You are way off...
http://www.collegefootballplayoff.com/revenue-distribution
Participating conference gets $51 million to split if they have a contract with one of the bowls and the ACC has the contract with the orange.
Non P5 conferences all split $79 million as none of them have contract with the Orange, Rose or Sugar bowls.
Each school gets an additional $300K for meeting APR.
Participating conferences get an additional $6 mil per team that plays in the semifinal games.
Keep in mind that this playoff generates around $470 mil. - it would be a travesty if conferences only got $500K per team, thats only like 28 mil total for 4 participating conferences.
http://espn.go.com/college-football...0-million-first-year-college-football-playoff
It works out to be more like $4-5 mil per team split evenly.