This is pretty bad. Palat will be worth it the first 2-3 years... but New Jersey will be at best a playoff contender.
This is the type of contract you'd expect Pittsburgh or Washington to hand out for their last hurrah, not an up and coming team like New Jersey. This also makes Perron's contract even more baffling.
If we can get three years of quality play from him on this deal, I'd be ecstatic. Still a bad contract, but depending on structure, that likely means you only have one rough cap year (year 4 when he hits the wall and you're doing the 13th forward thing with him and hopefully the cap is up) then you can buy out or trade.
Realistically I'm thinking two good, hit the wall, and then figuring out how to get out from under two years on the back end, which is not as easy and taking to be more expensive. Structure of the deal will be important
If we get two, carry him the third year when he hits the wall,