This. Petry has at least positive value (like a 3rd) at 25% retention. If he can find his game, he could have considerable value at 25% retention.
If a team wants to acquire Petry at 50% retention, they can pay the additional market price to retain $2.5M for two years to the Habs or a third party.
LOL. Petry has more than 3rd rounder value as is, with NO retention. $4.688M for two years is a fine contract for a 2/3 RHD with size, skating, experience and some scoring. The only issue is the time of year - it is harder to trade a guy with a cap hit of ~$4.7M when teams already have their cap structure in place. You have to find a fit with a team that probably needs to give you back salary, and then you want to make sure what you get back actually helps your team advance.
Hughes is under zero pressure to move Petry for less than value. When the original trade request was made during the COVID-restriction period, when there was also a human element to consider, Kent did not give Jeff away. If he did not cave then, he certainly won't now.
If any team out there wants the positive contribution of Petry during a 2 year competitive window, and has not enough cap space to afford him, then they have to give up significant futures for that luxury. That is how the NHL market works.