After the Edmonton Oilers were shockingly swept in the first round of the 2021 playoffs by the Winnipeg Jets, there was not much optimism throughout the fanbase. The one glimmer of hope however was this offseason, as for the first time since Ken Holland’s hiring they were set to have plenty of cap space to try and make some changes.
Heading into the offseason, most agreed the Oilers were in need of both a top-six winger as well as a third-line center. Many also suggested they go after a goaltender, though the resurgence of Mike Smith this past season made that less of an issue than it appeared to be a year prior.
The Edmonton Oilers Cap Space Has Been Disappearing
On top of adding some of those pieces mentioned above, the Oilers also had some key players set to hit free agency in Ryan Nugent-Hopkins, Adam Larsson, and Tyson Barrie. The latter was able to get a deal done with a very team-friendly eight-year, $41 million deal with a cap hit of just $5.125.
While most were thrilled with the Nugent-Hopkins deal, it still brought the Oilers down to roughly $16.2 million left in cap space to try and fill out the rest of the roster. The chances of being able to do that took a significant blow on Monday when it was announced the Oilers had acquired Duncan Keith from the Chicago Blackhawks in exchange for Caleb Jones and a third-round pick.
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The Oilers acquiring Keith didn’t come as a surprise given the fact that it had been rumored for well over a week now. What did come as a major surprise however was that the Blackhawks retained none of his $5,538,462 cap hit which still has two seasons remaining on it.
In Holland’s defence, the Oilers left side on the back end looks pretty weak after Darnell Nurse assuming Oscar Klefbom is unable to play, but it is hard to see an almost 38-year-old Keith improving it a ton. Factor his age in with his heavy cap hit and you have what most are viewing as a very bad trade.
With this latest move, the Oilers cap space number is now down to roughly $11.5 million. It seems nearly impossible at this point that they look to bring back Barrie, however from the sounds of things a new deal for Larsson seems likely, and it wouldn’t be a surprise to see him command a contract in the $4 million range, making their once large chunk of cap space very minimal.
Of course, their cap space could still increase prior to free agency beginning on July 28. Not only is there the expansion draft coming up, but it seems to be a near guarantee that Holland buys out the contract of either James Neal or Mikko Koskinen, which would provide them significant cap relief for the 2021-22 season.
On top of that, Holland may have another move or two up his sleeve that no one sees coming. The point is, it is too soon to judge anything just yet. However, there is no denying that in his first offseason since being freed financially from the train wreck that was Peter Chiarelli, he is not off to a great start.