When I was EIC I earned my money based off of the community's views/shares. So the more I worked to influence people to share their articles, tag other sources, etc. the higher the views climbed, the more I got paid [from Odyssey]. This was obviously incentive based, and I didn't get paid any other way. I think I honestly made over $1,000 in the year and a half I worked at Odyssey. It's possible if you put in the work, but I'm not sure compensation outside of the company is necessary.
The expected compensation changes. When you first begin you will more than likely receive no payment for quite a while, but as your community that you run grows, you begin to get paid as the amount of views and content creators rise. Odyssey has their own set tiers in their handbook that explain all payment questions.
I wasn't compensated anything being editor-in-chief. It was volunteer. But a position would probably be paid under $40,000 because editorial work is typically not paid a lot. But the pay wouldn't be horrible. Keep in mind that you have to start somewhere.