Taking Moses's history with the club out of the equation I still think this would be a terrible signing at that price and length of contract.
Yes, he was in a Grand Final but he was awful in that final series. The eels forwards led them to the grand final (that and the rails run, avoiding the likes of Penrith, Rabbitohs and Roosters in the other knock out stages). We've seen Moses is also a previous wooden spoon recipient so we know he equally cannot perform behind a bad pack.
All that said, I can accept he probably is probably an upgrade at 7, but at 1.4mil and with the comfort of a 5 year contract I don't see how anyone could possibly think he will perform to that value.
Maybe 3 years at 1mil, I wouldn't like it but I could understand.
Then factoring in his history at the club I can't see why anyone would be happy.