A smart and creative GM can find ways around it even if you aren't directly dumping him to SJS or Anaheim or something.
Eg, if he has detroit as a team on his available destinations, swap for Copp, who you can either keep as 3C, or since there are 22 teams you can send HIM to, dump him to one of those teams in a 3 way trade.
Or again, if a team likes palat at 4 mill but not 6, source that retention through a 3rd team. eg if contender C is willing to pay a 2nd for palat at 4 mill, we pay a 2nd to team B, and team B eats 2 mill for 2 years. Not into the specifics but can get creative with ways to dump him
That is a really bad buyout unfortunately.
We only save 3 mill a year in the 2 years he's under contract, which would be what it would cost to replace him anyway. And then you eat 1.5 mill for another 2 years?
I'd rather pay a 1st+ to dump him than buy him out