Well it really depends on the team. It varies greatly team to team. Each team will have a specific amount of their salary cap to spend on rookies and undrafted free agent pick ups.
Like for Detroit they had 11 picks but could only spend $5,551,658.
Whereas Washington had 3 picks and could spend $1,214,480
The rookie pool is, essentially, a cap within a cap. A team's rookie pool allocation is part of, not an addition to, the league's $75.1 million spending limit per team.
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As per the NFL Players Association, the minimum basic salary for the players is $295,000. This amount is received without any exception by a player on the active roster for a minimum of 3 games. The average basic salary for a NFL player is between $990,000 to $1.1 million annually.
They can earn 300,000 to 500,000 for the first year. If they have a good first season they have a chance to sign on for much more it also depends on how good there agent is to get more more money for them.