I'd imagine old gits with years of IT experience or management blah, blah and a fair few people earning some decent coin in the construction industry, might balk at this but in the creative / media fields, this is probably about reasonable at the entry-level. Looking behind the wage to the perks and the massive opportunity to gain some great experience and a good network and it starts to look a lot better.
Add to that, it being a lot of young Cov fans's dream job and the rules of supply and demand seem to look a lot more obvious.
At this point you'd be looking at the next two career moves after this so this would be a stepping stone to more lucrative things. (And you could be taking a punt on the fact that you might be working for a Championship club...albeit a long one.
Money-wise, a few twenty somethings sharing a house around isn't that expensive, especially with no kids sucking wages into their gullets. Add to that the chance to work with the club all over the country for free with access unavailable to 99.99% of other fans and it starts to look like an ideal job.
And as Astute, er, astutely points out...money ain't everything. I know far too many people who suffer a 4-hour daily commute/fight to do well paid jobs – which of course are 10-hour days on top – that suck the life out of them but they are trapped between wanting to have a decent quality of life by the sea but still need to fund the mortgage/kids/pension/expected lifestyle so are trapped.