I don't think MSL garners anything more than was traded for him from anywhere else. King's ransom? That's
exactly what they got. Your point, that they get full value "in spite" of the NTC doesn't really matter, because they still got near full value. The thing that dampers the trade value of the player is the trade demand itself. Once that demand is out, other teams are immediately willing to pay less.
"What if they didn't like Cally and didn't want draft picks?" Then Yzerman tells MSL that he's either not being traded or he needs to widen his list. It's happened before. Hell, Bob Murray has done it before, and I generally think of him as being pretty inept. The GM is under no obligation to trade a player and the CBA makes it pretty prohibitive for a player to sit out for any significant amount of time.
Could the Isles or Oilers ponied up a better package? Maybe so. Why would they want to? How does a 39-year old help either of those teams in the long run, which is what teams in their situations care about? This is something that I think keeps getting missed. Just because there are 29 teams in the league besides the controlling team doesn't mean there are 29 potential destinations. A team open to bringing in MSL has to see themselves as a legitimate contender for the Cup. That cuts the numbers down to 7-10. The team then has to have the cap space, or potential cap space presented by the trade. Cut that initial number in half. Then the team has to have an open roster spot or be willing to create one. Cut the number down again. We're essentially talking about 2-4 teams with the motive, means and opportunity (
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we aren't talking about murder!), provided the player has no NTC or no issue going to the team in question. Will that really drive the price up my much? My answer is: not much. The demand for the player isn't particularly high to begin with.
I actually think players without NTCs demand trades just as often as players with. Remember Chris Pronger? The one thing the NTC does is slow down the process. Maybe it causes the controlling GM to hold out for full value. Maybe it takes more time for the potential destinations to decide to do a deal. Either way, it slows it down to the point where the demand leaks out. A player without an NTC might have his GM find a reasonable deal more quickly, before the trade demand comes out in the public.