I'm assuming the OP is a Caps fan, and this proposal is coming from the Caps, not from Nashville. Barry Trotz would pass first, therefore. I doubt he would even bother to make a counter, he would make it clear that the Caps won't be able to meet his (likely ridiculous) asking price on O'Reilly.
The only alternative to this scenario would be if O'Reilly first asked to be traded. Then you could get him for just a 3rd round pick because Trotz's priority would shift to trying to find the best team to give O'Reilly an opportunity to win a Cup with as opposed to getting the best return for the Preds.