National TV exposure. Additional practice time that non-bowl teams don't get, and with that a head start on the following season. Most schools see money spent on bowls as an investment. I'm not saying it's right. But it's a big plus.
Enrollment goes up.
Giving to the university goes up all over. It certainly helps us in recruiting. You can't afford to miss out on a bowl opportunity, from a PR standpoint and a recruiting standpoint and a prestige standpoint. But it's sure tough when you know you're going to come home in the red.