The 2008 Capital One Bowl was held on January 1, 2008 at the Citrus Bowl in Orlando, Florida. The game featured the University of Michigan Wolverines—who finished the 2007 season tied for second in the Big Ten Conference with an overall record of 8–4 (6–2 in the Big Ten)—and the #12 University of Florida Gators—who finished the 2007 season third in the Southeastern Conference's East Division with an overall record of 9–3 (5–3 in the SEC).

This game was significant for several different reasons. It was the last game for the Michigan Wolverines' coach, Lloyd Carr, who had announced his retirement on November 19, 2007. During the game, Carr used a passing spread offense to attack on the first drive against Florida's defense. The game was also the last game for the Michigan senior class, who had lost each of their previous three bowl games. It was also an opportunity for Heisman Trophy winner Tim Tebow and the Florida Gators to play in front of a crowd of mostly Gator fans, as Orlando and Gainesville are separated by less than a two-hour drive.

Coming into this game, Florida was highly favored to win. As Michigan had lost early in the season to Appalachian State and Oregon, teams who both employed a spread offense similar to Florida's, many predicted that Michigan would suffer a similar fate against Florida'. However, the Wolverines were able to generate 524 yards of offense in defeating the Gators, turning the ball over four times, twice within one yard of scoring.

This game was a bit of a grudge match because Florida coach, Urban Meyer had lobbied for his team to get into the BCS National Championship game over Michigan during the 2006 season. Ultimately, Meyer's lobbying was successful and Florida went on to defeat Michigan's hated rivals Ohio State, 41–14, in the BCS National Championship Game. Previously, Michigan and Florida met four years earlier in the 2003 Outback Bowl, with Michigan defeating Florida, 38–30. Florida's loss makes them the second defending BCS Champion to lose a non-BCS bowl game a year later, the first being Florida's SEC rivals the LSU Tigers in the 2005 edition of this bowl game against the Iowa Hawkeyes.

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