Definitely an overpayment, but they needed another experienced left side defenseman. Though it seems like he's been around forever, Meszaros is still only 28 years old. If he plays well, he could garner a decent return at the deadline at 50% retained salary.
This will give them flexibility to make moves at the deadline without taking salary back now. Stewart, Stafford, and Meszaros moved out at 50% retained salary for whatever draft picks and prospects they can get back would be nice.