You're missing the key theme of this off-season, cap space itself is a tremendously valuable asset even more so than in previous years due to the flat cap environment. CBJ moved Bjork for cap space + picks taking no cap assets in return; the cap space was the most valuable piece in return.
In the Garland trade discussed, if the Canucks were to take back cap space, for example in the form of an RHD or other piece, Garland's "value" is much higher because there is an exchange of cap space. This also allows for a much larger market of trade partners as there are a lot more teams who are up near the cap limit. The same would apply if CBJ took cap space back in the Bjork trade they certainly would have received more "value" but that wasn't the purpose of their trade.
I'm not missing anything. I fully understand the concept of cap space, opportunity cost, etc.
But if the Canucks aren't in tank mode, what bad $5M player are they taking back to neutralize the cap implications such that VAN gets good value for Garland? I don't see them taking a bad or even mediocre player to even out the cap in order to bring up the Garland value. I think they want to improve their roster so....
You're talking about a straight hockey trade of Garland for Player X (or players X and Y). What team is giving up player(s) of similar salary to Garland that would be a good hockey trade for both teams and actually
improve VAN's (and the other team's) roster? Perhaps there's a fit out there but I don't see it.
And as much as taking back cap may bring up the value, teams still have to ask themselves if they want to allocate $5M for a middle 6 complementary winger. If the cap was still going up ~$5M per year and we were in "normal" times, I think there would be a lot of interest in Garland, including on VAN's part to keep him.
But there's still opportunity cost to having a player who makes that much and for that term in today's flat cap environment. And that is why I said I think the best move would be for VAN to keep him for another 2 years until the cap starts to go up and there would be more interest & flexibility around the league.