Sounds like it is a staring contest to see who blinks.
Canucks - They need to hold tight on term or at least not give a NMC for the Seattle ED if there is a 3rd year. The guys who would either have contracts or be in their RFA years are Stecher/Briseboise/Juolevi. Now, Tanev/Hutton or someone else could be added to that mix in the future, which is why it is important for the organization keep their options open and not protect a 35 year old Dman for the ED
Edler - his camp wants that 3rd year and/or the NMC for the Seattle ED. He'd like that peace of mind that which ever team he signs with will be his final NHL stop.
For me, the Canucks have to believe that given how tight teams were to the protection slots for the Vegas ED, with around only 1 year to prepare, that all teams will be much better prepared this time around. Bieksa for Anaheim got a NMC when he signed his extension in the summer of 2015, well before the NHL provided teams with Expansion protection rules. This time around, everyone knew after the Vegas announcement that Seattle was likely to get the next one in 3 years time. So, they have to allocate their spots accordingly.
I can't imagine another NHL team giving Edler a NMC that covers the Seattle expansion draft. If another organization does, don't be as foolish as them.
I'd say pay him a higher cap because you want to do a 2 year deal and assuming all goes well, if he's still a capable Dman at 35, that you'd do another deal then. No promises, but what is the price he's willing to do to remain in Vancouver. What is that 3rd year worth? If his target is a 3 year $15 million deal, if the Canucks countered with a 2 year $12.5 to $13 million deal would he be willing to risk $2 to $2.5 million to both stay in Vancouver and take a chance that he's still capable in 2 years to earn a 3rd year?
This option benefits Vancouver as they have cap space until Pettersson's 2nd NHL contract.
Looking at the Canucks cap situation here's how they shake down:
Signed:
Horvat/Baertschi/Sutter/Pettersson/Roussell/Beagle/Eriksson/Virtanen/Gaudette/Spooner. This is around $32 million without ELC bonuses.
Boeser/Leivo/Goldobin/Motte are RFA - Boeser likely signs for something starting with a $7. Leivo, arbitration so up to $2 million. Other 2, low $1 million and change range. So maybe $12 million. 14 forwards.
Tanev/Gudbranson/Stecher/Biega - $11.5 million. Nothing on the left side is signed. Juolevi and Hughes would come in at ELC rate. Hutton, via arbitration say $3.5 million. Edler, even at $6.5 million puts the left side at $12 million. So, $23.5 million for the D, and that's 8 Dmen, so 22 skaters.
Goalies - Markstrom at $3.6 and Demko needs a new deal, so using Sarros, say $1.5 million or so. Just over $5 million plus another $800K for Luongo's retention. So, put goaltending at $6 million.
That comes to $44 mill for F, $23.5 mill for D, and $6 mill for G. So, $73.5 million for 24 skaters. Cap max is going to be $82-$83 million. Buyout or trade to clear up cap space if they want to try to go after a UFA.