So I go to a Big Ten school, and my boyfriend is an alumnus of another. We’ve been talking lots of smack about their game this season, and I suggested we bet on it.
Trouble is, I don’t know what to bet.
My criteria:
-no $, because I’m a poor college student, and that’s not very creative
-not sex (one friend already made that suggestion)
Bad haircuts are always a good one. Although the punishment may be unevenly distributed if one of you has much longer hair than the other.
Being forced to wear clothing affiliated with the other school can be good. Just don’t go to any big games like that without protection. I’ve seen (drunken) college crowds turn really mean.
Writing and publishing something embarrassing could be good.
Backrub or footrub. Some hated chore–laundry, car oil change, etc.
remote control privileges
If you have a pet, then the loser can change the litter/give it baths/take it for walks/etc.
Whoever loses has to get a mullet, and keep it for at least two weeks.
Singing the winning team’s school song someplace very public on the campus of the losing team.
Winner gets 6-pack of beer. Imported.
(A friend and I have had this wager on every game the Detroit Lions and Atlanta Falcons have played over the past 13+ years).
Whoever wins gets their choice of sexual favors for 1 month.
Whoever loses has to sit on Abe Lincoln for an afternoon and wave when people walk by.
Him: Sing On Wisconsin in nothing but Bucky Badger boxer shorts marching back and forth across Bascom Hill.
You: Ain’t gonna happen! 
Okay, a couple of difficulties:
He lives in Minneapolis. Plus, he’ll be off in Oregon the weekend of the game. We were going to go down to Iowa City to see it, so I could properly gloat when we won.
He works, and I’m interviewing for a post-graduation job, so funny haircuts would not be a good plan. Though I guess it could be a good way to break the ice in an interview. In fact, both of us have hair that can’t readily be “mullet-able.”
Hmm, the beer wager sounds tempting. I’ll have to think about that.
One that a friend and I did once was wager homemade baked goods; the loser had to make them from scratch, but we both won since we both got some to eat.
I was the one doing the baking, and that’s some of the last stuff I ever baked.