What cash value would Anaheim and Terry have each assigned for that 8th year? He would turn 33 at the start of camp for that 8th year. So, what is the value that you place on someone at 33 going into that season?
If you are expecting a drop in production, it would be valued under $7 mill. If you think he's still going to be productive, it can be right around the $7 mill mark. There are plenty of players whose deals expire in the year they turn 36 like Horvat who got big time money.
Realistically, for most players you expect to see a decline around 33, how much so, depends on each player. Playing style, injuries, etc.