louisville was without quarterback
Malik Cunningham, who opted out and declared for the
NFL draft on December 9. ==Game summary==