I think so too, that's pretty good money for a guy who's never been able to stick as a top 4 regular on teams with a quality defense. He wasn't able to do it in Calgary, he wasn't able to do it in Colorado. Based on ATOI during his regular season stint as a Canuck, he didn't do it here either.
Despite playing 54 games as a Canuck he only averaged 17:04, which places him behind Hughes, Hronek, Myers, Cole, and even Soucy. Even if it wasn't the rumoured 5M, they probably made him a fair offer based on his overall body of work, which spans multiple seasons, not based on a 13 game playoff stretch.
https://www.hockey-reference.com/teams/VAN/2024.html