The main consideration, IMO, is whether or not other teams are offering deals. If he's receiving offers--after the unimpressive season he's had so far--then that suggests he'll probably have decent trade value as well.
I'm also basing my reply on the likelihood of us using our capspace to obtain an impactful player--via either free agency or trade--which I believe to be relatively low.
So no, I no longer envision him as our COTF, but I believe we would be remiss to waste an asset, even one we don't plan on keeping long-term. No, I would not want to match a long term deal at 8-figures/year, but something MLE-size wouldn't be at all unreasonable.