He's on pace for exactly the same number of points without playing with JT. And while he was -25 last year, he's +11. We can debate what +/- is ultimately worth, but this year is much better than last year. He plays tough defensive minutes - getting double shifted at the ends of games and he was the hands down choice to be Captain based on what Trotz saw in the locker room, not a predetermined decision.
Yes, its possible for the team not to sign him and still survive. However, that's a huge loss....from a number of perspectives. The players saw that the team did all they could to sign PJB. He spurned them - what are you gonna do? But if they cheap out on signing their captain? That doesn't play well in the locker room. Plus, who are you going to sign in his stead? We can throw all the money in the world to Panarin and Duchene and they may decide to go elsewhere (we'll do that even if we sign Lee).
Lee will demand what's appropriate to him. He's not going to be unreasonable. But, he's not going to be charitable either. He may leave a buck or two on the table....but that's about it. JVR and Kane got $7m AAV. That's his target, mas o menos. The term is the variable. Kane is a year younger - he got 7 years. JVR is a year older - he got 5 years. Sounds like 6 years works in this case.
You don't want to pay that? Me neither, TBH. But that's what its gonna take. Be prepared for it.