My personal theory is that the Avs just aren't all that worried about the Expansion Draft for a couple of reasons:
1) It's 2 years away. They don't know what their roster will look like then. I mean for all we know, they could get EJ to waive his NMC for the XD if they have assurances from Seattle that they won't take him.
2) They believe that if they're having to make a "tough decision" on who to protect, that's a lot better than the last XD list they put together that had them protecting such "superstars" as: Sven Andrighetto, Matt Nieto, and Rocco Grimaldi.
Honestly, I think the board is rather consensus in that we'd prefer them to not use a protection slot on Makar if they can hold off, but it seems like they just don't care and will deal with the protection list when it comes time to deal with it.