The challenging truth about the Islanders’ salary cap situation

LAS VEGAS — Even a summer when the Islanders start out with what appears on the surface to be a reasonable amount of money loses its luster once you dig into it.

A few days before Monday’s onset of free agency, the Islanders have $5.65 million of salary cap space while working with a 19-man shadow roster.

Nearly all of that sum, however, comes from the $4.5 million of extra space that was afforded to each team, with the cap rising from $83.5 million to $88 million.

It also does not account for the need to re-sign Simon Holmstrom in restricted free agency, with additional decisions pending on restricted free agents Ruslan Iskhakov and Oliver Wahlstrom and unrestricted free agents Matt Martin, Cal Clutterbuck, Sebastian Aho, Mike Reilly and Robert Bortuzzo.

Nominally, the Islanders have some space. In reality, they have very little.

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It’s believed that their focus is on adding scoring help, with coach Patrick Roy being a major selling point to free agents who may want the experience of playing for the fiery Hall of Fame netminder.

As far as consequential moves, though, very little can happen unless some money comes off the books.

There are a number of pathways to doing that, including moving Brock Nelson or Kyle Palmieri in the last years of their deals, or sounding out Ryan Pulock about waiving his no-trade clause for a move home to Manitoba — a source of ample speculation in Winnipeg, where top prospect Rutger McGroarty joined winger Nikolaj Ehlers in the rumor mill this week — but the most obvious appears to lie with Jean-Gabriel Pageau.

The league’s buyout window officially opened Thursday with no news regarding Pageau.

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A buyout there would save the Islanders $2.75 million on the cap this year and $2.5 million total over the next four years.

If they are looking to move Pageau, a trade certainly would be preferable to a buyout, assuming the Islanders could move his entire salary and/or get an asset in return.

But given that the Red Wings had to attach a second-round pick to move defenseman Jake Walman — who played top-pair minutes for Detroit last season and makes $3.4 million annually compared to Pageau’s $5 million — to San Jose earlier this week, it’s possible that Pageau’s value around the league does not line up with his value to the Islanders.

That is a potential complication here, possibly even more so than Pageau’s 16-team no-trade clause.

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Lou Lamoriello made clear on breakup day that he is willing to deal, but he won’t make moves solely for the sake of changing things up.

Even given their depth at center and the need to move salary, it would be a stunner to see the Islanders attach an asset to move Pageau.

He is a player who fits the team’s identity, who plays 200 feet and contributes on both special teams while adding some grind to their bottom six.

Last season wasn’t his best, but it’s still hard to picture the Islanders being desperate to cut bait.

Still, something has to give here, whether it’s with Pageau or it’s another move.

Otherwise, it doesn’t matter so much what the Islanders want to do Monday because there won’t be a path for them to get it done.

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