I just noticed this in the terms and conditions for the referral program. This only really applies to those people who were referred to AT&T within this past year. From AT&T:
How many $25 gift cards can I earn?
You can earn a maximum of five $25 AT&T gift cards in a 12 month period, beginning with the date you were issued your first reward. Referees who earn their first reward for being referred are eligible to earn four more rewards for referring others in their first year of membership in the program. (Emphasis Added)
In my case, I switched to AT&T last year with the referral program, so I can only receive credit for 4 referrals up until July 17, 2009. All those people who are sending referrals should double check to see how many referrals they can actually send.
Ok I guess that really makes it $125, OP stands corrected I suppose. (and I see it has been corrected already)
I'm patient with my referees