you're calling him an elusive back when he's really a combo back...but back to you question. the reason why his effective level is so high yet he's doing so poorly is very simple to answer. first, you have a more "rounded" build going on. high strength, high speed, low agility. in honesty, that's more of a mix between a power back and an speed back. believe it or not, there's a difference between a speed back and an elusive back. but, since there is no speed back archetype, people take an elusive back and turn them into speed backs. but with that aside, with the attributes your back has right now, it places him higher in the effective level.
now lets see why he's failing to produce as you had hope he would. first, his agility is low...even for a WR or a TE it's too low. running backs have to have lateral movement, especially in dotball. so, this is where your build is starting to fail. but, where it continues to fail is at confidence. one hit....one big hit from a linebacker kills his moral during a game. and, since he's fumble prone due to a low carrying, this makes matters even worse for him.
i'm sorry to say, but he's near the end of his life cycle since he wasn't a boosted player. but, this should serve as an example for your next build.