Well obviously it's not on him. He had a budget so the fact that he spent what little money he had foolishly is clearly not his fault.
Maloney is like a declining star, folks are remembering him for the plays he used to make rather than the plays he has more recently made. It would be akin to the Kings holding on to Mike Richards because he used to be really good.
Maloney had all the built in excuses to not sign Smith to that terrible deal. Something like, "You know, we would've liked to have resigned Smith but under our current budget constraints it just wasn't a wise move for us at this time" kinda thing. Instead, he signed Smith to player friendly money, player friendly term and player friendly conditions (NMC/NTC) and negotiated nothing that was favorable to the team. Instead of letting Smith go or negotiating a friendlier deal, he went forward in spite of budget issues.
If I'm owner, I keep Maloney for the TDL but end of season, based on performance, I thank Maloney, Smith and Tippett for the nice run and wish them well in their new opportunities.
However, one little caveat to it all. There is the matter of what are Maloney and Tippett's contracts? In 2013 Tippett received a 5 year extension and in the same year, the NHL signed Maloney to a "long-term contract extension" specific term not disclosed. I don't believe money has been disclosed for either of them and I don't know what a buyout would entail for either but, buying out Ribs + Smith + Maloney + Tip could be a rather jagged pill to swallow.