I feel like you can do worse than Cole for this type of defenseman; he plays really with PMDs and had a huge part in Schultz's reemergence in Pittsburgh. He plays both sides effectively so I could see him paired with either Barrie or Girard and doing well. When Johnson is injured, I'd rather see him see a bump in minutes as opposed to Nemeth or Barberio, whose play significantly degrades as their TOI goes up.
The money sucks, but whatever. If Cole works out well we're not going to be too mad about the money. If he doesn't work out well, that probably means he's in a fight with Bednar, in which case they'll probably dump him somewhere. Pens fans were mad that Cole got traded last deadline simply because it wasn't really a cap or play matter; it was purely a power struggle between him and Sullivan. So if Bednar vs. Soderberg 2.0: Ian Cole Edition starts up, things could get dicey.