While Wilson Chandler is an upgrade over Linas Kleiza and James Johnson, he is no more than an average quality starter at small forward in my opinion. I would hesitate greatly before offering him a contract worth $7.5M or more per season.
It's unclear to me whether the player most impacted by Wilson Chandler's signing should count as trade bait or as a liability against the salary cap. If it's Linas Kleiza, then the latter may be true (but we can hope will be part of a S&T deal with the Nuggets).
Outside of the superstar small forwards (i.e. LeBron, Durant, Melo, etc.), IMO Chandler has potential of being one of those solid two-way, 2nd-tier small forwards (like Iguodala, Wallace, Marion, Butler, Jefferson, in their primes). $7.5M is money well spent in that regard.