Yeah, I don't think the Hawks care about the extra ELC year if Teravainen can help them succeed in the post-season. Just like I don't think they cared about the ELC year with Saad, but obviously the Hawks were knocked out and Saad had the disadvantage of jumping right into a playoff series.
If the Hawks burn a year off his ELC this year, then they could sign him next (2015) summer to an extension.
If we say Teravainen posts 45 points next year (16G, 29A), he'll likely be looking at a 2-year bridge deal at around 2.5-3.0M per if his ELC is burned this year. If the ELC isn't burned and the following season he posts 55-60 points (18G, 40A), you're likely looking at a longer, more costly extension.
So, would you rather try and negotiate a new contract with Teravainen a year from now, or in 2 years when he could very well be one of Chicago's top forwards?