He almost certainly has less value to BYU than he would to some NBA team. But if he were a free agent in a totally free-market situation and allowed to sign wherever, it's pretty much a certainty he'd be getting more than $8M.
And after seeing the NCAA lose court battle after court battle, I was idly wondering in major sports (like the NBA) could be hit for limiting earning with the draft and rookie scale or if the CBA protects them there....even if the rookies aren't involved in CBA negotiations