I'm thinking it's unlikely he does a deal this some for Parayko, but if he does, I could see 4.5Mx8 ala Klingberg as the standard.
However, if he waits until next year (if we keep Shatty) it will be difficult. The threat of an offersheet from EDM, I think, would be extremely likely.
I would prefer to get a deal done now, and get him to 4.5Mx8 - perhaps cheaper, but Armstrong hamstrung us a little bit with signing Gunnarsson. If we are looking to sign Parayko now, then we need to be actively shopping Shattenkirk (assuming we're keeping Gunnar). At this point, I'd probably rather wait on Parayko and just give him Shattenkirk money when the time is right.
If we're upping Parayko now, I think I'd run this:
Steen (5.8M) XXX Tarasenko (7.5M) = 13.3M
Schwartz (6.5M) Stastny (7M) Fabbri (.9M) = 14.4M
Sobotka (2.75M) Lehtera (4.7M) Jaskin (.9M) = 8.35M
Ott (1M) Brodziak (1M) Reaves/Upshall (1.125M) = 3.125M
39.175M on Forwards
Bouwmeester (5.4M) Pietrangelo (6.5M) = 11.9M
Shattenkirk (4.25M) Parayko (4M) = 8.25M
Edmundson (1M) Schmaltz (.9) = 1.9M
22.05M on Defense
Allen (2.35M)
Elliott (2.5M)
4.85M on Goalies
66.075M Total
7.425M remaining (assuming cap is 73.5M).
Still, I'd rather save the space now and utilize both Shattenkirk's remaining year and our really good ELC players for a cup run. The difference between a Parayko contract this summer and next summer shouldn't be a huge difference, and by then we'll know about the expansion draft (Bouwmeester/Gunnarsson), Elliott, Berglund, and Shattenkirk.