All these front-loaded contracts are dumb, including the contracts of Franzen and Zetterberg. They really go against what the salary cap was intended for. The cap hit should be what you pay a player in any particular year.
The problem is the players salaries are rising faster than the salary cap. Teams are being forced to come up with ideas like this to get around it. If these mega deals get rejected and things stay the way they are, you're eventually going to have a situation where every team in the league has just two stars and a bunch of AHLers or a team of mediocre players.