I'm with you. Most importantly, it's good to see Ottawa is spending to the cap. That makes for a much more fun league to see teams going for it rather than a "haves and haves not" situation of a lot basement dwellers competing for Jack Eichel and taking on boat anchor contracts.
On the other hand, their D is pretty suspect and there is now basically zero flexibility to fix it. I'll assume Alex Formenton gets $3M per year for two years. I definitely could be +/- by $1M, but let's assume 3 for now. That would give the Sens 13F signed this year, and their team will be set for 22-23.
For 23-24, the cap space is $19.6M (with $3M for Formenton). They'd have 8F, 3D, and 1G signed. Let's assume they'll need 5F, 3D, and 1G to be at a 21 man roster. With $19.6M, they have to sign 9 guys. $2.2M per player, totally doable.
But if they want to keep DeBrincat, his QO is $9M. If they sign Cat at $9M, they'd have only $1.3M per remaining roster player. At defense, they probably really want to sign Zub, and I'd imagine he'll cost at least $5M. If you sign Cat and Zub, that could take $14M total, giving you a league minimum $0.8M for each remaining roster player.
It's likely that the Sens will part ways with Zub, as losing Cat feels like a big sunk cost. If I were Pierre Dorion's daughters, I'd shop Cat personally as it opens up the most cap flexibility and the defense is certainly the biggest question mark moving forwards. It's possible Formenton takes less than $3M and gives a bit more breathing space. It looks tight regardless.