The title of the game should go first and then the sponsor. The current disturbing trend is taking the original name out of the games entirely and just having sponsor be the name of the bowl game, so nobody has any idea what game it really is:

Cheez-It Bowl (Tangerine)
Guaranteed Rate (Copper)
Duke's Mayo (Queen City)
Quick Lane (Motor City)
Redbox (San Francisco)
LendingTree (Mobile)
Gasparilla (St. Petersburg)

If my game has any history to it I'm going the route of the Rose Bowl for branding purposes. It makes the game feel bigger.