If Helm's exposed, I wouldn't be surprised at all to see Vegas take him to be a vet presence in the locker room, and even a captain/assistant captain. We knock him a lot for his contract here, but by all accounts he seems like a really good guy to have in the locker room.
I somewhat disagree, for a couple reasons.
1. The term/salary. I'll bet Vegas will field offers for mid round prospects/picks to take contracts like Helms off their books via the expansion draft. I'll bet LA's new management is already putting together a decent package to entice McPhee to snag Dustin Brown or Marian Gaborik, and Philly will probably do the same with Andrew MacDonald.
2. The vet/leadership thing. For Helms nearly $4M salary, Vegas could probably get 3 separate veteran/leader bottom 6 forwards on the UFA market for a shorter term to boot. Guys like Ott, Neil, Brian Boyle, Dwight King, etc could fill that type of role and potentially be a tradeable asset at the deadline.
I've got to think that McPhee's outlook for making selections will weigh on what that player(or contract) can bring to build for the future, whether by playing or through a trade. I'll bet a bulk of the minimum salary that Vegas is required to select will come from teams that offer organizational depth based on them selecting a bad contract. The rest will be a combination of: A. unprotected serviceable younger players/prospects that still have some upside. B. Veteran players that could play a key role (such as Fleury being starter) and/or could bring tangible assets in a trade within the calendar year following the expansion draft.
In that focus, a 25YO center coming off a rough year that still garnered interest from other teams at the deadline, but that may still have upside and is still on a bridge deal (Sheahan); or a 20-something Dman atleast capable of playing on the 2 pairing that may still have some upside (Ouellet/Jensen) would be much wiser picks. Especially compared to choosing a fragile, at best 3rd line/PK bottom 6 forward with a largely untradeable contract and coming off a season where they missed significant time and roughly 50% of their production came in the first two weeks.
On top of that... I'll bet if Holland gets any sort inkling that Helm might get selected, he'll panic and flip Vegas one of his extra draft picks to ensure they DON'T select him.