Not if he regresses, it won't. Or even if he maintains his current form.IF they give him 9.5 for 8 at the end of the deal it will look great. The cap will continue to rise, the league is talking about more expansion and Utah should be a better market than Arizona. IF the cap tops 110m in 4 years he is less than a 10% cap hit which is reasonable for an all star goalie. 9.5 right now is high, it won't be in a few years.
People are operating under the assumption that young goalies just continue to get better and better. That's not always the case. Jordan Binnington, Devan Dubnyk, Carter Hart (before the allegations), Jake Oettinger etc.
Not saying Swayman will regress. But its not out of the question and there's definitely risk with a long term, high cap deal. Wanna use a comp? Use Thatcher Demko and give him 5yrs adjusted up for inflation.