Do your spindles require you to tighten it on with a nut over a washer? I am not an expert on spindle sander brands but the ones I know (Grizzly and HF) use nuts and washers. These nuts do compress the rubber just a bit and that causes the rubber spindles to expand out and hold the sandpaper tubes tight.
I have two possible solutions: buy new rubber spindles or . . . not sure if this would work, but put them in hot water in a large pan, let them set for an hour or two at 150° F (no more) and then let them cool down with the water to room temp. My thoughts are that the temp in water MIGHT let them loosen up and expand vertically back to original and thereby decrease their diameter.
I do not know how rubber will react, and if anyone else knows more, please chime in.
By the way, I had a HF sander and had some parts that broke that made the spindle go up and down. By the time mine broke, it was discontinued and no parts available for it. For that particular model about 8 years ago, I found the almost exact model with Grizzly. I ordered the part for the Grizzly and it fixed the discontinued HF. Grizzly has been great (in the past) for being able to get parts.
SO, as far as the rubber spindles, go, if there is any way to tell the specific size, will another brand work?
EDIT IN: Just saw a pict of your model. Yes, it uses a nut an washer on the top. When tightened it compresses the rubber causing an expansion. But it should not have affected the other ones that were not under compression. I did see replacement rubber spindles available in a google search.