I've heard a lot of people describe Mac's new deal as a bargain and 'another' team friendly deal. I think that is a bit much. It's good value in the sense that they locked up the age 28-35 seasons of a guy who is a no-doubt top 5 NHL center. Those players don't become available unless you draft them. Retaining the one you have without completely changing the marketplace is always good value.
But it isn't a discount or less than what anyone should have reasonably expected. He insisted on being the league's highest paid player, which is totally reasonable since McDavid will have held that crown for 5 years when this contract begins. He got a full NMC for the duration of the deal and 85% of the money is paid as signing bonuses. Any team in the league would sign MacKinnon to this contract in a heartbeat, but it is exactly in line with the market value for a team retaining their franchise player. They exactly doubled his current AAV.
The Avs are in good shape to manage the cap around this deal. EJ's $6M coming off the books next summer pays for most of this extension. EJ will either extend at a modest number or he'll be replaced by an ELC or cheap vet. Assuming they fill that roster spot for $1M, that savings covers $5M of the $6.3M raise for Mac. Byram and Newhook will be due raises next summer, but neither have arbitration rights, so they should be able to do cheap 2 year bridge deals and put off the big raises until the cap has started increasing again. The depth will be thinned as it always is when you pay stars, but they aren't at risk of losing another major piece until Toews hits UFA in 2024. And even then, they can keep him if they're willing to ship out a guy or two. The Avs are going to have a hell of a team in front of their budget goaltending for at least the first half of this contract. They'll be contenders every year if the goaltending is adequate.