No, that contract is just bad. He could have come out this season and gone ppg, and gotten around 8x8. On the other hand, compare it to Mercer who had a bit of fall off, and gets 4x3. Dropping long contracts with a year left on the ELC is smart, if you cut the difference between a step back/injury and best case projection.
In this case they just assumed he will have a great year and payed him for it. This is the version of the early pay that could become comical long term. He hasn't even played a full season in the NHL...