If Strickland's comments in this YT video can be relied on based on his connection to the family (HUGE grain of salt) and the only team MT will sign with long-term is the Blues, the current market value of MT is that of a UFA with 1 year left. Period. Probably a 1st round pick, a good (not great) roster player, and either a secondary pick or a good (not great) prospect. The Blues, as the only team he will extend with in this scenario, have no obligation to pay above that market value just because they can keep him when the other 30 teams can't.
Personally, I don't think Army blinks on this one. If he can find value for Tarasenko from a team that the player will waive for, I think he moves Tarasenko in a 3-way deal or flips the return for Tarasenko to Calgary and adds the difference in the value between an MT UFA and a VT UFA. For example, if Lou L decides he wants VT and is willing to part with Beauvillier and a 2nd to get him, I think Army gets on the phone with Treliving and offers Beauvillier, our 1st, Mikkola and maybe a 3rd/4th and pockets the NYI 2nd.
If (AGAIN, A BIG IF) Strickland's intel is correct and the Blues are ONLY team that can sign him long-term, then Calgary has zero leverage and can only choose to trade him here or burn a bridge and trade MT somewhere he doesn't want to play even though that team realizes they are only getting him as a high priced one year rental. I don't see any team that has the space to fit his one year deal that is a MT away from being a serious cup contender in 2022-23 and I don't see Treliving sending him to Buffalo or Arizona to punish him because that will impact his ability to attract young talent in the future.
Frankly, I'm on the fence on trading for him in the first place. I certainly don't want to subtract a young talent like Kyrou (and have to move Tarasenko on top of the loss of Perron) even if it means we end up in cap hell next offseason when Kyrou and ROR need new deals. Get a steal of a deal on MT because our team (well, really the player) has all the leverage or stand pat and wait to see if he is available in a year. We are still probably 2nd best in the West behind a team that may be suffering from a Cup hangover next season even if we make no more moves. This might be our best chance to get back to the SCF for the foreseeable future and I don't want to throw that away building a team that has a new window opening in 2-3 years when the cap starts to climb significantly. Personally, I think we can have both (a chance to win next season and extend the window) if Army plays this right, and I trust that he will.