With the issues that Tennessee might run into (2nd string QB, possible upset against Vandy, etc.), I think there is a pretty good chance that the B1G can get three teams in the New Year's 6 (OSU, Mich, PSU). If that happens, there would be two Jan 2nd bowls available. I would think that if Illini win, Iowa wins (then loses in champ game), and Purdue wins; Iowa will most likely slot into the Citrus Bowl. That would leave Illinois and Purdue vying for the Reliaquest Bowl (can't see Minnesota being selected ahead of us or Purdue). Based upon conference record, I assume they would select Purdue, which leaves us at the Music City Bowl.
Therefore, even if Iowa wins on Friday, I believe the best bet for Illinois to still get a Jan 2 bowl game would be for Indiana to beat Purdue, and of course dominating Northwestern in the process. If Iowa were to lose on Friday, as long as the Illini win on Saturday, I think there is a good chance to make the Reliaquest Bowl. Of course if the Illini were to somehow win the division, I think the Illini would be locked into the Rose Bowl or Reliaquest Bowl (maybe Citrus Bowl if three teams get in New Year's 6).