With 123K miles, your O2 sensors could be dying or you may have clogged EGR ports. (Or both) The EGR ports just build up over time but can be cleaned with some throttle body cleaner if you can remove the intake and throttle body. The O2 sensors wear out over time and are just a little harder to change than the back spark plugs. You can find the fault code and exact cause of the CEL with a code scanner or you can use a small jumper wire (95s only

) and count the flashes of the CE light to get the code.
With 123K miles you may be getting some oil past the valve guides or the rings. If it's not putting out a lot of blue smoke or burning more than 1 qt every 2000 miles, I'd call it normal. (The dealer would say 1 qt/1000 miles, but these engines run seem to run way cleaner than that...)