Updated look at the Oilers' salary cap position for the 2024-25 season

After the way Jeff Jackson and the Edmonton Oilers attacked free agency, the general consensus was a positive one. More specifically, that they ended up with a roster which was even stronger than the one which had just fallen one agonising win short of Stanley Cup glory.

On Aug. 13 however, everything started to get a bit messy for the Oilers. The St. Louis Blues tendered a double offer sheet for Philip Broberg and Dylan Holloway which both agreed terms on, at just over $4.58 million x two and $2.29 million x two respectively.

The Oilers had seven days to decide whether to match either or both offer sheets, with a multitude of opinions and predictions about what the front office would and should do. What wasn't in dispute though, was that an already tenuous financial position for the 2024-25 campaign had now become even more precarious, with them more than $7 million over the salary cap limit.

Things got particularly interesting, when the Oilers acquired Vasily Podkolzin from the Vancouver Canucks, in exchange for a 2025 fourth round draft pick. One implication was that Podkolzin was being brought in, to effectively replace Holloway as a fellow forward.

On the same day, the Oilers moved Cody Ceci and a 2025 third round draft pick to the San Jose Sharks in return for blue liner Ty Emberson. For many, moving Ceci's $3.25 million salary was an attempt to put the Oilers in position to match the Broberg offer sheet; for others, Emberson was a potential replacement for him, a la Podkolzin for Holloway.

Oilers do not match either offer sheet

In the end, there was somewhat of a surprise, as the Oilers didn't match the offers for Broberg or Holloway, receiving a 2025 second and third round draft pick respectively as compensation. They additionally obtained defenceman Paul Fischer and a 2028 third round draft pick from the Blues, with some believing this effectively represented the Oilers wanting the deal sweetened, to allow Broberg and Holloway to both walk.

Regardless, there should be no illusion that the Oilers roster is now slightly weaker overall, for the loss of the two former first round draft picks. Given that Ceci is also gone, there is particular concern about the overall strength of the blue line.

There is talk about the Oilers trying to find some help, specifically a right-shot defenceman. Among the options suggested including, as per TSN's Dustin Nielson, a reunion with Tyson Barrie via a PTO, and potentially making a trade either now, or down the road sometime prior to the 2025 deadline.

Regardless, the Oilers have at least now moved out of the red when it comes to their salary cap position for the 2024-25 season. It's still not exactly the greatest of situations however, with just $945,833 of cap space and 22 of the 23 roster positions filled.

Where do the Oilers go from here?

Having said this, the Oilers do have one more card to play, which could be a real game-changer depending on what they want to do. And it involves the mercurial and polarising Evander Kane.

As Oilers fans will be well aware, whether reading here or elsewhere, Kane has been mentioned a lot in recent weeks. Confusion reigned, with questions about what injury he is dealing with, will he have surgery, will he get traded, and will he begin the coming season on Long-Term Injured Reserve (LTIR)?

Of late we have at least begun to get some clarity, with the general consensus now being that Kane is undergoing surgery which will mean he begins the 2024-25 campaign on LTIR. This will result in the Oilers being able to use his $5.125 million salary in some manner, albeit it may only be a temporary solution pending how long he is out for with his recovery and rehab.

Regardless, this turn of events will prove invaluable, as the Oilers attempt to strengthen their defence. Although at the same time, we do believe they will miss Kane, who is one of the best players on the team when he's healthy.

Overall, the Oilers are in a decent if not great position, when it comes to their salary cap situation for the coming season. Just try not to think too much at this stage, about them also having to continue attempting to get Leon Draisaitl re-signed to a long-term and more lucrative contract.

N.B. All figures courtesy of PuckPedia

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