That sounds about right. We had it confirmed as $6 million for NIL going into 2024 by the press (e.g. PSN reported live from a kick off meeting) but that's across all sports. Basic salary for football players is allegedly around $45k, obviously some top recruits will get extra, though I'm not sure if that includes money from the Alliance 412 million per year. And a few might even get "actual" NIL for doing ads or whatever.
The per player amount is rumors, I can't confirm it, only that I've heard a similar number from multiple people (but could be the same rumor.) Whatever the exact amounts, it's considered fairly low for a Power Four team.