It always amuses me among fans that the team is always the default "winner" in these deals as if there isn't a second party taking a "loss". Somehow the player and his agent agree to the deal even though the team is expected to get a "discount" over the life of the contract. The fact of the matter is this is a risk-reward scenario, and both sides are taking a risk for some type of reward. The team is hoping to save a couple million per year down the road, not a lot of reward for the risk they took. The player might lose out on a couple million a year in case they quickly improve, but that's not much risk compared to locking in $68m and still being a UFA at age 30.
With Faber I would have waited a year or attempted to sign a bridge deal. His second half was not good, and his smaller stature probably contributed to his injury that clearly affected his game. Too much risk for not much reward at this price. This is a common mistake among bottom-half teams. They overvalue their top young hopefuls that were fortunate to play on an inferior team to goose their stats, and then they lock them into deals that usually don't turn out to be values, keeping them in mediocrity. Unless it's a transformational young player, which Faber is not, it's best to be more patient with your cash. Look at the salary structure of Stanley cup winners if you want evidence of that.
He was closer to $6m than $8.5m last season. After Christmas he wasn't even a $6m player. He's got to improve offensively, defensively, and maybe most importantly physically to be worth a consistent $8.5+m. Will he? Maybe, but we're already paying for something that doesn't exist yet. It's high risk, low reward managing.