The bowl was originally scheduled, as the Bahamas Bowl, to be played on December 16, 2023, with a start time of 11:00 a.m. EST. However, on October 26, it was announced that the game would be held at Jerry Richardson Stadium in North Carolina due to renovations at Thomas Robinson Stadium in the Bahamas.[6] The game also swapped dates and start times with the 2023 Myrtle Beach Bowl. The game was originally sponsored by mortgage lender HomeTown Lenders, and was, before relocation, to be officially known as the HomeTown Lenders Bahamas Bowl.[7][8] On November 14, 2023, the Famous Toastery restaurant chain was named the title sponsor of the relocated bowl.[9] The game is expected to return to the Bahamas in 2024.[10]
This was the eighth meeting between Old Dominion and Western Kentucky; entering the bowl, the Hilltoppers led the all-time series 6–1, with the Monarchs' lone win coming in 2018.[12] From 2014 to 2021, Old Dominion and Western Kentucky played together in C-USA, parting ways when the Monarchs joined the Sun Belt for 2022.
Western Kentucky entered the season returning star quarterback-wide receiver duo Austin Reed and Malachi Corley and hoping to contend for a C-USA title. They entered conference play 2–2 following a blowout loss to Ohio State and a close loss to Troy. In Week 11, a 38–29 loss to New Mexico State gave the Hilltoppers their third conference loss and ended their hopes of a C-USA title. They clinched bowl eligibility a week later with a 28–23 win over Sam Houston. The Hilltoppers entered the Famous Toastery Bowl with a record of 7–5.
The Monarchs started the season 2–3 with two one-score losses as well as a blowout loss to Virginia Tech. A three-game losing streak in late October and early November dropped them to 4–6, one loss away from bowl ineligibility. However, the Monarchs managed to win their final two games, a three-point win over Georgia Southern and a one-point win over Georgia State. This allowed them to clinch bowl eligibility in the final week of the season. Old Dominion entered the Famous Toastery Bowl with a record of 6–6.
