All of that is true about the Isles maybe flipping Horvat. If they do, they almost certainly moved to a worse pick in the first round and what did they get out of it? They were talking about this deal in the NHL Network intermission and it was pointed out Raty is expected to be an NHL player. Is Beauvillier's contract so onerous (it's got one more year at 4.15M) that this move was made to get out from under it? I doubt that.
Thus I really do think they want to extend Horvat. If they put him back on the market do they gain? Was the exercise worthwhile? I am not sure they gain if they flip him.
I don't think that the plan is to flip him. Plan A is to make the playoffs AND extend him. Plans B and C would be to make the playoffs (but don't extend him) or extend him (but don't make the playoffs). But Plan D just absolutely can not be miss the playoffs and let him walk.
Missing the playoffs isn't an unlikely scenario and strong uncertainty about making the playoffs by the week of the trade deadline is the overwhelmingly most likely scenario.
Barring a 7-2-2 style 11 game stretch, their playoff odds are going to be below 50% on that Monday morning before the Friday trade deadline. They essentially just turned their first 5 games after the break into borderline must-win games. They play Philly and Seattle in a B2B, then play Vancouver, Montreal and Ottawa. They really can't afford to go any less than 3-1-1, because after that they run a gauntlet until the deadline: Pittsburgh, @ Boston, @ Pittsburgh, Winnipeg, LA, and @ winnipeg. And if they still haven't decided and want to see how the week starts, they play in Minnesota to conclude their pre-deadline schedule.
They are 2 points back of the Pens for the WC2 spot, but they've played 3 more games than the Pens. They are 1 point back of the 9th place Sabres, but have also played 3 more games than them. They are 3 points back of the Caps for the WC1 spot (same number of games played) and they are just 1 point up on the surging Panthers (same number of games played). They are 4th place in a 5 team race for the final 2 playoff spots and two of the teams ahead of them have 3 games in hand.
12 games isn't enough time to pass multiple teams and build a decent cushion. Even if they start winning ASAP, they aren't gong to be comfortably in a playoff spot by the deadline. So if Horvat won't commit and sign an extension with them by the end of February, then they pretty much have to see how much of that value they can recoup.
I'm not worried that Lou made this deal because he wants to flip Horvat for a better package by letting teams talk extension with him. I'm worried that he's not going to have a choice.