That's likely without overhead, in CA in particular you can look to double base salary with overhead (medical, 401K, taxes, office space etc).
But I would agree 100 person team is still more common. But those 300 person teams are still out there, I was talking to someone recently who said their team was significantly bigger than that.
Unfortunately if your employer is very sensitive to dates and things start to slip the usual response is to increase headcount to resolve the issue. Apparently no one in an executive position at game publishers has ever read "The Mythical Man Month".
EA is rumored to have spent $300M on development of Star Wars the old republic.
That game certainly shouldn't have cost that, but you get there by running late and adding people to fix the problem.