The only way this is a bad signing is if it impacts other decisions this club makes financially that will affect us keeping or getting new players. Is it an overpayment? Ya, probably by about 3m, or about 4m/yr if you take in the length of the contract. Adding the extra 2 years should have made us lower the yearly pay, considering other offers in the 4-5 year range are surfacing shows that we clearly had the longest offer in ADDITION to the highest yearly salary.
Also, I've mentioned it before, how is his D in the outfield going to be when he's 36-38? There's a reason why most teams (everyone but us) didn't want to go to 7 years. Also, if you're able to sign a Lance Berkman who's 34 and is probably going to take a corner OF spot at 1 yr 8m, it's not hard to imagine we could have filled a corner outfield spot with good production for 50% less than what Werth will be making the last 3 years of his contract.
All of the negative and waste of money becomes a mute point if the Lerner's don't mind overpaying everyone, from getting us a #1 starting pitcher and another bigger hitter. Because in the end, it's not our money, so who cares if they overpay by 5m or by 20m?