Great deal, depending on their intentions. Seems like a guy you can let rebuild value in the first half of the season and then flip him to a team that thinks it can make a run. ...or to a team looking to punt the season and shed some longer-term salary.
Not seeing the negative. If he proves himself an asset and helps you win games, trade him - somebody will want a big at the deadline. If he doesn't… Then you wait for him to expire and you guys get your ping pong ball.
The only way I'd be unhappy with this deal is if they actually try to make a playoff run with him. But I kind of doubt that's the case.