There's a pretty big difference between Henrik Lundqvist, the #1 goaltender in the NHL, opposed to the #10 goaltender in the NHL. Contracts are also going up. I think this deal is far too much, but it's not nearly one of the worst in the NHL. You're doubtful to get fair value back for Lundqvist.
Henrik hasn't won a cup? Okay, Tuukka Rask nor Pekka Rinne have (Rask has but not as a starter). The Rangers have generally been a mess too outside of Lundqvist, who has dragged them into the playoffs many times. You really seem to be underrating how big of a loss Lundqvist would be.
I wouldn't call Lundqvist making 3M more than Crawford that crazy. Wait until a big free agent hits the market too. If Horton and Clarkson are getting 5+ million over 6-7 years, just imagine a superstar like Lundqvist, or even an all-star. Zach Parise is making 7.5M over the next 11 years for crying out loud.
Lundquist's career sv% is .920. Howard's is .918. The average starter is around 91%. Even if Lundquist goes out and stop .925 or .93, it's not that big of a gap.
And I wouldn't pay $8.5m for Rinne or Rask, either. There's no reason to. Boston lost Thomas and haven't missed a beat. Chicago lost Niemi and won a cup with Crawford. Last year's Vezina winner was a castoff from Philly. St. Louis and Phoenix have turned mediocre goalies into monsters while contending for the playoffs/cup.
Meanwhile, NYR keeps losing and Buffalo still sucks. And Nashville could use Suter a helluva lot more than Rinne right now.