Oilers Have Options With Plenty of Cap Space

It was a busy July 1 for Edmonton Oilers’ general manager Stan Bowman and his team as they pulled off a slew of moves in the free agent and trade markets. All this movement to start the new league year has resulted in the Oilers having some extra money to play with going forward, which isn’t something they have had the luxury of doing. There are many possibilities with good cap space, so it’s important to consider all options.

The Oilers have roughly $7.2 million in cap space at the moment. The move that highlighted the day for Edmonton was obviously the trade that sent long-time alternate captain Darnell Nurse to the San Jose Sharks for a pair of young defensemen. This created that extra flexibility in the cap for the Oilers and allowed them to make some of the other moves and still have some money left over.

The offseason is far from over, and they could keep going, but they’ll need to think about the bigger picture before burning through their cash.

Players Available That Fit the Oilers Cap

With the amount of space they have, the Oilers have a good number of options on the market right now who they could add if they want. Looking at free agency, there’s still a handful of strong options at each position they can afford. The goalie position seems to be figured out, but other players like Anthony Mantha and Patrick Kane fit the bill. I think those two guys are the best available if Bowman wants to bolster the forward group further.

A trade is also possible with the extra space. I think taking a swing on someone like Jake DeBrusk or Kirill Marchenko is a good idea for the right price. A player like that would be an immediate impact guy in the top-six and would provide depth going forward. The Oilers have a 2027 second-round pick and a 2028 first-round pick to use along with some strong prospects, though management may prefer to hold these assets until a potential trade deadline deal (which we’ll get into).

Money Isn’t Going Anywhere

The nice thing about cap space is no one can take it from you unless you give it to them. Bowman and his management team have addressed a few crucial needs right now and can now sit back and reevaluate what the roster looks like. They could make another big move like the ones I’ve discussed above, but they also have the luxury of waiting to make in-season moves, which they did several times last season.

The only way the money would have to be spent in the near future is if the Oilers’ restricted free agents (RFAs) decline their qualifying offers and new contracts need to be negotiated for more money. This would eat more cap space, depending on how many and which players Bowman goes into further negotiations with. The Oilers’ current RFAs are Colton Dach, Spencer Stastney, Owen Michaels, and Roby Järventie.

These are all young guys who, if they do decline their offers, likely wouldn’t be asking for the moon and the stars. There shouldn’t be too much worry on this front, but it is something to note.

What Should Edmonton Do?

It’s rare for the Oilers to be in this situation. With the big names they’ve had on their roster for the better part of the past decade, the cap-strapping contracts in between that didn’t work out, and all the money in between to fill the roster, the team always seems to be operating close to the limit. They rarely have flexibility, so I don’t think they should panic and make a move right now.

Ultimately, they could lose a decent amount of that $7.2 million depending on how the RFA situation goes, so they need to see how that shakes out. The free agent and trade markets have slowed down post-July 1, so there’s no need to rush any moves there either. Management can take its time in finding the right fit, whether it is someone I suggested or another route. Hopefully, the picture becomes clearer for everyone when training camp comes around in a few months.