Actually with another FAANG offer L3 can pull that salary if they compete hard enough

Well, Amazon and MSFT will not provide offers for new grads that will even match the entry level Google offer. So that leaves FB who isn't paying new grads as much as they used to. There aren't too many companies that will give offers that will allow you to negotiate to 250 which is really high.

Meanwhile, I got an L4 offer from Google last year that was below that.