I think there is no chance Treliving will be fired (given the extension), and I don't think he should be. He is definitely better than most NHL GM's when you look at the overall picture. As an aside, I think most NHL GM's are not very bright, but that is a separate issue.
Treliving certainly put himself into a pickle going into this season, in no small part due to the money he wasted that left him no cap to make moves. On the one hand he is trying to say "This team is really good. I have full confidence in you", but on the other he tried to make some major moves that fell through, so clearly he was only "somewhat" confident. As I jokingly posted in another thread, this really looks like Tottenham in the EPL this year. A good team that did well last year, but faded down the stretch. Tried to move some players out, but failed, so came into the season with a number of players that either wanted out or are not wanted, which doubtless is not great for morale/cohension/"the room". Stumbling and bumbling out of the gate. I think the parallel to Tottenham is uncanny.
Plus, something happened last February involving Monahan and Gaudreau, and it does not seem resolved.