The New York Islanders recently signed forward Maxim Tsyplakov to a two-year deal worth $2.25 million annually, and with it, their roster is just about set heading into the 2025-26 season.
Assuming Semyon Varlamov and all other players are healthy to open the season, the Islanders can comfortably run a 23-player roster with positive cap space, with the final number coming down to which players are on the roster.
Assuming all lineup regulars are on the roster, Pierre Engvall ($3 million) begins the season in the AHL like he did in 2024-25, and Matthew Schaefer signs his ELC at the maximum $975,000 annual cap hit, the Islanders will have $2.8 million available cap space.
Engvall’s $3 million cap hit decreases to just $1.85 million in 2025-26 when in the AHL.
Now, if Calum Ritchie and his $918,333 cap hit make the roster, that $2.8 million figure slightly decreases, depending on whether Kyle MacLean ($775,000) or Marc Gatcomb ($900,000) is sent to Bridgeport in his place.
Suppose Schaefer does not play in the NHL, and all transactions from the original scenario remain constant. In that case, the Islanders will inch closer to $3 million in available cap space, assuming Isaiah George ($838,333) gets the nod as the roster’s seventh defenseman.
The variable with the greatest salary cap influence is Varlamov’s health.
The 36-year-old has missed time in each of the past two seasons due to a lower-body injury, with his 2024-25 campaign cut short in late November following season-ending surgery:
"I expect to be ready for the next season," Varlamov said. "Everything is going well with the rehab, and then the physiotherapy, like everything we do now, and then the main focus for me is to finish the rehab, hopefully soon, and have a good summer training, and then get ready for September, for the training camp. That’s the goal."
If Varlamov is unable to go, the Islanders will call upon David Rittich to share the crease with Ilya Sorokin.
If all expected roster moves, including Schaefer signing his ELC and Engvall getting sent to Bridgeport, Varlamov will be placed on the injured reserve, not the long-term injured reserve, since the latter will leave the Islanders with $1.8 million in available cap space.
In just about every scenario, the Islanders will open 2025-26 with around $2 to $3 million in available cap space.
Michael Ostrower wrote this story.
PHOTO: Dennis Schneidler-Imagn Images