There's been a lot of talk about the deal. I'd like to highlight one major point $124M/13 seasons is equivalent to $7.3M/season (in todays dollars) not $9.5M/season, due to escalating costs of salaries (assuming 4% growth). That $7.3M figure is the one the GM of Washington is looking at, of course he still has to deal with that wonderful $9.5M cap hit when the contract starts.
What I find interesting, is that Ovechkin has done nothing to improve Washington. Here's a guy 250 points in 206 games and -11. That's a lot of goals for, but also a lot of goals against [Ranked 4th worst in 06-07 total even strength minuses.]. Ovechkin is up there again this season, on pace for another dazzling -70 goals against at even strength. What sort of value does he really provide?
Ovechkin is part of a small group of players who in fact average over 5 shots per game, and it's a big reason for his success. The quality of his shots are lacking and so his percentages are low, but with all those shots you get quite a few goals (but you also loose the puck a lot).
The fact of the matter is Washington hasn't gone anywhere with Ovechkin, so this could be a long 13 years ahead of them as they got no defense to build on.
I'm glad my team didn't sign that contract.