And why should Vancouver be interested in saving Toronto about $2 million in cap?

Kerfoot and Holl are rentals, and the Canucks probably don't want to exchange Schenn for Holl. Vancouver will probably get offers equivalent to Niemela and the first for Miller without having to take on the two lame ducks.

This feels to me like a quantity-for-quality trade, despite the draft picks.

Van gets 3 draft picks and a good prospect while Holl and kerfoot can be traded for more picks at the TDL if Van is out of the playoff race. It's not quantity for quality it's smart management or should Van just let JT walk for "0"

I'd say take out Holl and Schenn as that is just extra fluff. Tor is already saving cap with swapping Kerfoot with Miller and they can make other moves to create extra cap if they need to. Without those two involved, that is the best offer Van is going to get for Miller IMHO. Kerfoot is simply a stop gap that they can trade at the TDL for additional picks. He's also coming off a career year. He has value to Van in the meantime and at the TDL. That is very decent for a guy that everyone knows won't resign in Van which is what gives other teams leverage in negotiation. Van will not get a better return at the TDL.

Kerfoot (Hometown kid who can be moved at TDL for 2nd-3rd depending on retention)
Niemela (THW 26th best team affiliated prospect in the league - ahead of names like Stankoven, Turcotte, Broberg, Zellweger and even Slafkovsky and Wright....)
1st (Its Toronto's so this is probably 16-25th - it doesn't say protected so who knows maybe Matthews gets injured and they miss the playoffs and its a lottery pick)
2nd (another kick at the can)
3rd (another kick at the can)

for

Miller 50%

I have no idea why everyone turns thier nose up at kerfoot. He's a good player and any deal like this he's the guy you're gonna have to take to get the cap to work. Unless you'd rather have muzzin and I don't think you want that.

I think you're right except the cap is a real thing and if you want a deal from Toronto you have to take cap back. Kerfoot is the likely candidate. It's not like he's bad but its probably him or muzzin to make it work and you don't want muzzin.