I don't really think bringing up Kovalchuk in that regard is fair
dude nearly led us to a Cup on a broken back
It's not Kovalchuk the player I have issue with. I loved Kovalchuk the player, and despite his faults, every team that wants to win a championship needs a player like him. Someone that is good enough at scoring goals to the point where they can sometimes simply will them in.
Stamkos could be that player (though his playoff performance hasn't lived up to that to date, if you're the kind of person that believes in that sort of thing). The problem is Marian Gaborik can also be that player, and Gaborik makes half what Stamkos will get. If I'm building a team, I know which one I'm going with. Stamkos may be the better player, but if Gaborik stops scoring, his contract hurts a lot less than if Stamkos stops scoring.
Giving out contracts like that makes sense under certain circumstances, for certain teams and for certain players. In the case of Pittsburgh, it obviously made sense to do it for Crosby and Malkin, and, whatdayaknow they're a good shot to win the Cup this year. Their ability to get a good bottom six apparently had nothing to do with how much their top four players (Crosby, Malking, Letang and Kessel) are getting paid.
There are maybe two players in the league that it would make sense for the Devils, as currently constructed, to shell out that kind of money to: Crosby and McDavid. Crosby, when he's healthy could probably make an AHL roster with a good goalie a playoff team. McDavid should be there very shortly.
I agree it does for certain teams at certain times. As I said above, I think championship teams need these types of players, and if you have a roster which you think can win the cup, and that's what it takes to add the goal scorer you need to do it, then fine. But even with Stamkos, nobody is picking the Devils to win the cup next year. By the time we assemble a team around him that could win it, he could be declining, his salaray could be hurting our ability to retain some guys, and it could be a disaster of a signing.
In the case of the Pens, obviously they aren't just supposed to let either of those guys go, but even with Crosby and Malkin, they haven't been serious cup contenders in probably 4-5 years, and honestly they're still not as deep a team as I would want them to be if I were their GM. Don't forget that earlier this year, they looked like they might not even make it in. Yes, they're capable of being one of the best teams in the league, but their inability to spend from top to bottom has certainly hurt their consistency since their cup win in '08
If there were a sure method to build a championship team, then everyone would do it. the reality is there are too many unpredictable factors, too much chance, too many things going or not going your way that make the difference when it comes to building a winner. Because of that, you should always strive to have the most flexibility you can. Signing $10 million for 7 years contracts is about one of the least flexible things you can do.