Kessel has had a down year in Arizona. It's true. It hasn't gone as planned. But I would bet my car that Chayka isn't about to give him up for nothing, let alone pay to dump him.
First off, remember that Kessel was happy to go to Arizona. He could have used his no-trade, like he did with Minny, but he allowed the move. That means he saw a fit with the Yotes. The Coyotes are not likely to throw away a star player, even a declining one, when he actually wants to be there. It's hard to get players who want to be there.
Second, the team has always been starved for goals. Even if he is declining, Kessel is still an offensive player. That's their #1 need. The previous 2 seasons he had 82 and 92 points. He's 32, so maybe he never gets a point per game season again. But Arizoan can't throw away a guy with that kind of talent when starved for scoring.
Third, Chayka hitched his wagon to Kessel. They finally have ownership willing to spend, and this is the guy they opened the checkbook for. There's no turning back after just one year. They hyped Phil up like crazy, and gave him an 'A' on his sweater before he hit the ice. You can't 180 on a player you comitted to that quickly.
Kessel is going nowhere. He has more value to Arizoan than anyone else. Certainly more than he does to us as a buy-out cap-dump.