How exactly did you determine that a player is worth 1.2% of the cap but not 1.4%?
Normally his salary would be fine, but when half of your cap is tied up in 4 players, these types of signings stick out. I'm in no way bashing Engvall. I like his game and think he's going to play his role well. However, looking at it from strictly a cap perspective, he's 300k overpaid. Flat cap, top heavy lineup cap-wise makes for an unfortunate situation for him. If Vesey doesn't work out you could essentially drop him down to the minors, let him go through the waiver process and drop Boyd down and carry a 21 man roster. Still not sure we'd be under the cap.
At the time, both his and Holl's contract were a bit premature, IMO. Holl's is looking god, but I think Engvall was viewed as a 3rd liner at the time of the signing, and it hasn't worked out that way yet.