Why are Eurodollar futures settled to 100 minus LIBOR? Is this actually connected to a Eurodollar deposit?

I'm confused as to why Eurodollar futures prices settle to $100-LIBOR$ at expiration. If at the time of settlement the futures contract was meant to represent a 1,000,000 Eurodollar deposit to mature 3 months in the future, then wouldn't we discount the 1,000,000 back to today to get the settlement price. This would mean the futures contract would settle to $\frac{1,000,000}{1 + LIBOR/4}$ . Where does $100-LIBOR$ come from? Is this just a convention for how to settle the contracts, meaning Eurod