I wouldn't be surprised at all if the Avs are trying to bring JTC back. Bednar loves him and while he certainly isn't a 2C, people have gotten ridiculously carried away with the nonsense that's been said about him.
He's a solid utility 3rd line guy. With RyJo here and hopefully a legit 2C solution for us, having Compher back as a 3rd liner, the Avs could certainly do a lot worse than him on that front.
But I don't think the Avs will pay $5M for JTC. I think pretty clearly what's happening is if JTC is willing to take less money(And a fair bit less as well) to stay with us, the Avs will bring him back. But if the $5-6M deal in UFA us to tempting for him, we'll lose him.
I bet the Avs would be happy to bring JTC back for ~$4M on a 4-5 year deal and that's probably where they are in those negotiations right now if I were to guess.