About $500,000 too much per year IMO but that is the premium paid to get a UFA.
Getting that type of deal in a flat cap and not much revenue is a win for the Iaffalo camp. I don't think that deal would have been available for him had he hit the market.
If this rebuild pans out, he should be LW3 with the capability to move up and down the line up in 2 years.