That money is spent giving back to SEC and ACC schools, supporting Winshape Homes (a Chick-Fil-A charity) and funding the Play It Smart program in Atlanta Public Schools, amongst other things.
Any student who completes the Play It Smart program in Atlanta Public Schools and then chooses a school that has received an endowed scholarship as a result of participation in the bowl is now guaranteed to be a recipient of the scholarship when they attend that school.