Yes, it is much more likely that the males have reached the end of their lifespan with the advent of sexual maturity, at least measured in days and weeks, not months, until the end.
Different animal species have different reproduction strategies, some reproduce quickly, and die quickly to make room for their own genetic offspring...while others take a long time to mature and produce their young.
In this situation, it is normal for the faster reproducing species to become subdominant in any particular arena, there are certainly more squid being born every year than Orange Roughy, correct ? This may lead to the phasing out of the slower reproducing animals, and replacement by the swifter...which, in turn, then evolve into slower and longer life cycles, only to be overturned in their course by another, new animal species.
So, perhaps in time, we will see octopus that live out a long life span, and have a limited reproduction cycle, although this is maybe a tad unlikely, as they have proved to be so successful with the short term lifespan that has worked out so well for them. The one nice thing would be, with the longer lifespan, they could enlarge their area of occupation to include zones that have less food availability, and without the need to feed almost constantly to maintain the fast lifestyle, they would be able to even live in a freshwater environment.
Just think of the savings in sea salt ! (yeah, I know...millions of years, etc, but I can wish, can't I?)
Greg