I wonder what the hold up was on this one. At first I thought they just paid his RFA years, but after looking at CapFriendly it shows he will still be an RFA at the end even though he'll be turning 27 in Sept that year the contract ends. The term thing is the only thing I can think of. Maybe he was looking for 5-7 years with some UFA years bought so higher salary? If I was Miles, and they weren't willing to buy any UFA, I probably would have pushed for a 2 year deal.
Otherwise, he's a solid player, totally worth that cap hit and a big part of what that team is building. These role players that do the little things and can push a defense back with their speed and then chip in some points are essential parts to the modern team. When NYR were competing regularly over the last years, I remember how big a hole there was after Hagelin was traded... because he was looking for a pretty good pay raise. He was never going to be a superstar scorer, but that speed, work ethic and hockey smarts left and you could just see that a piece of the machine was missing.
So, good on NJ for getting Woods locked up for 4 and then still having RFA rights after.