Can anyone tell me what max profit actually means?

So I’ve done a lot of research and am going to start playing around with PUTS on low volume, low risk stocks (What I mean by low risk is max losses not exceeding 50 dollars). I was going to try AAL it says my max loss would be 8 dollars but my max profit would be 1120. Does max mean if it hits the strike it will be worth the 1120 or does it have to potential to be worth that much based on how low the stock goes? Just really confused and because stocks are so volatile I’m playing it really safe. I have no problem pissing 8 dollars away even for the chance of an 80 dollar profit. Basically just online scratch offs at that point.