Graves will cost a lot

Why would COL do that? The only possible reason you could want Reaves is so that he can fight Wilson.

After Johnson waived, I think they'll protect Graves now

No shot Graves is protected - Makar, Girard, Toews.

Unless they protect 4F and 4D. Whichever way you shake it they are gonna lose a good (but not great) player. If they go 4/4 then Graves protected- but they lose 1 of Burakowski/Jost/Donskoi/Nichuskin....if they go 7/3 then one of those forwards will still be available as well as Graves. Since they are damned if they do/damned if they don't, I doubt they will make any deals- unless they receive a good player who doesn't need to be protected (don't think those are the guys who will be dealt leading up to the exp draft)...and because the players they would look to protect are not great players- I doubt you could get the Avs to pony up in any deal.