Things are rarely so black and white. I'm sure they believe in Reilly to some degree, but the question is going to be what are the contract demands? Do they believe in him at $6 million, at $7 million, $9 million? To me he's a very good to sometimes excellent offensive D, who is a liability in his own end, and not likely to get any better on the D side. A 4-5 year deal is palatable, but an $8 million x 8 years deal isn't something I'd want to see.
But, then, what are other teams willing to trade for him, and how do we replace what he brings net... (Net of positive offense, negative defense). Are there replacements available, and does making that move help the team? Does the market return value, make up for any negative to the team, down the stretch?
Personally, I'd hope that if a deal can't be done now, we move him before the season starts, and either find the replacement, or see if our current core is competitive without him, before a move. I'm all for moving Reilly, and picking up, and extending an Ekholm, if he'd come in at a more reasonable price.