I said this with the Weber deal. Arizona has no intention or hopes of actually completing a rebuild and contending at some point. They're not even getting any assets back for these cap dump/LTIR deals! What is this? A 6th round pick to dump an $8M AAV??
Meruelo's sole goal is to pay as little actual cash as possible, by acquiring players who have high AAVs + low salaries or are LTIRetired and the contracts are insured, just to hit the cap floor. He's dumping anyone who gets paid anything remotely expensive. You can guarantee Schmaltz is gone before next season. His endgame is hoping to sell the team at a profit once the Tempe arena (if) gets approved.
The Coyotes have no intention of icing a real hockey team. It's just a dump for the rest of the league.