Islanders Re-Sign Wahlstrom; Now Over the Cap, Trade Coming?

The New York Islanders and Oliver Wahlstrom have signed a one-year deal to avoid arbitration next week. The deal is worth $1 million for this upcoming season.

Wahlstrom, 24, scored two goals and six points across 32 games this season. The former first-round draft selection has not lived up to his potential, and things have only gotten worse since he tore his ACL in the 2022-23 season. He did not appear to have a lot of confidence on the ice, especially when he had the puck. That makes for a bad combination when he’s not the strongest of skaters.

Reports indicate he’d welcome a trade, but one has yet to surface. At the draft, Lamoriello said the Islanders wouldn’t give him away for free and that there’s still value in the player. Now, a trade might be next with the team over the cap.

Are the Islanders over the cap?

Elliotte Friedman broke the news first on X, formerly known as Twitter. PuckPedia has updated the Islanders’ page to reflect the change, and the team is now exactly $950k over the cap. Everyone on the roster is on a one-way deal except for Maxim Tsyplakov. It’s also worth noting that his deal is worth exactly $950k, so sending him down would make the Islanders cap-compliant.

Tsyplakov, 25, signed as a highly coveted Russian free agent, choosing the Island over a litany of other teams. He scored 30 goals last year and has real top-six NHL potential. Until he’s at training camp and skating with the NHL team, however, nothing is a lock for him, especially when he’s the only waiver-exempt player, and his exact salary currently has the Islanders over the cap.

The pieces fit perfectly together for Tsyplakov now to start his North American career in the AHL. That should be the end of the story, shut case, except for one pesky detail.

Lou Lamoreillo explicitly said at the draft that the Islanders “did not sign him (Tsyplakov) for Bridgeport.”

That’s an incredibly rare and firm public comment on the team’s plan with a player. Seemingly, that puts Tsyplakov firmly in the Islanders’ plans. So, something else could be coming.

What’s Next?

Most rosters are set, but maybe Wahlstrom still finds himself a new home. The Islanders also now have a dearth of NHL-ready defensive depth, with Samuel Bolduc projecting as a healthy scratch and Bridgeport’s next top options being Grant Hutton and Dennis Cholowski.

For now, the Islanders either have exactly $0 in cap space or negative $950k with Tsyplakov on the NHL roster.

There’s a decision to be made, but as Lamoriello likes to say. “If you have time, use it.” The Islanders have until the end of training camp to make their decision.

The most likely path forward now is hanging onto everyone into September and seeing if Tsyplakov plays his way into the squad. If not, he will report to Bridgeport.