I haven't looked into the finances of bowl games this year. I don't know that accurate information is even available. I believe that in normal years, the "lose money on bowl games" is mostly tied to requirements to sell a certain number of guarantee tickets. If the team doesn't sell enough bowl tickets, the team has to pay for them. This year with limited tickets it might not be an issue for GT to sell all of their allotment. Or, the bowl games might require that each team pay for the normal guarantee even if there aren't that many tickets available.
Also, I think the ACC collects and distributes all of the money for every bowl. The ACC pays a travel allowance to every team that plays in bowl games, so in effect GT wouldn't lose money unless there is still a ticket guarantee that GT has to be responsible for. IF I am correct about the travel allowance being paid by the ACC, ticket guarantees are not in effect this year, and no other ACC team is selected to go to whatever bowl GT decided not to go to, the net effect would be less money paid to the ACC. That would reduce the pool of money that the ACC has, which would mean a smaller payout to GT, which would mean GT would lose money by not going to the bowl game.