So, for sure this is probably an overpayment. With that, if he can be a 20 goal/55 point guy for all or most of this contract, it is going to look fine in a few years.
I do understand the seemingly consensus knee-jerk reaction that this is a big time overpayment in term/cap hit, but I think this is going to be going rate for a decent 2C going forward.
I saw a tweet that he is now the 18th highets paid C in the NHL according to AAV. He is far from the 18th best C. Understandable to gripe about that. By time he is 2 or 3 full years into this deal, though, I find it hard to imagine he is in the top 30 highest paid. By time this deal is in years 5-7, it's possible he's not in the top 50 the way salaries are escalating.
So, overall definitely an overpayment for a player who I think is more hype than value, but this isn't massively egregious like some have suggested, especially if he can be a 20/3/50+ guy for the length of this contract. Overpay but not grand larceny.