Luongo has been locked up for 12 years 64 million dollars. Like most of these recent major contracts, it is frontloaded beginning at 10 million and tapering down to 1 million in the final year (with Luongo at age 43). I expect the NHL to look into this, much like they have suggested with contracts like Hossa and Pronger, who likely won't be playing through the full contract term, yet help the team by lowering the yearly cap hit. For the team and player it is a win-win, but the league is wary of this process, as it in a way undermines or circumvents the CBA.
Bottom line, Canuck fans should be thrilled that they have one of the leagues best goalies locked up for the rest of his career. Since there has been a lot of movement to and from the Vancouver roster, I imagine the next few years will be more of the same. Any time a sizable contract is added to a team, there are compromises that need to happen elsewhere (see: 2010 Chicago Blackhawks). It will be interesting to see if Luongo can reverse the trend of his career-- being an elite goaltender on a mediocre team. Vancouver has certainly been more of a competitor since he joined the ranks, but this is a team that is still searching for a true identity, as we've seen with the mass exodus of veteran players in recent years, and a younger crop filling in.
On another note, similar to the way things work in Detroit, I respect that the Captains (Luongo and Lidstrom) are the peak of the pay scale. In these cases, this delineation is justified, seeing as both of these guys are incredible players, but I like teams who take this stand and stick to it. It has kept negotiations in Detroit Rock City civil, and kept their team a contender year after year. Luongo seems like a great guy, and is one of my favorite backstops in the league. Good for him. Though... Mike Gillis... any regret in signing the Sedins for 6+ million/year? That might hurt in a few years.
And really, who wouldn't want to make this place their home?