He won't be getting a discount to the point of the league minimum, nor should he as a more than capable playmaker who can heavily influence what happens on the ice. But he will get paid less than the $11M he's currently receiving, and whether Tavares decides to sign long-term for around $5-6M per year for the next three or four years,
it could be a big steal for the Maple Leafs if he keeps his production level up. Tavares could also go the short-term route, playing for a new contract each year and taking a steadily lowered discount as the years go on. He would still be paid what he's worth, and if he has some decline then Toronto can leverage it during negotiations.