I suppose Im just against the idea thats been said in here a few times that 5m/year is 3rd line money. Thats just not true imo.
And if Pageau falls off a cliff (or more accurately - comes back down to earth) and finishes the year around his normal 30-40pts, all this talk of contracts north of 4.5m/year are going to evaporate pretty quickly. Before this season started, he was absolutely not worth that kind of money. Not even close tbh.
So I feel like people are basing too much of his perceived value on this hot start of his, when in reality most teams will likely take whatever happens this year with a huge grain of salt.
The only way Pageau gets anything more than 4.5m/year is if he soundly breaks the 50pt barrier this season, imo. Bozak averaged over 50pts for several seasons, and the only team willing to pay him that kind of money to be a 3rd C was a team that was in a unique situation in that they were not already paying top tier dollars for their other two top 6 centers.
Not many other teams have that same luxury.
To the bolded, you're right that $5 million/season isn't high end 3rd line money yet, but with inflation it's pretty clearly going to be a reality in the next few years. The new US TV deal coupled with Seattle expansion should lead to a bit of a cap boom and ~$5 million will be "the new normal". Depending on the term in JGP's next deal he could be in line to be one of the first guys to breach that number (just like Bozak was THE first guy to do it).
I also don't think teams will take this season (if JGP performs well and puts up 45+ points) with a "huge grain of salt". The guy still has a track record of being one of the better defensive/shutdown centers in the league, a guy who steps it up in the playoffs (you don't need to be Claude Lemieux to improve markedly in the post-season) and someone who has paced at 30+ points his entire career, with a couple 40+ point seasons in there (I'm projecting out for this year with one of those, admittedly).
Also, just because I'm a stickler for this stuff, Bozak only topped 50 points once. He paced at it a handful of other times, but if we're looking at the raw numbers Pageau could be entering his UFA season with as many 50 point seasons as Bozak when he got his payday.
There's obviously lots at play and Pageau may very well come in below that number if he takes a hometown discount or signs with a contender or get some insane term that bring the AAV down. I just don't think you should be speaking in such absolutes about him not getting that number when his most direct comparables put him in the ~$4.5/$5 million range.
Free agency is called silly season for a reason, we see guys get overpaid every single off-season. With a pretty weak group of centers, JGP is a prime position (imo) to cash in if that's what he prioritizes. The other centers in this group as of now are: Nick Backstrom, Mikael Granlund (more of a winger now, but I'll list him anyways), Charlie Coyle, Mikko Koivu, Carl Soderberg, Cody Eakin, Erik Haula, Joe Thornton....I mean, there's a world where Pageau is the 2nd most sought after FA center this off-season (or even 1st if Backstrom and Koivu re-sign as expected). I wouldn't be surprised if we see 2-3 more "3rd line centers" get Bozak money this off-season in all honesty.