Not quite sure what he’s done to deserve that
He hasn't earned that kind of contract, but the reality of the league is that the floor for his extension was going to be about 2.5M on a 2 year contract, and then he would have had arbitration, and his QO would have likely been 3M or higher anyways.
We don't have cap flexibility going forward, so we need cost certainty with our pieces. If Greig does not play up to the contract, that's not as bad of a situation as Greig finding his game and needing 4M, 5M, or more on an extension, and us not being able to keep both him and Pinto.
After last night, I also suspect that this might be a precursor to a Norris trade, with the expectation that Greig and Pinto are going to play a greater role and they want to lock in Greig to prevent a situation where they traded away their 2C and Greig can negotiate from a greater position of strength.
Greig most likely would have gotten 2.5M give or take on a 2 year extension, and assuming he was good enough to be qualified, he would have been arbitration eligible for those final 2 years of team control, which means unless he is terrible he likely has a 3M+ QO. The only way this contract isn't worth it is if it is a Colin White type situation where by year 3 they wouldn't have qualified him at all.
The short of the contract is that they overpaid him in years 1 and 2 by about 500k in order to get cost certainty for years 3 and 4. I highly doubt the contract ends up being a steal, but I suspect that they will be happy to have the number set in stone for the back half of the contract, regardless of whether he maxes out as a 3C or does something more.