The outline of this case is that the Feds have no right to 70 percent of Nevada or the other Western states. They swindled the West in ways the earlier states never had to endure.
But that's really a detail. If Bundy and his ancestors have been grazing cattle there for 150 years—most of that time "openly, notoriously, and without objection," as laws in most states have it—he's acquired an easement to keep doing it by right, about 10 times over. And since 150 years takes us to before Nevada was even a state, the Feds should be paying him, if they want to watch their turtles there, or whatever.
Can 'without objection." You forgot 'hostile,' and 'exclusive use.' If the federal government allowed open range grazing, then the grazing wasn't hostile. If the land was open range and the livestock of any other ranchers grazed on that land, it wasn't exclusive use.