That offer gets you TJ without retention. If you want retention that 4th needs to be a 3rd.

A 3rd for an aging vet with only 13 points and currently hurt?? Interesting

The 3rd is for tying up the retention slot. There are others like Beauvillier and Zaitsev they could also retain on to maximize return.

Retaining is assumed and would not drive up the price because Johnson doesn’t have value at $5 mil.

Oh okay. Then the Hawks decline. They'll retain on other players for better returns.

Oh you want two retention spots used by Anaheim for at best a conditional 2nd? That's going to be a no, retention spot usage costs more, Henrique costs more. Lindholm set the market.

Adam Henrique gets us a 1st + there big fella

Retaining is never "assumed". And, as @JK74 said, we'll just let him play out his contract, if that is the case. No big loss.

It's crazy how some folks think retention doesn't raise the cost of acquiring a player in a trade. You're literally paying a premium for another team to eat salary and ease your cap burden.

Yeah. If it was CHI who NEEDED to move his contract in order to make something else happen, then I'd say you could leverage a talking point like that. But in this case, it's on the buyer to determine how badly they want the player, what they need to make it work, and what they are willing to spend to get it done. The Rangers late round picks aren't worth almost $1M to CHI.