Hi Teresa,
I agree with Sean's approach on this, it is the optimal solution from a storage perspective. You might consider DFS if there is a specific reason why you don't want to create the 100 volumes? Either way you will have to manage 100 volumes or you will have to manage 100 DFS links.
Another point you might consider from an application perspective is abstracting the vserver name to ensure the application accesses the data using a DNS CName rather than the actual name of the vserver. This will enable flexibility if you ever need to migrate the application\data in future.
EG: DNS CName = VserverName
application1 = vserver1 (IE your DNS CName record "application1" should point to the DNS A Record for "vserver1")
If you do this and your application is using CIFS to access the data then ensure you should also set an SPN on the vservers AD computer object to enable Kerberos authentication.
Let me know if you have any questions.
/Matt