From what I understand, that is what Dr Pepper agreed to pay him before he ever stepped foot on Bama's campus. In fairness to that deal though, I know he has appeared in at least 1 Dr Pepper commercial. Not really any different than Nike endorsing/paying Tiger Woods before ever won a single professional event.
At the time, people complained Nike was overpaying but Phil Knight has said many times that the money they paid Jordan and Tiger was some of the best, and most lucrative, financial investments Nike ever made.
If Bryce has the kind of pro career many believe he will, Dr Pepper will likely claim that this is likewise possibly the best $1 million they've spent in quite some time.