The professor who invented it has the right to receive substantial compensation from the university.
Literal
That [object-を] invented professor [topic-は] university [from-から] substantial compensation [object-を] receive right [subject-が] exists.
A relative clause (それを発明した) modifies 教授, preceding the noun as standard in Japanese. 相当の対価 uses 相当 (substantial/considerable) as a pre-nominal modifier. 権利がある (have a right) uses ある with an abstract noun — the right 'exists' for the professor.