2013 Parent - My explanation should have been more clear. The aid can be exempt if the athlete meets any one of the four requirements above.
You are correct - the athletic money can be less than 25% as long as the sum is at least 25%. This is common. Here's the actual rule:
"An institution shall provide each counter athletically related and other countable financial aid that is equal to or greater than 25 percent of an equivalency."