Well, if you don't know what options were available to him, then how can you fault him for waiting?
If I were in his shoes I think I would have done the exact same thing. Shop Luongo for as long as possible to see if there were anyone willing to take him, and if that doesn't work go to Plan B, which is trading Schneider. Unless we know of a specific case of him refusing a trade that helped us and that Luongo would have approved, there's no way to call him out.
I think the reason he waited was because no one was offering anything that had more than minimal to negative value. He waited to the last possible minute where someone might change their mind before deciding to trade Schneider. I see nothing wrong with him waiting to try and maximize value, or at least ascertain for certain there is no other beneficial option other than trading Schneider.
I think it's safe to assume that Gillis controlled the timeline... By his own admission, "he is the problem" [why Luongo hasn't been traded]... Gillis wanted more... Gillis felt that he
should get more for Luongo... Gillis felt that Luongo on the team was better than the return he was getting offered, so better to keep Luongo on the team... I think Gillis was the reason why Luongo wasn't traded last offseason all the way to the trade deadline (at the deadline, Gillis refused to have salary retained)...
I don't blame Gillis for waiting (I think Luongo should have returned something good to great, as well - I'll assume Gillis was just offered "ok", good enough to trade Luongo at any time, but not good enough to pull the trigger on a deal... underwhelming, ok offers)... But, the environment conspired against Gillis to get something good to great (and perhaps even ok) at the end (mainly the CBA "Luongo rule")... There were warning signs that the new CBA would have a rule to punish Luongo-type contracts, but these were ignored... I reasoned no way the league would do it, at least, not grandfather in existing contracts... Maybe Gillis thought the same - it wouldn't be such a harsh punishment? Gillis was right that the market opened for Luongo in the offseason (Philly, NYI, etc.), but was wrong that this opened market would result in a good to great return (maybe even the ok offers disappeared)... IMHO, other GM's perhaps felt that Gillis was squeezed to buyout Luongo and they could get him at a much better (shorter term) contract without giving up anything... I think the CBA made Luongo less valuable than before... I think other GM's legitimately wanted some compensation for the Luongo contract (salary retained, etc.)... Low return + salary retained? $24m buyout + no return? Difficult to swallow...
Gillis waited, and it didn't play out as he planned... That's his fault, IMHO... The waiting was in his control... From my armchair, I would have lost the game and bought out Luongo... From my armchair, there was no way Gillis could now go with Schneider after everything said and done since last offseason... In the end, Gillis would have the CBA to blame, even though it was a misjudge of how things would play out (by waiting, the possibility was there all along for things to change - not only positively, but negatively as well)... The CBA was the way out for Gillis to save some face losing Luongo for nothing... I wanted Schneider on this team, more than losing Luongo for nothing... I think Gillis made a mistake (as did I) that made this worst case end result a real possibility, and likely outcome...
But, with that said, whereas I would have lost the game, Gillis turned the mistake into a challenge to overcome, and an opportunity to shine... I thought too much water under the bridge to keep Luongo over Schneider now... Having Horvat in the organization, with Luongo providing excellent to great to good goaltending (assuming he comes back) is some nice tasting lemonade... But, still, having Schneider is a cool drink as well... Is it better to have Schneider, or Luongo + Horvat? Just having this a legit question, means to me, that Gillis did good with what he was facing there at the end...
... and the more I find out about Bo Horvat, the more I'm glad that the mistake happened (or the more I don't consider it necessarily a mistake, but rather, an "unexpected change of direction" at the end)... Blessing in disguise? A day where you lose a goaltender like Schneider, is
never a good day... Yet, at the same time, a day where you get Bo Horvat and Luongo is
always a good day... I think it will take
years to determine if this was ultimately good or bad...
All that can be reasonably said right now, IMO, is that it was a bold move, and a Gillis stamp on this team...