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All of these tv contracts are guaranteed money, the university, bowls, and ncaa are not going to lose a dime based on who plays and who doesn't so they have no incentive to insure players for one game
There is more than just the immediate payout. A bowl win can mean a program finishes top 5 instead of top 10, top 10 instead of top 20, top 25 instead of unranked. It can also create momentum for recruiting HS Juniors.
Hypothetically, if Will Grier were willing to play the bowl for a $10k draft insurance policy, WV would be stupid not to pay the money. WV went from a 7 pt favorite to 2 points without Grier.
Again, hypothetically, if Trayveon said he would not play in the Gator Bowl unless insurance, we would be idiots not to buy him a 1-game policy.
We spent $50k on a season's worth of insurance for Cedric Ogbhuei 3 years ago. The 10k is a very rough guess.
EDIT to make very clear that I was speaking in hypotheticals. I have no inside information.