With the comment about retention it appears you are a Canuck fan, with the proposal it comes across like you hate the Canucks.
1 - from a player perspective I would rather have Sutter and/or Benn than Smith
2 - the difference in cap hit between Smith and Sutter is $25000.00
3 - retaining on Benn when A. there's no need B. it adds additional cap to Vancouver - so retention on Benn is rediculous
4 - If the Canucks are buying out Smith, just buy out Sutter, it's a lower cap hit next year than the Smith buy out by $600k
Bad, bad, bad deal for the Canucks.
Retention on Benn probably isn't neccessary but the Rangers probably aren't inclined to just do Vancouver a favor, and despite moving Staal don't have a ton of cap room. If no/less retention, sure, sounds great. That's if the Rangers even would want Benn in this hypothetical trade.
Smith buyout costs less next year when EP/Hughes new deals are needed. Sutter saves more this year so you're definitely right on that one but it's a bit of a wash. Its 800k roughly more savings this year but 400k more owing next year. So yeah, maybe a straight up buyout of Sutter is better. But have to think about the cap next year too.
It's not the greatest move Vancouver could make to save cap, but it would save some. Ideally all of our problem contracts could be traded for no retention and no contracts coming back. Or Eriksson could walk away.
The problem isn't the players neccessarily. I'd agree that I'd rather have Sutter than Smith. Smith is not good.
But I'd much rather trade Sutter for cap room (as much as allowable) and have room to re-sign others such as Stecher, than have Sutter.