Good deal? An undrafted free agent contract in the NFL is not a financial windfall. The real value is that it gives them a 1 in 150 shot to make a roster.
"And, unlike the old days, there's very little financial bidding involved. Prices can range from a $25,000 signing bonus for a quarterback in demand down to $3,000 or, on rare occasions, lower. The salary cap -- including a maximum amount for rookies -- has changed how much teams can pay free agents."
"Had scouts known what Parker and Harrison would accomplish as pros, they would have drafted them in the first or second rounds, earning them gobs of signing-bonus money. Instead, they received
pittances to sign with the Steelers as free-agent rookies, although they since have signed much larger contracts."
http://www.post-gazette.com/pg/08112/875224-66.stm