I am not sure why people would want to get rid of Oloffson. There are some issues to be addressed to put him in the right position in the lineup and right position in the salary structure, but I wouldn't move him unless you cannot fix the second one, because you certainly can fix how he is used.
As far as his contract, the Sabres have made the mistake of gifting him a prime points producing position on the first line where Skinner should have been, which translates into more money. If you pay him for his points per game you are going to overpay. If you understand what he does well and can get a 5-7 year contract at a reasonable rate for how he will be used in the future then sign him. If not then trade him while his value is high.
So, first you need to move him to right wing where his biggest asset (his shot) is toward the center of the ice which maximizes his angle on the net. Play him on either the third or second line, whichever one you design to be more of a run and gun offensive line. Leave him in his spot on the powerplay.
Lastly, I will counter those who do not think he is anything more than a shot. In many ways he reminds me of Rienhart light. He has plenty of things to work on and get better at, and he does. He slowly, but steadily gets better at hockey. He is a more well rounded player this year than last. He will keep getting better. He is smart, has decent hockey sense, is a decent passer, etc. His speed is average but not a detriment. He is not a physical corner grinder, but he will go there and do what his size allows. He is one of the better hockey players on the team, especially if used by a coach putting him with the right linemates and deployments.
He is nowhere near the top half of my list when it comes to people I would get rid of or trade.