First of all, that is more than "just a thought", that's a thesis paper.
I don't think it's good to set a precedent that you're willing to pay too much for a player given their performance, or offer too long a contract. That's what got us in this mess in the first place. Besides, Backlund could be a bust to the point where he's replaceable on the NHL roster with another prospect (I don't see that happening, but it is possible). If you sign him for too long then all of a sudden you're "burying" his contract in the minors. No, IMO Feaster is doing just fine.