Kuemper has another year left at $4.5 million. Teams are having difficulty with a flat cap and also paying out real dollars with the pandemic. Not to mention that Kuemper has been injury prone as of late and the last I heard he would be out with an injury for several more weeks. It is likely a limited market for him.
I am not sure that Colorado would be interested however. Colorado has no second round pick this year or next and Grubauer is the undisputed No. 1 for Colorado. If anything, Colorado likely looks at merely someone that is a true backup.
Burnside is being lazy with some of his speculation.
If Arizona can retain close to 50% to get Kuemper's caphit down they might find that the market for him opens up and they'd likely be able to get a 1st for him then too.
At $2.25m x 2 he'd be considerably more interesting for Colorado, as that would mean that they could keep Kuemper as backup next season while still resigning Grubauer. They'd have to protect Kuemper though and roll the dice on Grubauer resigning on July 1st though, and that's a pretty big risk unless they have a handshake deal with Grubauer.
Something like Kuemper (50% retained) for Francouz + 1st could be a base, perhaps with Arizona throwing back a mid-round pick or prospect. That said, I'm not sure Sakic would want to part ways with a 1st for what would be a backup goalie though, especially given that he'd have to expose Grubauer in the ExD.