Risk is about uncertainty and exposure.
There was uncertainty if the Pakistani players would be available to play for the IPL teams, for various reasons.
Was there exposure? Yes, if you had a Pakistani player on your team.
So, it was risk management and the reason why it appeared pre-planned was because it seems that all the IPL team owners looked at the situation through the same lens.
No cricketing logic to it! Just not cricket, as they say! But then who says the IPL is just about cricket? Are any of the IPL team owners cricketers?
Have a good day!