With The Islanders Cap Strapped, Should They Think About Trading Semyon Varlamov?

With $50,000 in cap space, the New York Islanders are in a tough situation. Could the team try to move backup goaltender Semyon Varlamov?

With $50,000 in cap space, the New York Islanders are in a tough situation.

While there isn’t an immediate need to clear space, fielding a 22-man roster with an extra forward and an extra defenseman, being that close to the cap ceiling isn’t ideal for any team.

If Islanders general manager Lou Lamoriello wanted to give himself more cap flexibility, trading a contract seems to be the only route.

Islanders fans have been quick to mention Jean-Gabriel Pageau and Anders Lee in trade/buyout rumors, but one name that hasn’t been mentioned often has been goaltender Semyon Varlamov.

There are pros and cons to trading Varlamov.

Varlamov, 36, has three more years left on his contract with an annual cap hit of $2.75 million.

The veteran posted a 2.60 GAA and .918 SV% during the regular season. In the playoffs, he made four starts–appeared in five games–and played strong, owning a 2.70 GAA and .914 SV%.

His value is as high as it likely will be at this point in his career, proving that when a starter falters, he can be relied upon not only to play big minutes but also to rise to the occasion.

There’s no question Varlamov was the Islanders’ MVP in their run to a postseason berth.

Despite Varlamov’s late-season success, Ilya Sorokin is the starting goaltender and, quite frankly, has to be. He’s entering the first year of an eight-year deal worth $8.25 million annually.

Spending $11 million on goaltending seems like a lot, especially when there are other areas of the lineup that need improvement.

Trading Varlamov would clear sufficient cap space, giving the Islanders $2.8 million in cap flexibility.

With Jakub Skarek, Henrik Tikkanen, and Tristan Lennox not ready for NHL minutes, NHL veteran Marcus Hogberg, who the Islanders signed to a two-year deal worth $775,000 annually, would likely get the call-up.

That would leave the Islanders with $2.025 million in cap space.

The Islanders could use the newfound money to improve their depth on both sides of the puck or acquire that player in the return package for Varlamov.

This doesn’t just have to be a cap-dump move, as Varlamov could start for 10 or so teams in the NHL right now and at a very reasonable cap hit.

However, there are cons to moving Varlamov.

Varlamov won’t make a trade easy.

The veteran has a full no-trade clause through 2024-25, so he would have to approve any deal before it switches to a modified no-trade clause (16 teams) for the final two years of his deal.

FYI: A few years ago, sources shared that Varlamov vetoed a few trades to Canadian cities. 

And what happens if Sorokin struggles again this season?

Is there enough trust in Hogberg?

It’s vital to have an effective option to fall back on when the starter struggles. Just ask head coach Patrick Roy on the importance of Varlamov last season.

Though it may seem overstated, Varlamov brings intangibles to the Islanders' locker room. The goaltender has been on the team since the 2019-20 season and was a driving force behind Sorokin's arrival and stay on the Island.

Varlamov’s experience as a mentor and friend to Sorokin will only help him return to the level we saw during his Vezina-finalist season in 2022-23.

Goaltenders normally last longer than other position players in the NHL. There are countless examples but look no further than Mike Smith, who, at age 40 in 2021-22, posted a 2.81 GAA and .915 SV%.

Due to Varlamov’s remarkable conditioning and consistency, age is unlikely to be a problem. That conditioning is a vital reason why Lamoriello said he brought him back.

If the Islanders are going to move Varlamov, a plan needs to be in place for allocating that money.

Trading Varlamov for the sake of trading him is pointless, but if the Islandes could get back a middle-six forward or a middle-pairing defenseman to boost either side’s depth, that would make sense.

At the end of the day, the Islanders’ success in 2024-25 relies on the play of Sorokin, as they’ll go as far as he can take him. Varlamov has a part to play, too, but when a team is paying big money to their starting goalie, he has to be the X-factor, not the backup.

At this point in the summer, teams likely already have their starting netminder. But Varlamov, at the very least, could serve as a 1B option for a handful of teams out there.