If they trade Jensen the calculus obviously changes, but as is Orlov and Fehervary both got close to a minute per game last season. Orlov in particular should see his PK time tick back up since he's presumably losing his PP time to Schultz. He played 1:59 a night the year the Caps won the Cup, no reason he can't do that again. I'd figure with Siegs gone, Dillon and Jensen would get around 3 minutes a night, Orlov and Carlson around 2, and Fehervary fills in on extended kills or when one of the above is in the box. It's a small sample size, but in the 3 games Fehervary played in February he got 4:19 on the PK, which tells me they think Fehervary's capable of playing that role.
I'm much more worried about the PK if Jensen goes, cause even setting aside how good he is on the PK, replacing his minutes is a lot uglier. He and Gudas were the primary right side PKers last year, and we'd be replacing them with Schultz (doesn't PK at all) and TVR (1:14 a night in Carolina). If you think having Dillon and Orlov as the only LD PKers on the team is a problem, then having only Carlson and TVR as RD PKers is an even worse problem. The Caps would be in a situation where their primary PKers are both LD, so they'd either need to have one of Carlson or TVR seriously ramp up their PK time to match or have one or two guys playing on their off side, making clearances harder. No good option there.