On June 30, the New York Islanders sent qualifying offers to five of their six restricted free agents: Simon Holmstrom, Oliver Wahlstrom, Ruslan Iskhakov, Dennis Cholowski, and Tyce Thompson.
While the deadline to sign their qualifying offers is July 15 at 5 PM ET, Wahlstrom, Iskhakov, Cholowski, and Thompson must file for arbitration today at 5 PM ET.
Arbitration is when the team and the player's camp try to convince an arbitrator that the player is worth more than the qualifying offer.
Looking at the Islanders eligible for arbitration, none of them really have a case to ask for more.
Wahlstrom didn't play well, coming off his ACL injury.
Related: Islanders To Qualify Wahlstrom, Open To Giving Him An Opportunity Elsewhere
Iskhakov, with rumors circulating that he is headed to the KHL after being named an AHL All-Star in back-to-back years, only played two NHL games last season and has yet to prove himself.
Cholowski has played his entire two-year tenure in Bridgeport and has yet to be recalled.
While none of the players, if filed, are likely to get more money, the Islanders' getting at least one to take the chance benefits them.
Regardless if the player wins an arbitration case or not, once it closes, the team is gifted a second buyout window.
The contract must carry a cap hit of $5 million or more.
The first buyout window of the offseason closed on June 30 at 5 PM -- the same time qualifying offers were due.
The Islanders had yet to re-sign defenseman Mike Reilly to a one-year deal worth $1.25 million or forward Anthony Duclair to a four-year deal worth $3.5 million annually.
Related: Patrick Roy Is The Reason Anthony Duclair Signed With Islanders
Now, the Islanders have just $900,000 in available cap space.
A final contract and spot are likely to be given to Holmstrom (QO of $874,125), leaving the team with just $25,875 in available cap space.
Teams can go 10 percent over the cap in the offseason -- $8.8 million over -- as long as they are cap-compliant by the start of the 2024-25 season.
It would be very shocking if Islanders general manager Lou Lamoriello entered the season with no financial wiggle room.
There is still plenty of time for the Islanders to add to their roster this summer, whether through trade or free agency.
It could get to the point where the Islanders need to use the second buyout window that gets created from an arbitration hearing, depending on who is brought in and who is shipped out.
Is it likely that Lamoriello goes that route?
No.
But it's a nice safety blanket for the Islanders to have, just in case.
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