If the Leafs pay Schenn anything more than $1m, I think they'll regret it.
Ultimately, Luke Schenn really shouldn't be on your first pair -- in the regular season or in the playoffs. If he's not on your first pair, you've gotta ask, where is he???
The Leafs right side is Brodie (Likely), Liljegren, Timmins & Schenn. To me, that's not good enough, and that group not being good enough likely starts from the top. That means, in my view, Schenn should be an in-and-out-of the lineup guy.
Even if you get rid of one of the big 3, you've still got 2 players over $11m, where, if I recall, no team with a contract $10m or larger (on a skater), has ever been to a cup final.