IMO the clubs done the right thing letting the contracts run down while there is still all the uncertainty over TV deals and sponsorship for next few seasons.
If a foaming at the mouth Rangers fan type worst case scenario was to unfold, we will have an instant break given we will probably chop £10-£12k off the wage bill instantly. If those guys were on long term contracts then we would be up shit creek.
Best case scenario there is no financial disaster, budgets carry on as before, we just need to rebuild the team. Given we will have plenty spare wage from the exodus, it could be done.
As for the selling the team for £1m post. I was told from a reliable source at the start of the season that MFC were not accepting less than £1m for Hutchy back in the summer.