Whenever critics say the Wings "bought" their teams in the early 2000s, I always point out that the Rangers always spent more and never went anywhere. Money isn't everything.
That being said, this is an overpayment. No criticism of Lundqvist, but goaltender being such an unreliable and flaky position, you have to be really desperate to give a contract like that. Lundqvist must have had them over a barrel. I don't think I would've given Hasek a contract like that if he were in his prime today.
The wings just made smarter purchases, but it certainly wasn't only the free agent signings that did it.