I fully realize how good Ellis and Ekholm are but they are both nearing the age where players typically start to decline. I have no qualms about them for the next 3 years or so but after that things get risky with how they age. I just really don’t like the idea of potentially having 3 highly paid defenseman all underperforming relative to their contract in a few years.
As for Ellis’s value we just saw Schmidt go for a third round pick and while I think Ellis is better and the Schmidt move had extraneous circumstances it does give us some indication of the market which isn’t great.
Whereas I don't think Ellis is even as good as Schmidt is. But either way, it still helps to illustrate what can happen. The market is about to be pretty tight on new contracts for the next couple years. Moving them won't be as easy nor likely as profitable as we are used to thinking.
I also have no particular qualms about the next 2-3 years... they're good enough and not-old enough that we'd still get good value out of them On The Ice relative to their salaries at the time.
But it is indeed "Past That" we have to think about. If Ekholm is extended, or take Ellis on his current deal, in the likelihood that they fall short of getting good value relative to their salaries later on... well...
Maybe taking any advantage we can of the current market chill is something that would help us out overall. Imagine you lose Ellis in the Expansion Draft. And then you can sign a D or trade for one like Schmidt by only giving up a 3rd round draft pick, while other teams wrestle with their Cap constraints, just like this year. In effect, you only lose a 3rd round pick in the Expansion Draft. Or nothing if you can turn around and spend that $6.25M on the UFA market (Dougie Hamilton). Or you take a slight downgrade on Ellis, but a small downgrade might not be much to lose in Expansion, all things considered, especially if it also gets you out of the last 2 years of Ellis' contract when he likely won't be as effective. (Barrie, Gustafsson, Montour, Savard, Larsson, McCabe, Martinez... there are several impending-UFA defensemen).
I mean, you have to watch how things evolve, players and market. But I can definitely imagine scenarios where losing a top-4 defenseman in the Expansion Draft wouldn't automatically be so bad.