Lower than what the market would bear, clearly Reilly wanted to stay here. If he wasn't going to sign at a workable salary, he knew he would be traded.
Reilly appears to be a cerebral guy. You can tell he cares, even if he isn't a rah-rah guy in front of the camera. Seeing him a bit more vocal on the bench wouldn't hurt IMO (a la Matthews last game).
Unlike some of the younger egos who chose to get paid without an appreciation for the cost it would have on winning (it takes two to tango, so Leafs created this situation), he remains here for presumably the right reasons. Why squeeze a team for more while sabotaging your career experience in a potentially miserable situation when your GM has little cap to sign vital winners? No Canadian is starving at $7.5M U.S a year (or $750k for that matter).
I always say that players should make what they can, but, there are important factors in ones career besides an extra yacht or two. You can never re-live your career, so make it count.
In the end, you can bet that there are MANY former NHL players who wish they had taken slightly less if it meant a shot at glory. Reilly is a likeable player. When he is on his game, he's arguably a #1.