Don't many schools lose money going to a bowl, especially the lower tier ones? IIRC, UConn lost a few million when they went to the Fiesta Bowl, didn't they? The payout listed on the web for this bowl is $2.2M (I was unable to find if that's per team or total). Since the playoff teams each get $4M, I'm going to guess that the Independence Bowl payout is split equally. But, even if it's $2.2M per team (which sounds way too high, imo), travel, food, lodging, entertainment, etc. for > 120 individuals (players and staff and family) plus the school being required to purchase so many tickets even if they can't sell all of them (one of UConn's big downfalls) means the budget to play in a game like this is probably quite a bit > $2M.
So, a Marshall with a brand new coach and several players already opting out/transferring decides to forgo the financial loss to play in a forgettable bowl game? Makes sense (cents!) to me. Probably won't be the last school to do likewise.
A very obvious indication that there are way too many bowl games.