I'm not saying he should have taken a massive pay cut, but he would have helped his team be more competitive with an 8M and would improve his chance of having more help to achieve his goalscoring run.
I understand that even if it's not about money, some people misguidedly believe they must have a top dog salary as a form of respect. In that case, I think Ovechkin should have considered signing the 9.5M but maybe go for it on a single year deal? Go at it one year at a time guarantees that if the Capitals decide to go in a different direction and rebuild, you can always go to a more competitive team that will maximize your talent.
With that being said, it's still a solid deal for both theCaps and Ovechkin. Might not even be his last contract!