I'm really surprised Bouchard signed for so cheap.
He didn't have much leverage without the threat of an offer sheet. A team would have to give Bouchard something outlandish for Edmonton not to match. Teams currently with more than 3.9 mil in cap space.
Montreal* (6.7 mil assuming LTIR) - Probably not willing to risk an unprotected 1st, missing their own 2nd so they couldn't offer in the < 4.29 mil range.
Arizona (3.9 mil) - Probably not willing to risk an unprotected 1st
San Jose (3.99 mil) - Probably not willing to risk an unprotected 1st
Columbus (4.73 mil) - Already have four expensive RHD plus Jiricek in the AHL
Detroit (5.15 mil) - Went cheap for Petry instead, missing 3rd round pick so they could only offer 4.29 max AAV.
Nashville (7.9 mil) - Already have four expensive RHD
Buffalo (8.77 mil) - 8D signed, they traded away Lyubushkin to alleviate log jam. Have to give Dahlin/Power raises for next year
Chicago (12.8 mil) - Have three expensive RHD, probably not moving unprotected 1st yet
Anaheim (16.6 mil) - Zegras/Drysdale RFA, probably not moving unprotected 1st
Lou managed to sign Noah Dobson (same draft class as Bouchard) to a 3x4 mil deal last summer when Dobson was fresh off a 51 point season. So that might have been a comparable that Edmonton was pointing at.