Your understanding is correct. Changing the quota template only modifies the template for site collections created in the future. As each site collection has its own quota settings, the quota template is simply the set of defaults new site collections will use.
A quick Google for how to update existing values pops up an existing SP-SE post:
Why am I still getting quota reached upload error after increasing the quota for a site collection?
SharePointRandy suggests the following PowerShell script:
$OldTemplateName = "Bad Template"
$NewTemplateName = "Good Template"
$WebApplicationUrl = "http://my/"
$contentService = [Microsoft.SharePoint.Administration.SPWebService]::ContentService
$quotaTemplate = $contentService.QuotaTemplates[$OldTemplateName]
$replaceQuotaTemplate = $contentService.QuotaTemplates[$NewTemplateName]
$webApplication = Get-SPWebApplication $WebApplicationUrl
$webApplication.Sites | ForEach-Object { try { if ($_.Quota.QuotaID -eq
$quotaTemplate.QuotaID) { $_.Quota = $replaceQuotaTemplate } } finally { $_.Dispose();}}
Note: the above script will iterate all site collections in the web application and apply the modifications to each of them. Use caution as you may overwrite other changes that had been previously made. To apply the changes to only a specific site, change the last three lines (from Get-SPWebApplication
on) to:
$site = Get-SPSite "http://your/site/collection/url"
try
{
if ($site.Quota.QuotaID -eq $quotaTemplate.QuotaID)
{
$site.Quota = $replaceQuotaTemplate
}
}
finally
{
$site.Dispose();
}