This is exactly what I mean. Engvall's actual on-ice value is much higher than his perceived value. This is why you'd want to keep him around. If the Leafs were to go out and find a premium grinder to replace Engvall, they'd be paying more.Not necessarily. Contracts are not neccessarily based on "performance" -- they're based on what GMs think the player will bring.
You can argue (likelyfully successfully) that Engvall at $2m does more than Foligno at $3m or Ritchie at $2.5m.
However, that doesn't mean the Leafs couldn't get most/all of what Engvall does for somebody making $1m or less.
And no, I do not think there will be a player making $1M or less, available on the open market, who has a history of elite defensive play and top-six calibre even-strength production. Teams like the Leafs and Panthers have been good at finding cheap bargain players, but the more teams mine for those players, the fewer diamonds will be left around.