Miami couldn't pay whatever they want (behind the flashy exterior UM is a small private school with a relatively small fanbase) and even if they could, they wouldn't. There is a very large amount of conflict and distrust between the athletic and academic sides of the house there, and it's been that way ever since their heyday. The academic side of the house does not like that Miami is widely known for their football program (not saying I agree with that stance, but that's what they think).
UM is a really interesting institution. It's very very good academically - probably doesn't rate as high as a school like Vandy or Duke but it's in the same ballpark. On the sports side, they have a historically very successful football program that pushes the envelope and has a motley crew fanbase. It's kind of like Stanford, Vandy, or Duke having a flashy, rough-and-tumble football program with a jagged edge fanbase that in all likelihood has never even stepped foot on campus. The different cultures and priorities at the same institution is absolutely hilarious.