It's still hard to make the math work.
The top KY player on that "valuation" is listed at $1.6M.
Say every starter makes $1.6M. Say they have a full roster of 15 scholarship players, the max allowed this season.
Say every backup makes $1M.
That totals $18M.
If you are going to use On3, then you have to believe nobody on their roster is making over about $1.6M. If that is true, their 5 starters aren't likely all making that. I doubt all 10 bench guys are making $1M.
I don't care what number(s) KY released. Or, if you believe KY, then you have to say the On3 numbers are WAY off. If they got close to that number it's likely tied up in 1-2 players getting a bunch more then they should have, not some massive over-paying of all 15 players.
Some schools could have reported operating costs related to NIL in that. They could have reported costs associated with administration of NIL, maybe even part of the coach's salary.
I really don't believe anything I read on NIL numbers.