I'll use this:
https://bluebulletreport.com/2019/06/05/2018-19-draft-model-update-part-iii-blue-bullet-draft-pick-value-chart/
as a reference to the math in my post.
Without retention, Sutter is owed about as much money as Marc Staal was. Given that the Red Wings, Rangers - and through this example - the Canucks are not cash-poor teams, it's obvious that the real cap savings are what teams are after here. We can use this information to deduce a cost for dumping any contract:
Sutter has 76.75% the cap hit that Marc Staal does, thus the compensation should be equivalent.
Assuming that the Rangers are on pace for 95 points (very small increase to their pace this year), it should be expected that the Rangers finish 15th in the league, and their 2nd round pick will be the 49th overall pick. Remember: Seattle joins the draft next year and bumps picks by one from where they would be in a 31-team format.
According to the source above, the 49th overall pick has an average value of 4.3. The math begins here: 76.75% of 4.3 is 3.3, and thus we have the value of the draft pick that Vancouver would need to compensate New Jersey with in order to clear Sutter from the books. Note that there is no return for the Canucks besides "Future Considerations". The draft pick in question is pick #71, a reasonably early 3rd round pick. Right now, the Canucks only have their own 3rd round pick in next years' draft, and if they finish equivalent to where they did this season, their 3rd round pick should be the 78th pick. The difference in value between the #71 and #78 picks is significant (1.2), but can be bridged by pick #108, a pick in which the Canucks - on an identical pace to the season past - would be very close to having (109).
If you believe in the math, and if New Jersey is willing to be cooperative, the cost to dump Sutter's final year on the Devils would be the Vancouver 2021 3rd and the Vancouver 2022 4th, expecting nothing in return. It's not a steep price, and would at least save the Canucks the $875k you're retaining here.