http://advanceindiana.blogspot.com/2011/06/irsay-to-make-10-15-million-from-big.html?m=1
Here is an old blog post by the late Gary Welsh that quotes an IBJ article at the time the B10 championship game was created. Make sure to read through all the updates for major corrections on the original piece. Colts take 50% of revenues up to a predetermined cap.
It's worth noting that the stadium and the city of Indpls have declined to bid on the CFP Championship game, and through the years since the Hoosier Dome opened 33 years ago, have never moved to host a bowl game with the indoor stadiums.
What a bowl game in Indpls, or at Wrigley will have to do is provide a rich payout that will be more attractive financially than the payouts the league gets in the southern bowl games. And what fan base will want to spend entertainment dollars on going to a cold weather city in December during a holiday break? While Chicago is a tourist destination, Indianapolis isn't as attractive.
Tickets, naming rights and TV rights are the three legged stool of making a bowl game viable. Some are richly subsidized by local cities, and the charitable efforts of the non-profit committees that oversee them are often dubious.
If the pecking order is currently Pasadena, Orlando, Tampa, Jacksonville/Nashville, Yankee Stadium, San Diego, Santa Clara, Detroit..., where would a Wrigley/Indpls bowl game go in that list to be attractive for a family of four from rural Iowa in late December?