Hagelin’s re-signing follows defenseman Ryan McDonagh’s re-upping on Monday to a six-year, $28.2 million deal. The two contracts only leave the Rangers with approximately $4.9 million of space under the impending $64.3 cap ceiling to re-sign restricted free agents Stepan, winger Mats Zuccarello and defenseman Justin Falk. But for this summer only until the final day of training camp, all NHL teams are allowed to spend up to 10% higher than the ceiling (an additional $6.43).
So that temporary summer cap of $70.73 million leaves the Rangers with about $11.3 million to use on those three restricted free agents, which is more than enough. New York simply would have to trim its roster by the end of the final day of camp to fit back under the $64.3 million cap number.
Zuccarello and Falk both can file for player-elected arbitration, but the deadline is 5 p.m. Wednesday (today). If the players don’t file, the Rangers can file for arbitration on Thursday. They then would be able to continue until the impending decision of a third-party arbitrator.
Stepan does not have arbitration rights, but he wants to return to New York, and the Rangers intend to keep him.