I can't see treating this like any other trade deadline when it comes to the "real $$$" side of the equation. In a real season, teams have real revenues, and retaining money on an existing contract is just within the parameters of the budget you already had. But in a season like this, where the team will lose $20M, why wouldn't you rather lose $19M instead?
I don't think draft picks are worth very much relatively to real money in this situation. It'd be great if the Preds could just write that money off and get the best prospect/pick package possible. But I'll be surprised if that happens.
Toronto sure doesn't seem like a fit, therefore, given that they NEED salary moved out and retention as a starting point.