I can't believe that cap hit. I think he made more last year?
Well, yes and no. His last contract was a 3 year ELC, with a NHL-pay cap hit of $875k, after performance & signing bonuses. It was a 2 way deal, though, so his salary was considerably lower while playing in the AHL. And his NHL base salary was $637,500 last year.
This deal, however, is a one way contract, with no performance or signing bonuses. So while his cap hit is lower, his actual "take home" salary will be higher.
Andersson's Cap Geek page.