I think fans are over estimating how much leverage the Pageau camp has. It is one quarter of a season, and yes he is playing amazing but the only thing he is doing slightly different than past years so far this season, is scoring more goals. That is not enough to erase an entire career of below average offensive production and limited top 6 play.
Pageau has not made our PP better for example, a true top 6 centre would be able to produce alot more on the powerplay which is an important aspect of a top 6 type contract.
I want to re-sign Pageau simply because I believe Dorion knows what he is worth and that is anywhere between 4-5 million, maximum. Even 5 is too much but if he signs a 5 year contract I would be reluctant not to agree to it, he is young enough that he would be useful for most of that term.
As others have mentioned, a 1st round pick is never a guarantee, and right now Pageau is a guarantee. However if the demands are too high, trade him as opposed to losing him for nothing, that would be unacceptable.