I do think, if it ever comes to it, that people will be disappointed with the return, not because Malkin isn't worth more, but instead because whether Malkin asks out or the Pens ever ask him to waive, Malkin's going to list a select number of teams where he'll consider a trade. Simple laws of supply and demand. A NTC artificially reduces demand.
You'd be surprised (actually you shouldn't be) how few people have proven to have the mental capacity to realize such simple logic on the internet.
Knowing how a full nmc reduces the bargaining power of the team trading said player, and the fact the entire reason for negotiating for one in the first place is for the ability to limit your potential destinations if you ever chose to waive so you don't end up in edmonton, proves two indisputable facts.
1. These discussions are worthless when based upon whether or not you think the return would be fair value for the player, the nmc will limit the potential pool of trade partners, and reduce the return they'd be willing to part with because they know the team's options will be artificially limited. Debating hypothetical trade proposals for a player in malkin's situation here is and always will be the definition of pointless, if and whatever he's traded for in the future will never be based on his perceived value, as the team who ends up trading for him will never be in a position where they're forced to compete enough for him, and thus it's literally impossible to fathom beforehand where and what he'll be traded for. That's logical fact.
2. He won't be waiving to go to any team with an abundance of high draft picks and/or plethora of young sure thing prospects as those teams are almost always currently rebuilding, and thus he (especially the older he gets) won't find the prospect of leaving this team in the midst of a decline just to go to another already in the process of it any more appealing then than he does now. So unless he chooses to behave in a completely illogical manner, he'll only be waiving to go to current contenders, and those teams won't be willing to part with a return you might view as worthy of his value because they won't be stupid enough to gut the depth already making them contenders for a player who's proven can be sufficiently contained if not surrounded by quality depth for more than half a decade now.
In every logical scenario, pitt is a worse team after trading malkin, and a good chance significantly so. Anyone arguing otherwise are either lying to themselves not wanting to think about the prospect of it happening, or lying to others because they desire the team becoming worse out of spite. The only aspect that's even worth discussing is whether or not they'll ever be forced to do so, as that's the only thing they'll ever have control over.