Discussing on the "Donnie & Dhali" show Wednesday, Button advised Bedard to wait until his rookie contract expires in 2026. That summer would be his initial opportunity to hit the market as a restricted free agent.
"The Chicago Blackhawks are awful," Button said. "If I was Bedard's agent, I wouldn't sign him to any extension.
"There's no benefit to signing early. He'll make the same money if he waits until next July. Plus, waiting opens him up to potential offer sheets."
Bedard leads the Blackhawks with 56 points in 71 games and was the Calder Trophy winner last season as the NHL Rookie of the Year after scoring 61 points in 68 games.
"Bedard needs evidence from the Chicago Blackhawks that a long-term deal is worth it," Button said. "Right now, there is nothing in Chicago that makes you think staying is beneficial."
Sportsnet's Elliotte Friedman echoed that sentiment on Sirius XM NHL Radio, adding that Bedard might consider waiting for the next Collective Bargaining Agreement to be negotiated.
"Why would anyone sign before that? Just to see maybe if anything changes?" Friedman said. "Now, if you get an idea that the rules aren't going to change, then you don't do it.
But I did have someone say to me (that) for a star, for one of the top players - and Bedard is the franchise player in Chicago - you might wait to see if any rules change."
A new CBA could alter offer sheet dynamics and salary structures, and place the Blackhawks in a difficult spot if other teams make offers to their emerging star.