By lighting it up I presume you mean production wise. With that said, given his other attributes you listed I see no reason to let him go. I agree he will not get Crosby money but a player with the above attributes is who some thought Foligno would be. If he can start producing why not 3yrs/2 mil per. This is about half of what he is currently making and the pay cut would help in a potential trade if he sucks. I think TM would have to explain to him why he is not a 4 mil player and besides Myers and Moulson/Ennis no Sabre is getting a good offer from other teams next year.
Bottom line I like him but I also liked Hodgaon before he disappeared and Reinhart before he looked like a teenage pu$$y in the icecapades. These are both different topics but the point is lets just see how he does under Nolan and then hopefully under a coach who doesn't wish for effort but demands and instills it.