I don't really buy "no one will sign in Edmonton!!!" as a scare tactic.
Even before Barrie, Justin Schultz chose Edmonton over all the California teams, Vancouver, and other big suitors. Lucic, while he fell off a cliff, was a big ticket forward UFA in summer 2016 and he wanted to come here. Sekera signed in Edmonton.
The thing with replacing RNH is he's not a game breaking superstar, so it's more about just replacing his 55-ish points and special teams role, which is a lot easier to do.
Even though I'm not crazy about him, even for a year a guy like Tatar for $3.5 million probably nets you 40-45 points in our top 6, and then you can also sign an Erik Haula that can do a lot of the PK work and play wing or center, and maybe add another low cost player like Galy that gives you another 25-35 points.
If you're going to have a team that is only good enough to make the playoffs and then bow out quickly, why invest long term in Nugent Hopkins, I'd rather just have shorter term contracts in that case.
Long term you would have far greater cap flexibility, if a star player become available at a trade deadline going forward for example you could go all in with your 1st being put on the table and be able to send back expiring contracts and teams would be amenable to that.