Lets see if he is a better fit with Washington. He didnt fit in at LAK, but that doesnt mean he wont in Washington.
A large part of his reduced production is based on less PP time where he only had 8 points in LAK vs 23 and 19 in Winnipeg. Caps have space and a need for him on the PP. Also he played 3 minutes less pr game in LAK vs his time in WInnipeg. So production wise he should get better numbers. His overall game is the question. He probably isnt and 8,5 mill player even with increased production, but Caps got rid of Kuemper for the next three years and PLD's contract wont be that much worse in some years as long as the cap increases his % of the cap will get lower.
If he fits in better with the Caps it could be a very good deal for them as he clearly needed a change of scenery. Still Caps are taking the bigger risk with a long contract, but also have the potential for the best reward.