Following Josh Bailey's departure, the New York Islanders now have $10.3 million in salary cap space. How will they use it?
Following Josh Bailey's departure, the New York Islanders now have $10.3 million in salary cap space.
"Well, we still have a desire to sign our own, but they have to be willing to do the same. But we'll certainly do whatever we can to make us better," Islanders general manager Lou Lamoriello said following the 2023 NHL Draft.
"I think that's the only way I can put it gently. This is a difficult time for everybody. There's a lot of jockeying, but right now, you can only focus on your own players."
Semyon Varlamov
It sounds like just a matter of time before we hear that Semyon Varlamov is back with the New York Islanders on a two-year extension. That's been the rumored number, with the term likely to fall between $2 million to 2.75 million range.
During the draft, Varlamov's agent Paul Theofanous was chatting with Lamoreillo, so we know there have been conversations between the two sides.
Varlamov, per his words, has no issue being a true backup and rather stay put than join a new team at 35.
He's been there and done that and voiced his desire to stay since the 2021 NHL Trade Deadline.
Scott Mayfield
The situation with Scott Mayfield is such an interesting one. A bottom-pairing defenseman on the surface, Mayfield has been an integral part of the Islanders, with his average minutes per game more or less increasing in each season but one since 2016-17.
This past season was Mayfield's best, setting career-highs across the board with six goals and 18 assists for 24 points in 21:02 minutes per game.
He also racked up over 100 hits (107) for the first time since 2018-19, with a career-high 168 blocks.
The 30-year-old has been on a team-friendly $1.45 million annual value since 2018, so it would be a tough sell for him to retake a team-friendly deal.
He deserves to be paid handsomely for his work, and it's not out of the realm of possibility that the big-body, penalty-killing defenseman with some sneaky offense gets close to $4 million on the open market.
If the ask is over $3.5 million annually, the Islanders will likely need to let him walk.
Pierre Engvall
While Bo Horvat played an integral role in the Islanders making the postseason, Pierre Engvall became the final piece to the Islanders' "second line," which led the offense from that game in Anaheim through the postseason.
Five goals and nine points in 18 games with New York don't seem like much, but it's Engvall's speed that paid dividends for his linemates Brock Nelson and Kyle Palmieri.
It's hard to understand the "Well, Engvall isn't a second-line player" mindset.
Was Matt Moulson a first-line player? No, but did he gel extremely well with John Tavares?
Yes.
There doesn't need to be a reason why things work as long as they do, and with the Islanders still needing speed despite Mathew Barzal back 100 percent healthy come October, signing Engvall should be a priority.
Coming off a one-year, $2.25 million deal, the 27-year-old forward could get close to $3 million. Remember, Lamoriello rarely makes trades for pending unrestricted free agents without the belief that they can be retained.
Oliver Wahlstrom
One of five restricted free agents for New York, Oliver Wahlstrom, will be putting pen to paper on some type of extension before Friday's 5 PM deadline.
In 35 games, Wahlstrom racked up seven goals and nine assists while averaging 12:10 minutes per game.
After a few years of struggling to grasp Barry Trotz's system, Wahlstrom figured something out this past season under Lane Lambert before suffering his season-ending knee injury in late December.
While the offense alongside Barzal wasn't jaw-dropping as some would have thought, Wahlstrom played more of a 200-foot game. He was on pace to set a career-high in takeaways, hits, and blocks, as well as goals, assists, and points.
While that's all positive, Wahlstrom hasn't proven much yet at the NHL level, and this upcoming season is very much a prove-it year for the 23-year-old.
A two-year deal between $900,000 and $1.1 million seems like a fair evaluation.
Wahlstrom becoming the elite sniper the Islanders have been longing for would be the definition of clutch for this cap-strapped franchise.
Final Thoughts
If you are wondering where 38-year-old veteran Zach Parise is on this list, here's an answer for you.
We have no idea if Parise will hang the skates up, as Lamoriello said he has still not decided on his future.
And even if the Minnesota native does return to Long Island for a third season, it would be on a league-minimum deal ($775k).
If Varlamov came back at $2.5 million, Mayfield came back at $3.5 million, Engvall came back at $2.75 million, and Wahlstrom came back at $1.1 million, that would leave the Islanders with just around $450,000 to work with, and that's before a player like UFA Parker Wotherspoon or another RFA gets paid.
That doesn't leave room for Parise to return, let alone any type of upgrading of the roster.
Now, if Mayfield doesn't re-sign and the other financial predictions remain the same, the Islanders would have around $3.95 million in space which could be used on a solid, bottom-pairing puck-moving defenseman.