I'm fine with this signing, as long as they haven't assured him a roster spot. I think he could be in the press box a lot if they have enough cap room to carry a larger roster, and that's all good. He adds depth that could come in and out according to the situation and in accordance with his on-ice performance.
At worst, they can bury the contract, and his salary isn't prohibitively expensive to bring onto the roster.
I think the extra $150,000 from league-minimum to $900,000 is a face-saving measure for a 32 y.o. vet. He is not at all in the same category as Spezza -- younger and less career earnings -- but he is still taking a reasonable deal that works for both sides.
I hope this is it for the vets now. They absolutely have to move on from Jumbo, and they don't need any more vintage pieces in the garage.
P.S. I would be good with a Bogosian signing too, but I don't see that happening. He isn't likely to give a home-town discount -- and if he did it would likely be to his home town, not the Leafs. I think Bogo could probably get a contract the Leafs can't afford elsewhere -- maybe New York. He still looks like a very useful piece at the right price.