Louisville scored first on a 40-yard Jon Hilbert field goal, as the Cardinals led 3-0. Boise State answered with a 3-yard touchdown run from quarterbackBart Hendricks, to take a 7-3 lead. Louisville's Chris Redman threw a 54-yard touchdown pass to wide receiver Arnold Jackson as Louisville took a 10-7 lead. Bart Hendricks threw a 4-yard touchdown pass to Shae Swan, as Boise State led 14-10. Louisville's Zek Parker returned the ensuing kickoff 91 yards for a touchdown as Louisville led 17-14 at the end of the 1st quarter.
In the second quarter, with Louisville driving, Shanaurd Harts intercepted a Redman pass and returned it 80 yards for a touchdown giving Boise State a 21-17 lead. Chris Redman found Damien Dorsey for an 8-yard touchdown pass making the score 24-21 Louisville at halftime.
In the third quarter, Nick Calaycay kicked field goals of 26 and 46 yards as Boise State led 27-24. In the fourth quarter, Frank Moreau scored on a 3-yard touchdown run giving Louisville a 31-27 lead. Davy Malythong's 5 yard touchdown run made the final score Boise State 34, Louisville 31. The game was sealed when Kareem Williams picked off Chris Redman with under a minute to play.
Throughout the duration of the game, neither team ever led by more than 4 points.
This marked the first ever Division I Bowl win for Boise State.