Quoting: SevenLeg
Of course both moves are understandable because players like Tavares & Hamilton don't grow on trees, but since they were not near contending, it impacts the team a lot once the high picks' ELCs from the rebuild are starting to expire. The Leafs couldn't properly surround their high-quality stars (post-ELC) for years and the Devils have an even larger pool of ELCs who'll be looking for raises. Also, knowing they could transform Siegenthaler into a high-end defensive guy + signing him to a very reasonable 5-year deal + acquiring 5 years Marino + drafting Simon Nemec (not even mentioning Luke Hughes four days prior) in the span of one year, I simply feel like the Devils weren't savvy enough regarding the Hamilton signing.
I'd like to reiterate that Hamilton's cap hit has a significantly less impact on the Devils now and in the future (due to lower number and higher future cap) compared to how Tavares's cap has impacted the Leafs.
But I do take your point, it has some validity to it, though at 33-34 years I could actually see a guy like Hamilton still being worth 8-9m.
And if you're just making your analysis by the cap sheet it's a perfectly apt one.
Though there should be plenty of space to go all out and sign someone like Patrick Kane at an 8m+ cap hit for two three years while Luke Hughes, Nemec, Holtz and Gritsyuk are all riding their ELCs simultaneously.
I think your analysis lacks some of the intangibles the Hamilton signing meant for the Devils.
Signing a top 5 D from the previous season was a statement signing, both internally as well as externally.
For one of the youngest teams in the league it provided both some comfort in a veteran presence but also intensified competition as signing a guy like Hamilton challenges the others to be better professionals, to work harder to become the best versions of themselves.
But I also think that the Devils benefited from the signing by how it changed the league's and the community's perception of them.
I view it kinda like purchasing confidence and better posture, if that makes sense.