Its probably not even gambling. Its these sports leagues knowing what makes money and what doesnt. Back then, Florida was still riding on the wave of the Tebow years a bit, and Kentucky wasnt much of anything. Florida winning (at the time) was absolutely better for the SEC to potentially get an additional or better bowl game. UK winning wasnt going to do a whole lot (again, at the time in their eyes).
And the same even more so for Michigan. They lose that game and a lot of money gets flushed down the toilet. A big name football brand's season would be basically over before it started. The b10 then potentially has one less team in the college playoff and that could be as much as 3 games missed. Huge money at stake if michigan losses this weekend.. were talking maybe, millions? 10s of millions?