To ME, "entry level" refers to the person first - meaning "for what purpose will the rider be needing the bike?"

So in my case, I was first interested in racing crits. So for me, a CAAD 10 was a good "entry level" bike for that purpose. Good, but not top of the line.

Then I figured I wanted to do some "serious" road cycling - putting on some miles, getting in shape, joining the cycling club in my area. So in that context, "entry level" would be a bike with specs that would be dependable, yet allow me to not break the bank. Probably in the $700 - $1,200 area.
Could that be done for less? Yeah, I guess. but as an "enthusiast" I think having equipment that is reliable and road worthy is the way to go.