I'm not sure why it would be unfair to have to pay full price for college with $5m saved.
That being said, assets are not considered for need based financial aid if income (AGI?) is less than 50k. I'm not sure what income is considered, but you can easily look it up. Other than need based, look into any scholarship you can. Your daughter will also be expected to contribute 50% of her income above ~6k with exception of student work-study (which is needs based).
The $50K is AGI, which is line 7 on the new 1040. And that is for schools that use FAFSA. The OP will want to find out if the schools his/her daughter is looking at use FAFSA or CSS Profile. CSS Profile is used at many competitive schools and most of the top private liberal arts schools. CSS Profile does not have the simplified needs test, so assets will be considered.
Also, it is not just AGI below $50K. It is a two part test, and low income is only one of the two parts. Google "simplified needs test" for more information.
The comment above about student income is also true based on the FAFSA. I don't know how student income is considered in the CSS Profile way of doing things.
OP, you have six viable paths to consider, maybe more:
1. Pay for your kids' schools out of your assets.
2. Encourage your kids to go to the military academies or get an ROTC scholarship.
3. Encourage your kids to apply to and attend an Ivy and you have an income below around $80K.
4. Encourage your kids to apply to lower tier schools where they are in the top 10-25% of the applicant pool. They'll get merit aid from the schools themselves.
5. Have them apply for dozens or more scholarships using sources like FastWeb and such.
6. Have them go in state public. They'll probably get good scholarships this way, and it'll probably be cheap anyway.
Finally, the American Opportunity Tax Credit can be mildly helpful.
Good luck.