If the Wings had gone to arbitration with the offer some of you think would have been appropriate for Veleno, they would have lost. Then their choice would have been to either accept what the arbitrator determined, or walk away and make Veleno a free agent, getting nothing for him. In the process they and Veleno would have traded insults in front of an arbitrator, spent money on lawyers, wasted off-season time that could be spent on other matters, all for the sake of what would amount to a pittance relative to the Cap.
This is all about what the market dictates for an asset. Some don't think Veleno's much of an asset, but it sounds like they would prefer to cut off their nose to spite their face. If Veleno is overpaid, it's perhaps by 100K. He would have got much the same deal from the arbitrator that Trent Frederick ($2.3Mx2) and Kurashev ($2.25Mx2) got a year ago -- Frederick via negotiations that avoided an arb hearing, Kurashev via an arbitration award. Similar NHL experience, similar productivity as Veleno leading up to their contracts. A slightly less similar example like Ryan McLeod ($2.1Mx2) would have underlined the market value. Texier, with 30 points last season and problems in Columbus that led him to play in Switzerland the year before, got $2.1Mx2 this summer. Kostin, who doesn't have a clue what he's supposed to do in the ice and clearly less valuable than Veleno, just got $2Mx1.
Some teams, like Philly with Morgan Frost, Columbus with oft-injured Chinakhov, get their RFAs on great short-term deals. Those are rare. Most sign predictable one- or two-year deals based on what the majority of their peers in age/experience/productivity get. That's what Veleno got. Now that's it done, rather than waiting around for up to a month for the arb process to play out, they can move oo to other matters. Like possibly trading Veleno while some guys they might like to acquire are still available.