Looks like it is basically team-elected arbitration in lieu of a Qualifying Offer:
12.3 Eligibility for Club-Elected Salary Arbitration. Subject to subsections (c) and (d) below and the eligibility requirements set forth in Article 12.1, a Club will have the right to elect to take a Player to salary arbitration under the following conditions:
(a)Club-Elected Salary Arbitration For Players With Paragraph 1 NHL Salaries plus Signing, Roster, and Reporting Bonuses Greater Than $1,500,000 In The Prior League Year.
(i) If a Player who is otherwise eligible to receive a Qualifying Offer and become a Group 2 Restricted Free Agent had a Paragraph 1 NHL Salary plus Signing, Roster and Reporting Bonuses in excess of $1,500,000 in the aggregate in the final League Year of his most recent SPC, a Club may elect to file for salary arbitration to determine the Player's Paragraph 1 Salary for the upcoming League Year in lieu of making a Qualifying Offer to such Player.
(ii)In any salary arbitration that takes place pursuant to this Section 12.3(a), the Salary Arbitrator may not award the Player a Paragraph 1 Salary that is less than eighty-five (85) percent of the aggregate sum of Player's Paragraph 1 Salary plus Signing, Reporting and Roster Bonuses in the final League Year of his most recent SPC.
Raymond got $2.6m this year, 85% of which is the $2.21m figure Dreger used.