It's not really that bad of an option though.
Even next year when the cap is at the lowest point it will ever be again, his cap hit will be 8.2% of the team cap. That's less than 1/12 of the cap. It still leaves them plenty of room to sign the guys they need to sign and get the team shaped the way it needs to be shaped.
If you try to go year to year with mediocre journeyman goalies, you end up with years like 2005-06. They're not in a position to cart out a world-class defensive unit and have a bargain goalie behind them to sweep up the odd chance or two that sneak by - they need a top-tier goalie to cover up for the weaknesses in the D until they can get those holes patched.
The guys they have in the pipeline that look like they're on the NHL track are all offense-first guys. The shutdown D in the system are all longshots. We've seen that UFA is not a wise route to try and shore up your D. So it stands to reason that this team is going to have a long period of time going forward where they have a defensive corps that chips in a lot of offense but makes a lot of defensive mistakes and doesn't PK all that well.
A couple points -
I think Howie is getting his market value. I can live with the deal as long as there is no NTC
But still, when have the Red Wings had "World Class" defenses? 1997 was probably our best, but we still had old Murphy, old Festisov and old Rouse.
1998 we added Macoun and Anders eriksson after losing Konstantinov and...I forget who else we lost.
2002 we had Lidstrom and Chelios, but Fischer was 21 and mistake prone. Olausson was old. Duschene and Olausson were at the end of their rop.
2008 was probably one of our best with Lidstrom and Rafalski, Stuart and Kronwall. But we Lebda and Lilja...
The Wings haven't been running world class defense groups. And they've not had the 6'4 stay-at-home, physical guys either.
They win with a defense that moves the puck and forwards who keep the puck, and centers that play excellent defense.
When you do that well, you minimize what's required of you're goalie -- just as Hitchcock and Tippett minimize what's required of their goalies.