Almost certainly. I think most would have been pleased with a 5 year deal at 3.5, and that would mean the last 2 years would have average 4.1 per assuming the rest of the deal remained the same. Heck, even looking towards the high end of Hale's hypothesized 4th and 5th years at 4-5 mil, had we locked him up for 3.75 per over 5 years, those last two years would have cost us about 4.75 each.
What we gave up is a cheap cap hit in the last couple years, but as a budget team, it's less about the cap and more about the dollars. What we really lost is a more valuable trading chip in years 4 and 5 (he'd be worth more at the deadline at a 3.75 mil cap hit in years 4 and 5 if he continues to progress)and the potential that we have a steal of a deal should he really break out and be worth more than 4-5 mil in those 2 extra years.
Anyways, glad we have Pageau locked up for the next couple years at a very fair deal.