I agree. The only teams that can pay that sort of money for one guy are the real players like OSU and Georgia. And, from what he has shown at Nebbie, he would not be a clear upgrade over what they have.
The portal is fickle. When you enter it because you had a really hot season and are showing upside and that you have outgrown the level you are playing at, that's when you get a raise. Sometimes a big one. Like Gron.
When you enter the portal because you have been underperforming your previous assignment and are looking for a new home to try and reset, the market is not so hot.
He should still get 7 figures somewhere, but he needs to look for a second tier school, where there is a high probability he is the starter when he walks on campus, and with a coach or OC with a track record of developing QBs for the next level. Honestly, a school like Iowa is a reasonable choice with Tim Lester there, but again, never gonna happen. But, that is the type of opportunity he should be looking for.