His career isn't held hostage he has waivers. He wanted an easily to obtain contract then this is the potential risk that goes with it.
I think waiting until game 9 and hoping he shows steady improvement is still the play at this point, but if that does happen and he still isn't looking like the player who's worth the money we're paying him next year, then we should be waiving him 100%.
Either a team who wants to go all in this year and can fit the penalty in next year takes him for free, or he can agree to mutually terminate his contract and sign with whatever other team is able to wait for him to get up to speed.
I would much rather have the 3m+ in cap space on top of whatever the cap goes up in hopes of keeping our cup dream alive for next season, and grabbing some help at the deadline this year on D with the bit of space losing brown opens up. Once Drai is up for renewal after next season, we're outside our cup window imo. He's going to get a well deserved raise, and we've already seen how poorly this management group handles cap issues.