If it were meaningless, 50,000+ Vol fans wouldn't show up to the game!
College Football players are there for several reasons: a deep down love of the game and their school (especially Tennessee), for their teammates that they will never get to play together with again, leaving the program better than when they arrived, another chance to impress the scouts, and a chance to improve skills and experience with the extra practices.
Plus it is a reward for all their hard efforts. They are treated well on bowl week and have fun.
Good for recruiting too, especially the numerous and talented local kids in Florida.