I get why McPhee is doing this, but it's not the way I'd go about solving the problem, and I'd argue that it may be one of the most misguided ways imaginable to solve it. The last thing you want to do is instantly antagonize one of your most skilled players. Honestly, either trade one of the worst defensmen on your team (of which you have plenty to choose from) for a low pick, or if you can't find anyone that would trade a low pick for a defender, have the awareness to realize that it's likely nobody, immediately, wants them, and so they'd almost certainly clear waivers.
Personally, I'd be annoyed right now if I were Shipachyov, and I'd be questioning my decision to sign with Vegas when other suitors were available. Even if they told me why it was happening, I'd have to realize that it wouldn't likely be happening at all had I signed with another team. That's too bad because I want Vegas to succeed, and how they treat their players in this first season is going to be the first impression that free agents see. Not good.