Look at what Ottawa shelled out for Bobby Ryan under the guise of getting a 30+ goal scorer. Aside from it being out of Bryan Murray's control as a result of a budget, is he really going to let Michalek walk?
If possible, Ottawa will sign Michalek before he tests the market. If Michalek puts up 30+ this year, somebody is going to be willing to pay him very attractive money on the open market.
Anderson will be traded on draft day, or in the off season, freeing up enough for Lehner's "bridge" deal, and a back up goalie.
Even if Ottawa pays Michalek slightly more, and gives larger contracts to Conacher and Gryba, the salary cap going up (supposedly tied to league revenue) will make it that next year's salary is almost equally as close to the minimum salary cap as this year.
Otherwise, the Sens have Phillips, who given his age and role, I would assume would not be getting much bigger deal. They also have a few less than significant guys.
It's the year after that is going to be tough if they have a hashtaginternalbudget.
The biggest victory won't be whether they re-sign Michalek or not. It will be whether or not they can sign him to the right terms in order to make him a movable asset two or so years down the road if they need the cap space.