There was nothing forcing them to either. They do in fact have more time to sign him.
I find it hard to believe that they wouldn't at least offer him a contract before he walks for nothing. Time will tell though.
Well we know they wanted Kalynuk, Allison, and Laczynski to sign. Those guys lose their leverage and college eligibility if they would have signed. Hogberg risks nothing by signing. I think it's fair to assume Fletcher and his crew want to see more from him and as a result I think we can question his standing in the organization under new management.
There's really no contractual advantage to holding off on signing him other than a signing bonus this year vs. next year. It's a 3 year ELC if he had signed this summer with the 1st year burning off while on loan or a 2 year ELC next year when he would likely start in LHV.