I guarantee that when Miami coaches go out to recruit, they will tell every kid that coming to Miami means significant money in your pocket every single month. That $500/month is just the tip of the iceberg.
And that means that Florida and FSU boosters will feel pressure to step up and match (or beat). Which will likely cause Georgia and Alabama and Clemson to also match. And so on and so on.
Oh, and when the Miami equivalent of the Iron Dukes comes calling on Dan Lambert to make his annual contribution to the athletic department, I suspect he will fail to match last year's figure because he has dedicated $500k per year to direct payments to the football players. And, suddenly, the Miami athletic budget is gonna be extra strained.
And now you know why the schools were so reluctant to let NIL come into being. They would have been smarter several years ago to put in some other kind of "pay the players" mechanism that they could have controlled a bit more.
The next six months or so are gonna be really cray-cray in college sports!