Well, in fairness, it's an excellent argument. Luongo won't play "at least" 7 more years of his current deal. He'll play a maximum of 7 years, with it being pretty ****ing unlikely that he sticks around for 3.4 million at 39 years old to get through the 7th season. Not to mention the ability to send him to the AHL should he not be worth the money/cap hit at the time.
The odds of Luongo being good into his late 30's is pretty high, with the likely increase in salaries again after this bullshit is over with, a 5.33 million dollar cap hit with 80+ million dollar caps in 3-5 years won't be bad at all.
Would the Leafs be smart to sign Luongo to a 7 year deal with an average cap hit of 5.33 million dollar, with no NTC or NMC, right now? They would be ridiculously stupid to pass on it.