Brian can say all he wants about Dobson's potential leverage, but if he puts up another sub 50 point season after this one, I don't think anyone is offering him 11M on the market.
He's a 6'4" right hand shot D man who has played at a 50+ point pace for 3 straight years, had a 70 point career-best, and is "only" on pace for 42 points this year. He'll be 26 at the start of the 2026/27 season. That combination of age, production, position, and size is one of the rarest commodities in the NHL.
Here are some notable comps and their 5 seasons leading up to the contract (most recent season last):
Chicago gave up significant assets to acquire a 26 year old Seth Jones and then promptly gave him 11.52% of the cap. In the 5 seasons leading up to that trade/extension he played at a 46 point pace, a 60 point pace, a 50 point pace, a 44 point pace, and then a 41 point pace. 11.52% of $104M is $11.9M.
New York gave Trouba 9.82% of the cap when he was 25 and forced a trade to them because New York was the only place he wanted to play. In the 5 seasons before that he played at a 28 point pace, a 21 point pace, a 45 point pace, a 35 point pace, and then a 50 point pace. 9.82% of $104M is $10.2M
New Jersey gave Hamilton 11.04% of the cap when he was 28. In the 5 seasons before that, he played at a 50 point pace, a 44 point pace, a 39 point pace, a 70 point pace (in 47 games) and a 62 point pace (in 55 games). 11.04% of $104M is $11.48M.
Edmonton gave Nurse 11.21% of the cap when he was 26. In the 5 seasons before that, he played at a 20 point pace, a 26 point pace, a 41 point pace, a 38 point pace, and then a 52 point pace. 11.21% of $104M is $11.66M.
NHL GMs have proven over and over again that they will heave money with reckless abandon at big, mid-20s D men who can produce in the 40-50 point range with the occasional pop of 60+ points.
Dobson has scored at a 52 point pace, a 51 point pace, a 72 point pace, and a 43 point pace in this most recent season. Another mid 40s season would put him right in line with (or better than) those guys.
Let's say he takes an Arb award for 6M and walks him to UFA.
He's getting well north of that in arbitration.
Trouba got a $5.5M arbitration award in 2018, which was 6.9% of the cap and made him (tied for) the 22nd highest paid D man in the league. 6.9% of next year's $95.5M cap would be $6.6M and the 22nd highest paid D man in the league for next year is currently set to make $8M against the cap. Trouba had 24 points in an injury-shortened 55 game season heading into arbitration and his career high was 33 points. Dobson has a noticeably better arbitration resume and the last few years has seen a large number of RFA D signings in the $8M+ range.
The reason I keep talking about his leverage is because all the comps say that he would do better than $9.5M on the UFA market even if the 70 point year was a one off and he is 'just' the mid 40s to 50 point guy. Barring a major career-altering injury, his floor by going arbitration-to-UFA is simply better than $9.5M x 8 years and he would very likely get that type of offer from teams/locations more desirable than the Blues. And there is potential to out-earn that contract by $15M-20M.