I edited the Bowls XML file in My Documents, changing things like the Miami Beach Bowl to the Frisco Bowl, The Russell Athletic to the Camping World Bowl, the Cactus to the Cheez-It Bowl, the Hyundai Sun Bowl to the Tony the Tiger Sun Bowl, etc. Saved the file and launched the game, but the bowls are unchanged. Even restarted the computer and went back to the game, but still the bowls have the old names.

Did I miss something?

It only picks up the bowls when you create a league. I don't think changing the bowls.xml file will pick up in a league you've already started.