In the past we have seen MLSE use home gate receipts from minimum home games in the playoffs as the floor for expectations to measure a GMs success or progress. The regular season is where you pay your player's salaries and then when the playoffs begin teams begin to measure profit.
That said Toronto/MLSE is getting very little return for paying 3 players $11 mil dollars a season and so does that reflect on the players or the GM that gave them those contracts and the team assembled with them, and around them, which can only be measured in $$ real dollars in profit based on playoff game return on investment?
I would have serious doubts any owner paying players that amount would be happy, bowing out in the 1st round, with the only thing worse being not making the playoffs at all. That kind of investment is almost buying a playoff spot essentially using your financial clout, when competing against budget and other smaller market teams that couldn't afford to pay their players at much even if they wanted to.
However you might be right that only missing the playoffs altogether might be a bridge to far for this core and this GM to continue on status quo without consequences by ownership to appease their own stock and shareholders without playoff gate receipts returning on their investments.