Actually, I don’t think this is such a bad deal for the Caps.
If he continues to suck, sure, they’re saddled with a bad contract, but so what? They have zero future anyway. All it will mean is that they’re carrying PLD through a process of bottoming out and then rebuilding. If it takes another two years for Ovie to retire and the team to commit to a rebuild, at that point there will be 5 years left on his deal. Then say the rebuild takes 3-4 years. OK, he’s a problem only at the very end of his contract. A rebuilding team can carry a bad contract (just as we’ve carried a couple, painlessly, through our rebuild).
Now let’s imagine the other scenario. PLD regains his form. Boom, they’ve got a 60+ point power centreman to help extend Ovechkin’s career, further postponing the rebuild. Once Ovie retires, PLD would either then become a valuable trade chip, or a veteran cornerstone piece for the kids to follow.
Seems to me they’re an example of a team that was in the position to roll the dice on this guy, knowing they can’t really lose either way.