Assuming it's in a specific but broad niche such as: Health News Sport Technology Dating Business Generates serious traffic - 1,000,000 visits per day, over 150,000,000 page views per month. High page rank +5 Alexa Rank < 5,000 Large social media profile. How would a site like that make money besides adsense, Im sure it would be very hard to sell private advertising in the millions each month ? Not many companies have such high online ad budgets. Assuming all content is free and the only method of monetization is ads how much could you expect to make ? At 20$ cpm for 150,000,000 impressions it works out at 3,000,000$ per month.
With such a traffic you can use cpm ad networks, but it misses the point. Try CPA if your traffic is valuable to be able to make money a lot more.
Would you be able to command +10$ cpm rates for such authority sites ? Most networks give crappy cpm rates in the 0.1$ - 3$ range. 1,000,000 visits per day is rivaling TV networks and newspapers.
That depends. What CPA network are you with? Join something like peerfly.com. There's no way they'll disapprove you with numbers like that. I see offers on there converting at up to ~$287 per action.