It is difficult to separate the facts from the hyberbole here. However, Alan Shipnuck reported in Golf Digest some more detail after discussions with four anonymous player agents. The way the players are remunerated varies from player to player based on their age, profile, current form and future performance.
The lower profile participants are guaranteed nothing beyond last place money of $120,000 in the 48-man field of a LIV Golf tournament. And they have no guarantee of future participation given they will likely be displaced if higher profile players join LIV Golf.
Those higher profile players are being drawn by signing bonuses, guaranteed money that is in addition to any prizemoney won out of the generous tournament purses.
These signing bonuses suggested in media reports have been incomprehensible. For example, it has been reported that Phil Mickelson will be paid $200 million to join LIV Golf, the larger deals to be paid in annual instlaments over the life of the deal.
This is more than double Phil's career prizemoney on the PGA Tour of almost $95 million.
To give this some additional perspective, Tiger Woods career prizemoney on the PGA Tour as of July 2022 is almost $121 million whilst the winner of the 2022 FedEx Cup, the PGA Tour's biggest event by prizemoney will earn $18 million.
Updated: 8-Jul-2022 | Email feedback to this question