Lots of variables go into the equation.

Was 450# the hanging weight, with hooves, head ect still attached? Or was it the live weight?

Where was the elk shot, how many times, what kind of damage did the bullet cause?

Some general rules that I've heard

ELK (hang weight at processor)
Bull: 250-500 lbs
Cow: 200-350 lbs
Calf: 60-100 lbs

Approx. Live Weight = Hanging weight x 1.65
(ex: 64 lb Antelope x 1.65 = 105 lb live weight)

TYPICAL BONELESS YIELDS ON WHOLE CARCASS
Very clean/Head Shot: 50-60% Yield
Average cleanliness/Heart shot: 50-55% Yield
Dirty carcass, shoulder or hind shot: 45-50% Yield

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With that info
If 450 was the live weight, then 273 would be the hang weight. If it was an average shot , then my expectation would be 122# - 136# of meat. If you got back 116# and it looks well trimmed--- then it makes sense.