Being overpaid is subjective. To YOU he is overpaid. To the organization and more importantly, the MARKET, he is paid relative to his value.
In 2013, Henrik Lundqvist on the open market would have gotten more than he did with the Rangers. Fact. He didn't want to leave, management didn't want him to leave and it was time for a raise. Going from $6.875 to $8.5 was not a massive overpayment. It was at the least, a justified market value increase. The term was most important to him as he loves New York, his family is here, and has business interests here.
You would have let him walk?
Thats fine, you also would be the most hated GM in the history of the franchise.
Either way, your judgement around his salary is completely misguided when you fail to talk about how bad the Nash contract was, Girardi's contract, and most currently Staal's contract.
None of those above produced and or were worth anywhere near what Sather threw at them, yet Lundqvist's contract is the one getting the heat.
I always bring this up, but again...where were all the people complaining about Hank's LAST contract? When he made less money than he does now, but relative to the cap at the time, was a higher percentage against it than it is now.
Math is funny.