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Absorbing a focused, femtosecond X-ray pulse from a Free-Electron Laser (FEL) can lead to extreme electronic excitations in solids. This excitation drives changes of the electronic system over the course of the pulse duration and the overall absorption of the pulse becomes fluence-dependent. Thus, fluence-dependent non-linear X-ray Absorption Near Edge Spectroscopy (XANES) is sensitive to the valence excitation dynamics around the Fermi level on the few-femtosecond timescale. Here we present a simplified rate model based on well-established physical mechanisms to describe the evolution of the electronic system. We construct temporal and spatial differentials for the processes of resonant absorption, stimulated emission, non-resonant absorption, Auger decay, valence band thermalization and scattering cascades of free electrons. The phenomenological rate model approach provides a direct understanding how each physical process contributes to the fluence-dependent changes observed in XANES measurements. Without accounting for fluence-dependent changes to the density of states, the model shows good agreement with experimental results on metallic nickel over more than three orders of magnitude in fluence, establishing electron redistribution as the main driver of non-linear absorption changes at high fluences. Although in the closest vicinity of the resonance, more complex approaches are necessary to describe remaining discrepancies of the fluence-dependence changes, the demonstrated capability to describe spectral changes up to extreme fluences yields fundamental insights into the complex dynamics after intense core excitation and provides an important tool for the design and evaluation of future FEL experiments, in particular for the development of non-linear X-ray spectroscopy.