I dont see why not. At the end of the day he's still only making an average of 5.833M each year.
He'd be underpaid for the first 3 years of that deal. Then fairly paid for the next 2, in order to get him to sign for a contract in that cap range you'd likely have to give him at least 1 year where he's maybe making more then he should.
Players sign contracts like this all the time. Its very common. All that really matters is the cap hit, which is a very fair 5.83M.
