Strapping a knapsack on a rack, preferably with cinch straps should be fine. I do this with my 5x7 kit:
Given that the Lowepro backpack I use is padded and the kit is tightly packed, I've had no issues with travelling like this.
My bicycle also happens to have running boards, which are handy for strapping the tripod to. However, having a tripod across your back isn't too bad.
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