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Edmonton Oilers Evander Kane Jerome Miron-USA TODAY Sports

Oilers Thoughts: Salary cap picture more clear after Kane trade

Originally posted on Oilersnation | By Tyler Yaremchuk | Last updated Jun 26, 2025 10:00 AM ET

On Wednesday, the Edmonton Oilers traded Evander Kane to the Vancouver Canucks in exchange for a fourth-round pick in the 2025 NHL Draft.

At first glance, it might seem puzzling that the Oilers dealt a top-nine winger for just the 114th overall pick. And to a division rival, no less. But the message is clear: Edmonton is desperate to free cap space.

Sure, betting on Kane to stay focused and produce in a contract year could’ve paid off. But it was a luxury the Oilers simply couldn’t afford.

Could they have landed a better return by retaining part of Kane’s $5.125 million cap hit? Probably. But that wasn’t the goal. For GM Stan Bowman, the priority was shedding salary. And there’s a good chance he’s not done yet.

With Kane’s full cap hit off the books, the Oilers now have just over $18 million in cap space, with nine forwards, six defensemen, and two goalies under contract. That might sound like a healthy cushion, but it won’t last long once deals start getting signed.

Trent Frederic’s expected extension (likely around $3.8 million annually) would drop that number to $14.2 million. Evan Bouchard’s deal will take a big chunk out of what’s left. Let’s say he signs for eight years at $10 million per season.

That leaves just $4.2 million in available cap space with the incomplete roster you see below…

Via The Nation Network

That’s not exactly a lot of wiggle room, especially when you consider that in this scenario, the Oilers are running it back with the same two goaltenders, and this doesn’t include re-signing the likes of Corey Perry, Connor Brown, or Kasperi Kapanen.

So, you can see why the team is also eager to move on from Viktor Arvidsson and his $4 million cap hit.

If the Oilers were to get out of that contract in a trade similar to the one made on Wednesday with Kane (where they just get a draft pick in return and don’t retain any salary), then the team would have enough money to re-sign at least two of the aforementioned three forwards.

Let’s say they bring back Perry and Brown of those players with a combined cap hit of $3.25 million. Those two signings with Arvidsson out would give them $3.35 million in cap space with 13 forwards, seven defensemen, and two goalies signed.

Assuming Stuart Skinner stays with the club and whatever goalie they bring in replaces Calvin Pickard, the team would have $4.25 million in cap space to find a goalie with a chance to add another $1 million in cap space if they were to run with a 21-man roster and only keep 12 forwards up during the season.

So here’s the TLDR version of everything I just said: If the Oilers move on from Arvidsson and my projection for Evan Bouchard is correct, they’ll have somewhere between $4.25-$5.25 million to upgrade their goaltender or acquire an impact forward.

Here’s a rough guess on what that lineup looks like come October…

Via The Nation Network

I could also see a world where the team looks at moving on from players like Adam Henrique or Brett Kulak in order to create a little bit more cap space and make their roster even younger. There’s also a possibility that Zach Hyman or Mattias Ekholm aren’t ready in time and the team uses the LTIR to start the season.

There are still plenty of unknowns, but what’s clear is that the Evander Kane trade will not be the only money-driven decision that the Oilers make in the next week. Stan Bowman needs more cap space if he’s going to make the necessary changes to this roster.

This article first appeared on Oilersnation and was syndicated with permission.

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