So your plan for a better contract is to sign him for 2 years taking him to UFA at the earliest possible moment, and then pay top dollar to keep him from other teams... solid.
Terrible contract. If you look at players who signed long term around his age you have:
Rask - 8 years at 10.89% of cap
Bob - 4 years at 10.17% of cap
Varly - 5 years at 9.18% of cap
Holtby - 5 years at 8.54% of cap
Helle - 6 years at 7.76% of cap
Anderson - 7 years a 7.00% of cap
Helle's contract is for more years and a lesser percentage of cap than his comps.
Vasi and Gibson contacts will be more (due to less RFA years).
Coming off a season where he made tangible changes to his technique and ended up 2nd in Vezina voting, taking his team to the conference finals. Seems like a fair deal to me.
I could have got behind another 1 year show me deal, but if he put up another strong season you'd be looking at 10% of cap instead of 7.75%. Goalies can be a gamble but Helle has been elite at every level. If you think this contract is terrible it's because you haven't followed his career.