Seems those may be stacking amounts...4 teams get $50k in the semis, 2 teams get an additional $100k for final ($150k cumulative each), champion gets an additional $300k ($450k cumulative).sounds like 500K not 700. 2 teams get 50k. 1 team 100k. 1 team 300k.
But yes, if not stacking it would be $500k total payout.