Obviously there seems to be no precedent here, so I'm not saying the league should suspend Boychuk, but if they had bothered to think about checking fully then he would be suspended.
Think about it (or watch the video some more). If you're checking someone in a manner that prevents them from being able to absorb the hit safely (in this case bent over) you should back off. Boychuk already had him tied up and bent in half, so Raymond wasn't about to go skating off, all he had to do was turn slightly to prevent ramming a player into the ungiving boards. Instead Raymond is out for 4 months with a vertebrae compression fracture.
Dear NHL, think more when you're trying to make up for horrendous decision making.