Because there are significant cap consequences for a buy out, particularly in year's where Draisaitl + Bouchard and McDavid need raises.
Now lets look at this logically ... either Skinner and Pickard went from one of the worst goalies in the league by save percentage and a the other guy being in the AHL for several years just a few short months ago and are both star goalies OR Knoblaugh's system is doing a big amount of heavy lifting and there's a fair probability that more than a few goalies could put up good numbers behind that improved defensive system.
Which is more likely?
If it's the second scenario, then this team will have been very stupid to commit to a 6 year buy out of a player because they got frustrated over 5 games where the other goalie (Skinner) was even worse and then never gave the other guy a chance even after improving massively in the AHL.
It's a shit situation to be in, but it's the type of dumb situations our GMs some how manage to get us into.
You don't help the cap situation in the years Draisaitl and McDavid's deals are up by having Campbell on the roster. That does not mean it could not be the right decision. But at A $5M cap hit he has to be the clear starter. It can't be close.
Assuming he is not going to be that automatic starter but that he shows he can play at a level close to what was expected. A buyout might not be the best option if he can rehabilitate his value. A trade with retention might well be the way to go. Would Campbell at $3.5M have value to a team? If he plays like he has lately I think he does. The Oilers could retain $500K and get a third team to retain $1M. The cost of that retention for 3 years would not be all that much especially if the Oilers took something back.
As crazy as it sounds this could be a deal involving four teams.
To Philadelphia; Jack Campbell at $3.75M
To Edmonton: Cal Petersen at $2.5M, (Edmonton retains $500K of Campbell's salary)
To Chicago: Cody Ceci, (Chicago retains $750K of Campbell's salary), Edmonton 2024 6th
To Detroit: Philadelphia's 2024 3rd (Detroit retains half of Petersen's deal.), Edmonton 2024 6th
Edmonton buys out Petersen.
The cap implications for Edmonton would be:
2024-25 Retention: $500k Buyout: $500K
2025-26 Retention: $500K Buyout: $1M
2025-26 Retention: $500K
The cost to Detroit after an Edmonton Buyout would be $2M in real money, $500K retention in 2024-25, $1M retention in 2025-26.
For Philadelphia the cost of Campbell next year is about the same as the cost to buyout Petersen and pay a lower level back-up. So they get a year to test drive Campbell. If he falters they could buy him out fairly cheaply in the off season of 2025. If he bounces back this is a win.