The New Era Pinstripe Bowl will feature two teams that have never appeared in the game.
Michigan State (6-6) will represent the Big Ten and Wake Forest (8-4) will represent the ACC, representatives of the bowl game announced on Sunday afternoon.
The game will be played on Dec. 27 at Yankee Stadium, with kickoff scheduled for 3:20 p.m.
Michigan State became bowl eligible in its final game of the regular season, a win over Maryland. The Spartans will be playing in their 12th bowl game in 13 seasons under coach Mark Dantonio.
The Spartans played a tough schedule in the rugged Big Ten, losing to nationally-ranked Ohio State, Wisconsin, Penn State and Michigan.
Michigan State, the sixth different Big Ten team to represent the conference in the Pinstripe Bowl, will be making its 29th bowl appearance in program history.
Wake Forest, which started the season 5-0, will be making its 14th bowl appearance in program history. The Demon Deacons are set to play in a school-record fourth straight bowl game — all under coach Dave Clawson.
The Demon Deacons, which had their first top 25 ranking since 2008 this season, are the only ACC team to win bowl games in the past three seasons.
Wake Forest swept in-state rivals North Carolina, North Carolina State and Duke during the regular season.
The Pinstripe Bowl will be televised nationally on ESPN.