It's market value for elite #1 defencemen and I don't believe he's even close to being that. I don't think he's even in the same stratosphere as Hamilton or Makar. I think Jones is also massively overpaid for the same reason. I'm not really convinced this is market price given he's never been even remotely considered for a 9M contract before this season, while all three of Hamilton, Jones, and Makar have much higher long term reputations. Even if you want to argue he's as good as those three I have no idea why the Oilers are paying him as if he has the same reputation and bargaining power as those three.
I'm not trying to say he sucks but he's shot under 5% for his career and is being paid like a franchise player after a single year shooting 10.4% and spending over half of his ice time with the best player in the world. This is just a ludicrous overpay to me. When the market is so irrational that the price for Darnell Nurse is 9.25M for 8 years then you shouldn't be paying market price. He will have the 5th highest salary of any dman in the league when this kicks in, is he anywhere even close to that? Is he even better than Jeff Petry? I'm not really convinced that's the case.
It's a ludicrous overpay because you just look at the numbers. Nurse's shooting percentage skyrocketed this year because he scored a number of goals he was never in position to score in the past. He joined the rush a lot more this season, and his offense bloomed because of it. It's not like he is still lobbing wristers from the blueline to get his 5% shooting percentage now. He will have the 5th highest salary of any defensman, and just finished 7th in Norris voting, so yes, I think you can argue that he is close to that, especially when you have some guys ahead of him who signed their deals as RFA's and Hedman signed his deal a few years ago so you have to consider inflation there.
If you don't pay market price, you lose key players to free agency. If you lose key players, you regress as a team unless you replace them by...paying market price. Nurse has emerged as an elite #1 defenseman. He's not close to Makar, but there are certainly arguments to make regarding his status vs Hamilton. Hamilton is a pure one way defenseman, Nurse is far more rounded. But that's a conversation for another day.
And yes, even though Petry is great, Nurse is better than Petry is. Although Petry's emergence this year was impressive in its own right.