You are correct. Do note, however, that there is an "original" of this bag. The Midway bag, 5.11, etc., are all knockoffs of the Shooters Connection Tournament Pro bag. And the bag is an absolute tank...and a hell of a bargain even at $100. If you just shoot recreationally once a month, you may do fine with one of the knockoffs. But if you shoot professionally, or often, or just want a bag that will last a good long time, get the original SC bag.
Do note that it is a VERY big bag and you can easily load it beyond what is pleasant to carry.
Shooters Connection Tournament Series Shooting Bag PRO II
Good to know about the original out there!
I'll say I have abused my Midway bag, over filling it was ammo and such and it's held up pretty well. There is some fraying here and there but other than that it's held together surprisingly well.