If you bet 1000, and BYU won the natty, you deserve 5 million. That's closer to the odds that reflect reality IMO.
Get invited to the playoffs?
Win two games against the elites?
I guess I need to remember 500-1 doesn't necessarily represent actual odds of it happening, just how much Vegas is willing to gamble that it doesn't. The chances of it happening are way worse than 500-1 IMO.