It's not a yes or no for me.
I would say yes under a specific set of circumstances, those circumstances being that he is as close to 100% healthy as possible and that we think we will be capable of making a playoff run.
The only way I see the latter of that happening is if we sign a significant (IE top line) forward piece this offseason (probably unlikely), sign 1-2 above average middle six forwards, Cammalleri is good to go, and either Zacha, Quenneville, or whoever we draft in the first round this year is able to be a contributor next year.
In other words, I would give him a PTO and see how it goes. If we're going to have another down year next season, it doesn't make sense for us or Patty to have him playing middle six minutes that could be going to a developing forward in a losing effort.
If we were to end up with a forward group something like
Cammalleri-Henrique-FA
Boucher-Zajac-Palmieri
Blandisi-Elias-FA/Zacha/other Rookie/DSP
Kalinin-Josefson-DSP/Rookie/Good FA role player
Gionta/Rookie, Kennedy/Rookie
I think a lineup like that could accomplish something with defense and goaltending similar to what we have now, and I would think Elias would have something to offer playing basically the same role Josefson had this year and serving as a mentor for the younger players.
But that really hinges on adding another 30+ goal type guy to the lineup (as well as Cammalleri being healthy and Henrique, Palmieri, Blandisi, and Boucher all contributing at at least the level they are now). If that weren't to happen, then I would suspect we won't be a contender next year, and thus it doesn't make a whole lot of sense for Elias to waste his last year playing on a weak team.