The Rose Bowl used to be huge. It's really not anymore.
The Rose Bowl used to be important. It's really not anymore.
The Big-4 Bowls used to all be big and, at least somewhat, important. They really aren't anymore.
The Rose Bowl lost the vast majority of its importance when it stopped being the de facto National Championship Game. It lost more when the BCS arrived and even more with the CFP. Now, it's just another major bowl game. The only difference is that some people really want to live in the past when it comes to the Rose Bowl.
I get why the Pac-12 and B1G want it to be a big deal. I mean, it was their crowning jewel for decades but is now their consolation prize. In most seasons, it's the only trophy either of those conferences end the season owning. For them, it HAS to be big because they want it, they need it, to be big.
In the grand scheme of things, though, it doesn't mean any more than any other major bowl game - and quite often less.
And, as for our fight song, I think there's enough room to squeeze in an extra syllable or so there if we wanted to do so, "Remember the Championships we'll win, then!"...