I mostly agree and like you I was perfectly content with Kap having a job here as a depth option.
That said, I'm not mad about ownership not spending the $800k(ish) of remaining salary for him to play in the AHL and be a depth option. That isn't a huge positive for the organization, but it should be weighed against the negative of not having him available as a call up down the line.
This year is going to be a financial loss for the Blues. Thomas, Kyrou, Binner, Schenn, Buch, Krug, and Parayko all make more real dollars than cap dollars. All told, NHL payroll is above $95M this season. Add $1M-$2M more if Suter hits bonuses. That number includes Krug, but I'm not sure how much insurance is covering on his deal. I think it is a safe bet that the NHL payroll will be north of $90M. Attendance is not great and likely will continue that way. We're not in danger of relocating or anything like that, but trimming an NHL salary from the budget if he's not on the NHL team in a year like this is noticeable.