Noah Cates’ extension: How does he fit in the Flyers’ long-term plan and cap situation?

Philadelphia Flyers general manager Daniel Briere just keeps getting summer work done, before even the official start of summer. Next on his list? Restricted free agent forward Noah Cates.
Or, to be precise, former restricted free agent Noah Cates.
The Flyers announced on Tuesday morning that Cates agreed to a four-year, $16 million contract extension with a $4.0 million yearly cap hit -- a substantial raise over his previous $2.65 million AAV on his last contract. A team source confirmed that the new deal does not include any no-trade protection in any of the four seasons worth of term.
The new deal lasts until Cates turns 30 years old, when he'll next be eligible to file for free agency, ...