Cap is going up $4-5M a year now that the escrow is paid off.
2025, $93M cap is 9.4% ($7.9M last season) the first year of his new deal.
So by 2028, $106M cap would be 8.25%.
A bit of an overpay, but looking at 5x5, he's 47th in 5x5 pp/60 over the last three seasons, so he has a strong track record - and he did that without a 1C (and you can argue without even a 2C).
This suggests to me they're not interested in the FA route and would rather build from within - extend the players they know at 26-28 rather than overpay for a FA they don't know at 29-30.