If it's a late pick, I go with the 8 years. Love the player, think he'd be an awesome add, and just hope we get 4 really good years out of him.
Really the next four years are what matters most anyways. If the team is good enough that McDavid and Drai prefer to stay for another contract and go for cups, odds are they'd be willing to sign for similar or less cap to help make that happen.
So moves like this and Nuge are "all-in" gambles that if they pay off we'll see cup runs with McDrai, if they fail, there gone in 4/5 years anyways. I'm fairly confident RNH and Hyman move helps the team at least next year and the year after that in ensuring we don't have any significant gaps in our top 6, while hopefully some of the prospects develop in the bottom 6 and possibly push within the next couple years for playing time.
Unfortunately, the timing of this also lines up with a major blow to our defense in the last week, so I don't think we're actually further ahead overall yet.