I don't think I'll regret that they kept Ellis, bottom line. I mean, it depends on the alternative. Let him walk in the summer? Trade him (for what)? Instead they keep him during what I think are the crucial Next Two Years, and I'm glad he's here for that. There's no practical way they were going to sign him for just 2 or 3 years, so it pretty much had to be a long-term deal.
And there is nothing in that contract that prevents the Preds from getting out of it if/when it becomes uncomfortable. No NTC, no NMC.
So really, if it's something we end up regretting, it'll only be if management gets over-sentimental in handling him, and if things go badly for us otherwise in the next couple of years. I do agree that as a slower/smaller guy he's going to be a risk at some point in that contract term. He's going to fall off and not be worth those $$$. He's only barely worth it now IMHO, and I don't see him as a player with any remaining "upside". But there's going to be an expansion draft, lockouts, there are other contracts coming up for the 3 defensemen ahead of him in our pecking order.
There are going to be ways and motivations for management to do something with Ellis as his beard gets longer and grayer. If they don't... well, I will get on them for it. But that'll be a new complaint, not exactly a "regret". I don't regret that they have him now. And the contract is both fair and escapable. But they better be ready to deal with it in an appropriate manner if/when the time comes is all.