3.4k ranked players per million this act likely means there's many more casual or less frequent players per million too!
Either way, all that matters for this to succeed is for something like 60-70 collegiate teams with 5 immortal players, which I think is easily possible considering the demographics of Valorant. I know for a fact many of the larger and wealthier universities already have Valorant teams like UW, most UCs, and many more.
I don't know anything about CS collegiate but Riot's had a great track record with their academy teams in League, and I think the way they've set the system up is smart too since it allows players to focus on uni and this as a secondary thing only on the weekend.
I'm pretty optimistic about this system's success.