Depends on which administrators you're talking about. The army of staff at my Tier 1.5 university make about $60-90k in an MCOL area. High-level admins make more, of course, but there's not an army of them! There's really only 1-2 "highly" paid people making >$120,000 in the whole IT department.

I'm not sure which other universities have "absurdly overpaid and bloated armies of administrators".