Given that Evans hasn't improved in four years in the league, $11 million a year is a bit of an overpay for what he is; however, given his age, the dysfunction in Sacramento, and the reality that New Orleans had to overpay to dissuade the Kings from matching, I can understand it, so I don't think it's egregiously bad. It's an overpay, but a justifiable one for the right team.
But I'm not sure New Orleans is the right team. I'm concerned about Evans' fit with the backcourt in which the Pelicans have already heavily invested. Holiday, Gordon, and Evans are all accustomed to dominating the ball, and Gordon is the only one that can excel off the ball, so I'm skeptical of their ability to mesh. How do those three play together? Evans has little value off the ball, as he'll destroy their spacing, but taking the ball out of Holiday's hands sees like a misuse of an All-Star PG that they paid a steep price to get. And that's before taking into account Gordon, who is too good and too expensive to be relegated to such a heavy off-ball role.
That kind of role dissonance can become overcome when you have a duo or trio with superstar talent (i.e. LeBron/Wade or Westbrook/Harden/Durant), but the New Orleans talent isn't on that level. However, Evans' willingness to come off the bench not only alleviates some of that, but it's a very good sign of his potential maturation. The change of scenery may do him a lot of good.