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Washington State recorded a 8–4 record during the regular season (0–1 in the Pac-12), finishing second of the two teams that competed in the conference during 2024. The Cougars had an 8–1 record at one point and were briefly ranked 18th in the nation, before losing their final three regular-season games. The Cougars were led by interim head coach Pete Kaligis, who took over in mid-December when Jake Dickert departed for another coaching role. This was Washington State's fifth Holiday Bowl; the Cougars were 1–3 in their four previous appearances, winning in 2003 and losing in 1981, 2016, and 2017.
Syracuse played to a 9–3 record (5–3 in the ACC) during the regular season, tied for fourth place in their conference and ranked 21st in the final College Football Playoff (CFP) rankings. The Orange ended their regular season with three consecutive wins. This was Syracuse's first appearance in the Holiday Bowl.