It's definitely a money grab, but:
a) Doyle walked away with $1.1 million despite being at the center of virtually all complaints against the program
b) Kirk oversaw the issues, by his own words did not take them seriously enough, and continues to rake in millions per year.
I'm not saying the damages claimed in their statement seem in any way proportional to their experiences (it seems highly unlikely they would be compensated for "lost wages"), but if you are a disgruntled player, you are Black, and you see your former White coaches continuing to make millions of dollars per year despite a report which validates your claims of racism in the program ... then yeah, you gonna try to get yours.
Just talking in terms of the impact on the football program's on-the-field success: I think it is safe to say it will prove to be a giant distraction to the coaching staff and will forestall any recruiting efforts outside of Iowa and neighboring states. Recruiting (classes 2022 and beyond, unless more decommits come in 2021) was already set for trouble due to COVID restrictions on hosting visits.