Yeah, I think the only way Malkin doesnt stay in Pittsburgh is he wants to go. Some oft mooted situation like Florida lures him down there to help get them over the hump to a cup. If he is good with 7M per, I dont think there is any way the Pens turn that down. But the allure of a new challenge in a sunny clime might be hard to resist.
Letang is a horse of a different color. If he has felt underpaid and wants to truly cash in with the highest bidder, I think he will do that. And should do that. If the Pens turn around and try to replace his game with someone like Klingberg in free agency at a lower cost, or swing a trade for a lower cost PMD on the right side, a la Mike Matheson. If would love it if we could swing something for Sam Girard, but I doubt we've got anything close enough to move the needle for Sakic.
Now, if the Pens playoff "run" is a complete disaster, a la 2019 or 2020, that changes things. If there are bad vibes, and Malkin/Letang want to go elsewhere for themselves, that would mean throwing out the playbook. If that's the case then the Pens probably retain Rust (who I've already written off in my mind as leaving) and maybe try to make a big splash via UFA with the 16M+ they just freed up.
The other aspect to consider is the ownership one. The Pens are a few months into being owned by FSG. If they let both Letang and Malkin walk, even if its the smart play for the money, they will be pilloried.