I think there is a limit to Mikko where it practically would be better to move on, but realistically, the Avs are not making that move. IMO he's likely to be the highest paid Av for a short bit and if he isn't he'll be very close. From there you have to make roster decisions on how to build the team. Right now the Avs are wing heavy on their allocation when you include Landy. With the contracts today, the Avs are over 30m for next season for 6 wings, and this is prior to Mikko's raise. When he gets his raise, we are looking at 33-34m for those same 6 wings. Realistically, with this current cap, you can't average 5.5m per wing in the top 9 and have enough spending elsewhere. If there were multiple ELCs for centers and defensemen, maybe... but staring down the barrel of 38-40m on wings (Mikko with an additional 3.5m (12.75), LOC at 2.5, 4 current contracts at 20.125, Kovalenko at 2, and 1m) means there is a trimming that'll have to happen to pay for Mitts' raise (22 is probably the floor with 24 being the max between 3 centers) and keeping a top 4D together (25.75 locked in the top 4). We're roughly at 86m prior to a 4C, extra forward, bottom pairing D, extra D and goalies. If the Avs stay at ~4.5m for goalies. The other 4 spots have to be filled for <2m total, which just can't happen with the league minimums.
Where that trimming happens is up for debate, but you can't keep the wing spending this high without ELCs in impact areas at center and defense. Which basically says, Ritchie has to be 3C in 25-26 unless wings are cut.
Of note, Rants, G, Colton, Lehky, Nuke, Manson, Toews, and Landy all have variations of NTC/NMC. Colton and G's kick in July 1 (Colton's is a full NTC next season). Lehky's moves to 12 teams July 1 from full. Landy and Nuke's move to 12 in 2025. Mikko's is 9 team that'll likely turn full NMC upon signing an extension.