I know it gets mocked but last years stats REALLY are misleading. For 90% of his games last year he was a .920 goalie. His final 2 games, which inevitably led to him shutting down down for the year (because I believe he played injured), were absolute disasters. But for 90% of the season he was borderline elite. The Leafs are banking on that continuing into next season. I get that and I actually don't mind it. As HL said, the cost simply has to reflect the risk though.
But, on the one hand, the cost is relative to what the going rate is out there. It cost us nothing to get him, plus we got a couple of assets out of the exchange. And if FMV for a UFA goalie is going to be minimum 5x5, then the "cost" of Murray for 2 years is way more palatable. We can piss on his achievements, but the guy DID win two cups. He was good for a good team until he got hurt. He was bad for a bad team but was also hurt. And then was very good for a bad team until he got hurt last year. There's a lot of shitty circumstance and risk associated with this move, but if he's indeed fully healthy, he's going to have the best team he's ever played on in front of him, or at least up there with the Pens teams. He's poised to have a big year if he's just even a .910-.915 goalie consistently through the playoffs.
On the other hand, in terms of "cost", yes, everyone agrees Ottawa was in a bad position and should've retained 50%. I'm not quite sure why Dubie jumped the gun there and even not just wait until the last few minutes of the buyout period to pull the trigger. Just go dark and see what they do. I mean, I pull that on almost every negotiation I do where the other side is standing firm on something I think they'll cave on. I'd like that extra $1.5m to play with, and agree we should have it, but I'm not losing sleep over it either. If we want to create cap space, we're in such a good position in having several young guys ready to step up and take jobs for $1.5M or less, and make guys like Muzz, Kerf, and Holl expendable.
Cap space is only as good as what you can get to fill it. Forsberg is gone, a few others have resigned. So, there needs to be a UFA or trade target out there that we can get where having the $1.5M would make a difference. If there isn't, no big deal. The beauty of this gamble is that it's just two years. By year 3 and 4 of Jack in Edmonton, is he even playable? Who knows.