You must not watch a lot of hockey outside of the Flyers if you'd take Schenn over any of Methot, A. Greene, Gunnarsson, K. Klein, B. Jackman, Alzner, Hainsey, Sekera or Polak, especially when you consider that they all make less money than him. That's homer at its finest right there.
The only guy on that list that I would take over Schenn is Polak. The rest are on the same level or are close but a fair amount older. Alzner is on a better deal and probably the closest in terms of value to Schenn, so I suppose I would take him based solely on his contract, but Alzner being on a better deal doesn't make Schenn overrated (or overpaid). The opposite argument (that Alsner is underpaid/underrated) is equally viable.
If he took a three year deal on his second contract, it would have ended this offseason. You think he gets anywhere close to 3.6 million dollars from the Flyers based on his play since being traded to Philadelphia? Maybe, and I stress maybe, if he repeated his season from two years ago, but he wouldn't when you take into account his dumpster fire season this year.
It all depends on what that second deal was and what his RFA status is. If he's an RFA still, perhaps he doesn't get $3.6 million, but I don't think he gets less than $2.5 million. If he's a UFA he easily gets $3.6 million.
His 3.6 million dollar cap hit is based on the player that he is right now. And currently, he's not worth even close to that hit. There are dozens of NHL defensemen that are better than him and on even lower cap hits. He's overpaid for what he is. And what makes him overrated is that some people still think he's future top four defenseman. That somehow he still has a lot of room to grow. When in reality, he's a 24 year with 400+ games of professional experience, and he's the same player he was as a 19 year old in Toronto. The flaws are still there and he hasn't shown any ability to correct them.
I suppose we'll see. I see no reason why he can't play the same way he played during the lockout or in Toronto, but I guess since he's 24 and played 400 games, that's just not happening. Not going to improve, not going to have a rebound season. Not worth the caphit.