New Orleans has first selection this year and they don't have to release a team for any game except a BCS game.
Most "better paying" bowls don't pay as well as New Orleans if you look at the fine print. There are no bowls with a smaller ticket purchase requirement and they don't extort a "marketing fee" from the participants like many bowls do.
Remember when people were stunned that the MWC gave up the big Liberty Bowl payout for the smaller Las Vegas payout? What most people didn't understand was the Liberty charged a large marketing fee to promote the MWC and had a huge ticket purchase agreement. MWC netted more money by going to a bowl with a smaller payout.