It appears that you are on server 1-10, so the progress tiers are at 100k, 350k, 700k, 1.2m, and 2.1m. With 337k earned, you should have received the tier 1 (100k) rewards already.
The revised contest UI is indeed confusing. The Overview screen no longer shows you your overall progress to the top tier (#5). Instead, it shows your progress to the NEXT tier. In your case, it displays 100k - 350k because you are between tier 1 and 2.
Yeah, I don't like the revised UI either.