The cap hit is going up, and in fact there is a clause in the new CBA that it cannot go down AT ALL from the current number.
So once the cap hit is up another $4M or so, and teams start paying UFAs that do half the stuff Clarkson does boatloads more money, this contract will look genius.
Nonis wasn't just looking at 2013-14, he had an eye on the bigger picture.
This contract is very good cap hit-wise. The issue is that the cap situation is just magnified because it's currently the lowest it'll ever be during Clarkson's contract, and the Leafs still have a lot of extra cap space being eaten by the buyouts and retention.
Next season, the Scrivens, Armstrong, Tucker, and Frattin cap hits come off, freeing $2.5M in cap space. Pair that with a likely rise in the cap ceiling to a favourable $65 or $66M and the Leafs will have plenty of room going forward.
The Clarkson haters are the utmost definition of Chicken Littles. Misreading something benign as signs that the world is ending.