The New York Islanders’ contracts are all but finalized.
The only deal left is Matthew Schaefer’s entry-level contract, worth $975,000 — and only if the No. 1 overall pick makes the team out of training camp.
Because of potential roster variations, the Islanders’ exact cap hit for the 2025–26 season can’t be determined at this point. The number is expected to fall between $1.5 million and $2.5 million, depending on the health of veteran goaltender Semyon Varlamov ($2.75 million AAV).
First-time general manager Mathieu Darche has done what was necessary to make the Islanders competitive in 2025–26 — how competitive, we’ll see — while avoiding any cap or roster constraints. That’s important, especially with several of the organization’s top prospects expected to be NHL-ready in the coming years.
Darche plans to use the early portion of the season to evaluate his full roster — from veterans to young players — to determine which direction the team should take by the 2026 NHL Trade Deadline on March 6.
Next summer’s free agent class is stacked — assuming the elite names actually hit the market. Connor McDavid, Artemi Panarin, Jack Eichel and Kirill Kaprizov are among those currently scheduled to be available.
It’s a deep group, and every general manager will want to ensure the flexibility to land a top-tier player.
The Islanders have seven players coming off the books, including four pending unrestricted free agents:
Pending UFAs: Anders Lee ($7 million AAV), Jean-Gabriel Pageau ($5 million), Tony DeAngelo ($1.75 million), Ethan Bear ($775,000), David Rittich ($1 million), Marcus Hogberg ($900,000).
Pending RFAs: Maxim Shabanov ($975,000), Marc Gatcomb ($900,000), Adam Boqvist ($850,000)
With the salary cap projected to rise to $104 million for 2026–27, and the Islanders holding $75.8 million in contracts through that season, that leaves roughly $28.2 million in cap space.
While it’s likely the Islanders retain all three of their restricted free agents, Pageau appears the most probable trade candidate ahead of the deadline.
Prospect Calum Ritchie — acquired from Colorado in the Brock Nelson trade — looks close to NHL-ready. Whether he makes the team out of camp or becomes a top call-up from Bridgeport, he’s expected to contribute as a full-time player soon.
Meanwhile, Mathew Barzal is shifting back to center so that creates a logjam if Ritchie is indeed ready.
Lee presents a bigger question mark. He’s coming off a strong season — 29 goals and 25 assists for 54 points in 82 games — but turns 35 just days after the opening of free agency next summer.
His captaincy still carries weight, especially if Darche believes he adds significant on- and off-ice value. But there’s no urgency to extend him. If he replicates last season’s production, he’ll have trade value.
Would Lee consider something similar to Kyle Palmieri’s short-term extension at $4.75 million AAV? That would be a notable drop from his current $7 million, but something in the $5 million range might be sufficient.
DeAngelo is a stopgap player. Darche gave himself the option to bring him back next summer if needed, but if Schaefer makes the team and proves he can quarterback the top power play and log big minutes, the need for DeAngelo diminishes.
Even if the Islanders want DeAngelo back, it’s unlikely his price would increase much beyond his current deal.
Bear is a depth defenseman piece.
As for Rittich, any extension likely hinges on Varlamov’s health. The veteran isn’t a UFA until after the 2026–27 season, but it’s possible the Islanders move Varlamov and retain Rittich instead.
All three RFAs are expected to return on slightly more expensive contracts — but nothing astronomical.
If the Islanders re-sign Lee at $5 million, let DeAngelo and Rittich walk, and bring back the RFAs at a collective $4 million, that would leave roughly $9.2 million in cap space.
Again, this is all speculative. But if the Islanders find themselves with north of $15 million in flexibility, they could be major players in free agency.
If they don’t bring DeAngelo back, it likely means they’re looking for a legitimate top-pair right-shot defenseman to play alongside Schaefer. But that market isn’t strong — Cale Makar isn’t expected to leave Colorado, and John Carlson likely stays in Washington.
That means the trade market could be the best path forward.
And if the Islanders are looking to make a splash — Lee or no Lee — they should be all over Kirill Kaprizov if Minnesota fails to re-sign him. Kyle Connor, one of the league’s most underrated scorers, could also be in play if Winnipeg makes him available.
We’ll see how this season unfolds.
PHOTO: Brad Penner-Imagn Images