The Edmonton Oilers made significant strides on the first day of NHL free agency, but their impressive moves have created a potential salary cap dilemma that could force the team to make tough decisions, possibly leading to a trade to move someone off the active roster.
Jeff Jackson, the Oilers CEO, acting as the de facto general manager, made a series of bold moves that have excited fans. The Oilers re-signed key players Adam Henrique, Mattias Janmark, and Connor Brown while adding Viktor Arvidsson and Jeff Skinner (the final two for a combined $7 million). The team also made savvy draft picks, and snuck back into the first round out of nowhere. Jackson has done a tremendous job and few would be upset if he kept the GM job should these be the types of moves he’s capable of making.
Henrique and Others Return
Adam Henrique’s return to Edmonton is particularly noteworthy. Henrique signed a two-year deal worth $3 million per season, despite receiving higher offers from other teams. This commitment to winning is a testament to the culture the Oilers are building under Jackson’s leadership. Henrique likely wasn’t the only one who left money on the table to join a team with championship aspirations.
With these additions, the Oilers have significantly bolstered their forward group. Henrique, Janmark, Brown, Arvidsson, and Skinner provide depth and scoring potential that should put Edmonton right back in the Stanley Cup conversation. Jonathan Willis of The Athletic praised these moves, stating, “I’m not sure what other shoe is still to drop to clear salary cap space, but at this exact moment in time I don’t care. The Oilers had a fantastic day.”
The Salary Cap Crunch
As fantastic as these free agency moves were, the Oilers’ cap situation is now precarious. The team is currently projected to be $2.5 million over the cap with 22 active players (13 forwards, 7 defensemen, and 2 goaltenders). This does not include the restricted free agents Philip Broberg and Dylan Holloway, who have yet to sign new contracts. If both players were to accept their qualifying offers, the cap overage would balloon to over $4 million. They need to find a way to balance the books before the season starts.
Related: Oilers Signing Jeff Skinner & Viktor Arvidsson Bolsters Offensive Depth
Potential Solutions
To address this cap crunch, the Oilers have a few options:
- Send Players Down: The team could send players like Derek Ryan, Troy Stecher, or Connor Brown to the minors. However, this might not free up enough space to accommodate the necessary contracts.
- Trade: The most likely scenario involves trading a player to clear cap space. There has been speculation about the Oilers potentially asking Evander Kane to waive his no-trade clause, but Ryan Rishaug confirmed that this has not happened yet.
- Long-Term Injured Reserve (LTIR): If a player starts the season on LTIR, their cap hit would not count against the cap. This could provide temporary relief but is not a long-term solution. Again, Kane’s name has come up in the rumor mill here considering his lacerated spleen injury.
What the Oilers Will Do Moving Forward?
While the Oilers are allowed to be 10% over the cap during the summer, they must be cap-compliant by the start of the season. This means they have some time to maneuver, but the pressure is on to find a solution. Willis remains optimistic despite these challenges: “The Oilers had a fantastic day. Their worst contracts were passable; their best either significantly improved the team or locked in gains made at the deadline.”
In conclusion, while Jeff Jackson and the Oilers have made impressive moves to strengthen their roster, the math does not currently work in terms of the salary cap. Something has to give, and it likely means that a trade is on the horizon. The next few weeks will be crucial as the Oilers work to balance their books.
The good news is, the way things have gone thus far, no one should be shocked if Jackson pulls off a move to clear space, then adds another solid bet for less money.