Not trying to defend the Richards contract in any way, but there's a certain amount of inflation to consider over the next few years. True, the Canadian dollar will keep the cap closer to $70M next season, but in the 2 years after, it's a good bet to be closer to 80. At that point, 5.75M for a decent vesatile lineup piece that can move between lines and roles (pretty much the upside for Richards at this point in his career) will probably be a lot closer to average than it is now. Also, the fact that he'll only cost 3M in actual money in 3 years means he'll actually be quite tradeable assuming he provides some value over the next couple years. For context, Horcoff and Gomez were both awful contracts, and both were traded. When Montreal traded Erik Cole, it was highway robbery. PT Barnum said there's a sucker born every minute, and that's probably not going to change in the next couple years. You don't need a majority of GMs, or even a concensus. You only need one desperate guy out of 29 to agree to a trade. And that's only if you actually want to trade Richards at that point.
This team needs to take a few risks. The Nikitin contract was the right move, but the wrong player. Acquiring Richards may be in the same category, but it may also be along the same vein as signing Pouliot or acquiring Roy. I see it as a necessary gamble. Show him you want him here, and give him every opportunity to succeed. It's not my money, so who cares how much he's getting paid? It's not like Shea Weber and Ryan Suter are begging to come here, so I don't see the need to save cap space for future swings and misses in the UFA market. I'd be just as happy to lose out on big-name UFA and find another Mark Fayne while you wait for Nurse, Klefbom, and potentially another high-end defensive propspect from this year's draft.
Like it or not, this team is going to have to be fixed in increments. There's no miracle solution that turns the Oilers into an instant contender, so why not work on one lineup hole at a time?