Hi Erika,
The team page needs to be updated, but I'll pass the thread along to them:
http://www.oclc.org/research/activities/viaf.html
I agree that “named entity” makes more sense. I’ll pass that edit suggestion along to the folks who maintain the page.
Here is a blog post from 2011 where we talk about remodeling VIAF into a coherent hub-and-spoke model revolving around the entity itself.
http://outgoing.typepad.com/
outgoing/2011/04/changes-to- viafs-rdf.html
Jeff