I've been completely down on Eriksson for a long while. Terrible work effort, seemingly terrible attitude and, of course, terrible contract. An on-going pain in the ass for the team.
I'd like to beat on Loui as much as the next guy but some of the solutions being suggested really don't improve anything.
Buy him out: Get so little in cap relief that it's not worth it. Moreover, would have to bring in some sort of replacement and that'll cost something.
Send him to Utica: Might make you feel better to punish Eriksson but Canucks have enough problems attracting players and this black eye won't help. Also, you've now got a festering problems in the minors that the Comets don't need.
Press box him in Vancouver: Probably less destructive than sending him to Utica but you wonder about the effect on his teammates and does nothing to remediate the situation. - just leaves the team in a holding pattern that could get quite negative.
Trade him elsewhere: Easy to say, near impossible to do. Get back something equally atrocious like the Lucic nightmare or have to include real asset or assets and then retain a good chuck of the contract.
The only way forward I see is to play Eriksson and pray you get something out of him. At the end of last year (admittedly during time garbage when the Canucks were regrettably lowering their draft choice), Eriksson looked not great but marginally passable on a line with Horvat and Pearson. That seems to me the best case scenario moving ahead. Let him try to get some chemistry there and maybe you get some production. It's a "put up or shut" proposition for Eriksson and at least puts him in a position to succeed. Beyond that, we don't have great options for the 2nd line anyways. Baertschi hasn't shown much and could go down at any time. And its unlikely Levio is a legit second line NHLer.
Ultimately, there is probably no real satisfactory solution with Eriksson but IMO this is the best way forward.