Central Florida will appeal its postseason bowl ban before Monday's deadline despite the significant gamble and money it could cost the school, reports ESPN. The Knights will be postseason eligible once the appeal is filed, at least until a ruling comes from the NCAA.

A win of the appeal would mean UCF would be eligible to play in a bowl this season and next. But a loss would make the Knights ineligible in 2013, when they leave Conference USA to join the Big East and its more lucrative bowls. That's where the gamble comes in.

Central Florida president on his hopefulness regarding the appeal:

"It depends on who you talk to at the NCAA how likely it is to get done quickly, but it is clear to us now that it can be done fairly quickly," Hitt told the Orlando Sentinel last month. "And I'm going to make a request that it be expedited."

For more on UCF's NCAA plight, visit SB Nation Tampa Bay and check out Big East Coast Bias.