A young guy like Hemsky, drafted in 2001, so in 2006, he's only 23 years old, so this 6 year deal takes him to age 29, which is pretty good. Compare this to the 7 year deal that Elias (drafted in 1994, which makes him 30 in 2006), got, which takes him to age 37, might not look so good if Elias isn't producing after age 35.
Hemsky has put up enough numbers that his 4.1 million dollar per year cap hit isn't too bad. Even if he just produces what he did last year, the deal is going to be good for the Oilers. If Hemsky learns to shoot the puck more he could be a 90 point guy, and for 4.1 million, that is outstanding value, given that the Oilers bought out 2 years of UFA.
For the Devils, Elias will continue to produce for the next few years. But, what will his production be when he's 35-37? We've seen Sakic, who is 7 years older than Elias, point production drop off a bit, but still pretty good numbers. If Elias can perform at that kind of clip in the last 2 years of his deal, then it's a good deal for the Devils.
I have to say, I was shocked that Hemsky got a 6 year deal, from a player's point of view. Most guys in his situation would have taken a deal that got him to UFA or at the very least good more money to give up 2 years of UFA.
Long term deals are not bad if you sign someone under 30, so with the new UFA age down to 27 soon, then locking up a 27 year old for 6 years until they are 33 is very good for a team, because you've seen what the player has done for the past several years and that player is hitting his prime at 27.
Be weary of long term deals for guys that are 30-32.