On Tuesday, the New York Islanders re-signed restricted free agent Simon Holmstrom to a one-year deal worth $850,000.
Holmstrom's qualifying offer was $874,125, but it was a two-way deal, meaning that his salary would decrease tremendously if he found himself in Bridgeport at any point.
Holmstrom's last deal had him making $90,000 if he played in the AHL, so instead of signing his QO, Holmstrom worked out a new deal with the Islanders, taking less, to get himself a one-way deal.
For those who do not know, a one-way deal means that regardless of what level Holmstrom plays at, he will make his NHL salary.
Holmstrom becomes the 22nd man on the Islanders' NHL roster (projected, of course), leaving the Islanders with $50,000 in available cap space, per PuckPedia .
Related: Restricted Free Agent Simon Holmstrom Signs One-Year Deal With Islanders
Now, the Islanders turn their attention to another restricted free agent, Oliver Wahlstrom , who declined to sign his $917,831 qualifying offer, opting for salary arbitration.
Due to injuries and inconsistencies, Wahlstrom and his camp don't seem to have a strong case for a hefty pay raise.
At the same time, the Islanders don't have the necessary funds to keep Wahlstrom on the roster, regardless of his new cap hit.
The Islanders only have the cap space for a 22-man NHL roster, as opposed to the max, which is 23.
Realistically, Wahlstrom filing for arbitration was a way to facilitate a trade sooner rather than later, as he will likely be on a different team when the 2024-25 season begins.
Related: Islanders Oliver Wahlstrom Files For Arbitration, Future To Be Resolved Soon
We said likely. Crazier things have happened.
Islanders general manager Lou Lamoriello said in Las Vegas that they would look to find Wahlstrom an opportunity elsewhere but didn't want to give their former first-round pick away for free.
At this point, Wahlstrom is likely worth a mid to late-round pick, so it depends on Lamoriello's definition of "free".
Related: Islanders To Qualify Wahlstrom, Open To Giving Him An Opportunity Elsewhere
The Islanders could certainly re-sign Wahlstrom to whatever the arbitrator rules, see if he wins a job in training camp over Holmstrom or Hudson Fasching, and go from there.
If he doesn't win a spot on the NHL roster, the Islanders could waive him, as his new contract—if under $1.15 million—would be completely buried in the minors.
Wahlstrom's arbitration hearing is scheduled for August 1.
Related: Oliver Wahlstrom's Arbitration Hearing Scheduled For August 1st
It's possible that Wahlstrom could be claimed by another team, losing him for free, but at that point, it's probably what's best.
If Wahlstrom goes unclaimed, he would certainly help Bridgeport, and maybe he can rediscover the scoring touch that got him drafted in the first place.
If Wahlstrom, who has a full summer to train after losing last summer following a torn ACL in December of 2022, does win a job over, let's say, Fasching, the Islanders could waive the journeyman, burying his $775,000 in the minors.
Fasching served as a captain in the AHL with the Tucson Roadrunners before signing with the Islanders as an unrestricted free agent in the summer of 2022.
Per our projected NHL roster and lineup, Fasching will start as the fourth-line right winger, with Holmstrom starting the season as the extra forward.
So, unless Wahlstrom has shown the Islanders that, back healthy, he can be an impact player, the need for him to be holding down an NHL roster spot is slim.
The Islanders have about two weeks to find a trade partner before heading to court.
Wahlstrom scored two goals, with four assists, in 32 games last season.
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