You can't just let good players walk. The team will never be stable without a performing in the ice. Who knows if Garland is asking for a NMC, or what $ he's asking for. But 5.5M with term, no NMC is a fair deal. Some risk for both sides, but if Garland plays like he did last year it would be a bargain.
Here's the thing about Garland - he's a good player, but he can't carry the team. I'd rather have four or five guys who are 3/4ths as good as Garland with size and durability than one Garland who
might end up being a 50+ point player down the road playing with a bunch of fourth liners in disguise.
Team construction in hockey is all about depth. Only with guys like Gretzky and McDavid/Draisaitl can you make it to the playoffs on the strength of one or two players. If you're spending $15M+ (theoretically) on two small wings who
might possibly end up being 50+ point players in a couple of years, you're not doing your job as a general manager right. It's that simple.
On a sturdier franchise with more disposable income, guys like Garland and Keller would be luxuries that you could afford to overbid on with the expectation that you'll hit the lottery with them. Our margins here are razor thin. So I wouldn't blame Armstrong one bit if he decided that he'd rather build a team that had better balance throughout the roster than give the bank and term to a miniature, thin-necked guy who has been the headhunting target of the entire league.
My ideal contract for Garland would be 4 years at $4.5 to $5M/year AAV. That's what his numbers justify. I might go up a little in dollars, maybe a year more in term, providing there are no attendant clauses. But if his agent is asking 8x$7.5 or something outlandish like that, by all means trade him or let him get offer-sheeted. That's simply absurd.