ELC contracts are a maximum of $950K per year. However, they can also receive a maximum 10% signing bonus and performance bonuses not to exceed $3.5M. So players can make a lot more money if they perform really well. Our CBA factors these into the Cap Hits for where players were selected in the draft as opposed to real life as that would be too complicated to administer.
The below link will give more info on how bonuses are earned.
https://puckpedia.com/salary-cap/entry-level-performance-bonuses
Gator may provide additional detail.