I have no problem with the size of Bogdan's contract. There are things worth worrying about as kingsfans, but that's not one of them. He's as likely to be an important contributor as anyone else on the team as of now. And whatever the contract amount turns out to be, it doesn't include the buy-out with his current (old) team, which is up to the Kings to pay (I believe). But even that's not prohibitive.
A value contract is always beneficial. Hopefully, his play will make even $12M look like a bargain, but that only time will tell.
As of now, he's a rookie, who will probably take some time to adjust to the new environment and level of the game. It wouldn't be surprising at all if he takes some time before being really productive. That's the time he will deserve a big pay, and certainly earn it.
In the mean time, we have to be open to the possibility of trading one or more of our youngsters for other assets (no, I'm not advocating trading him). However, at the 2 position, we have 4 people who are good enough to deserve minutes, (and should for their and the team's development). We'll likely give them some minutes by playing them at 3, but sooner or later, we'll need to think about trading one or more of them to get more help at 3, and/or get a star. A value contract is always easier to trade. Money may not be an immediate issue for us, but it certainly is for most other teams.