If equally divided, that would be over $1M per victim, and the average victim would clear at least $1M after attorney's fees. And, the attorneys didn't have to do much discovery, or try their case.
Michigan State really wants to put this behind them. But, liability is probably not limited to MSU. Reviewing the article it appears the victims preserved their right to pursue other defendants, rather than giving MSU the right to pursue contribution claims against other potential defendants, but then I am not sure a news writer would understand litigation and liability sufficiently to parse that out and write about it.