That's incorrect. It's simple supply and demand.
Right now, if he signs he has 1 team that can pay him. They have huge power over those terms. That's why you don't see 3rd rounders signing multi-million dollar, lobbed up easily attainable player bonuses with the team that drafted them. As soon as it's a free market, he's going to get paid.
Tell me one non-top of the draft player, drafted by a team that signed for anything remotely higher than a standard deviation from the usual ELC price tag?
The usual ELC price tag: max $925k Salary + max $850k Schedule A Performance Bonus + max $2M Schedule B Performance Bonus.
Your regular good guy gets the $925k salary. If he's kind of high profile he can get the $850 Schedule A bonus. If he's a top 4 D-man with some offensive acumen, he can also hit some or all of them.
The Schedule B's on the other hand are a special consideration reserved mainly for the top 5 Draft picks in standardized $2M - $1.8M - ~$1.65M -... decrease, and for the highly-sought-after Entry-Level UFAs.
The thing is, to actually hit his speculative $2M in Schedule B, Fox would need to be league Top 10 in Defenders in G, A, P, PpGP or ToI, or finish very high in nominations to trophies other than Calder or Lady Byng. That's very tall order. It's about five or so guys on ELC that do it in any given year. Fox isn't one of them. He's not going to get paid anytime soon. Jimmy Vesey has had hard time to reach his pesky Schedule A bonuses.
At the same time, those Performance Bonuses count against the Cap, which is the actual reason why they generally don't load ELC guys with $3.775 AAV.