The $12.5M ensures McDavid will be the highest paid player over the term of the contract. At the moment he only needed to be paid over $10.5M for that to happen but that may change.
The test of whether that is an over payment or not will occur in the next few years when Matthews, Laine, Bobrovsky, Tavares, Doughty, Karlsson, and Backstrom will all require new contracts. If those players are all signed for less than $11M then McDavid is overpaid, if those players sign for $11-12M then McDavid is paid just about right, and for some reason if they get paid more than $12M then the McDavid contract is a great deal.
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