So, just as a fresh post rather than a quiet edit, I was a little out with the massacres, but nonetheless... massacres scored around 10m for the highest quantities of ships, down to 2-3 for the lower, down to tens or hundreds of thousands if your rep sucked. Unfortunately my screenshots are somewhat sporadic, but this is one at friendly rep:
Certainly not tipping the 30-40m mark like we're getting today, and I believe it was for higher quantities. This was when many missions such as Assassination and Salvage missions hadn't been buffed yet either, so you ended up with corkers like this assassination for 7,000cr
Either way, rewards were much, much lower. Over time, rewards for massacres have gone up, kill counts down (I remember wing missions were at peak needing over 200 kills)
There's also this guide from Obsidian Ant about stacking wartime massacres. It's hard to read because the shot was fuzzy and my internet sucks, but it looks like he accepts one mission for 84 targets (Allied Rep) for 10 million. At the end of that session OO's made about 150m, but would've had to kill at least that many ships.
Nowadays you can get, what, 200-300 mil off just 40 kills?
Also, just want to draw attention to the big, bold "HUGE PAYOUTS" in that video title, might give people some context these days.
Considering you can cross-faction stack pirate MMs, but not CZ MMs, yet there's relative parity between their payments... yeah... FD really haven't done their homework.
Source: https://www.youtube.com/watch?v=5QE6KZ-9Wl8