Here's the skinny on Jay Bouwmeester.
He's being paid as a top pairing defender, and there's no doubt he's a steady player who eats a lot of minutes, against top players. And he's still got a great outlet pass, and his hockey IQ and leadership are underrated.
But he hasn't produced enough offensively to justify his contract, and he's beginning to lose a step. And, for all that he has great size, he's never been a bruising stay-at-home defender. His game was largely reliant on his mobility, which isn't what it used to be.
The Blues have a fantastic stable full of up-and-coming young defenders who project, at some point, to step into the lineup--but they're not quite ready.
All that considered, Bouwmeester still has more value to the Blues than reasonable return he might bring in trade.
They'll keep him for now, expose him in the expansion draft, and he will almost certainly be taken. His contract will help Las Vegas get to the cap floor, and his leadership will be very valuable to that team.