The New York Islanders are a very good hockey team. They have made the postseason in two consecutive years, most recently coming only two games within the Stanley Cup. While the Islanders could use an offensive weapon like Mike Hoffman in free agency, they simply do not have the salary cap space to make that happen.

With success comes financial hardship and the Islanders have perhaps the worst salary cap situation in the National Hockey League. Let’s take a look.

The Forwards

Up front, the Islanders have over $47 million committed to forwards next season. Three free agent re-signings from last year, Anders Lee, Brock Nelson and Jordan Eberle, top the list. Behind them, Andrew Ladd’s contract plagues the Islanders long-term financial outlook, while Josh Bailey and Jean-Gabriel Pageau are expensive options as well.

Adding another player like Mike Hoffman making over $5 million is not sustainable long-term. The players listed above already are making more money than they should. Not to mention, Mat Barzal is in need of a new contract and that will cost anywhere from $6-9 million. Up front, the Islanders cannot afford to add another big piece unless Lou Lamoriello can work some serious magic.

The Defense

On the backend, the Islanders are not doing much better. Nick Leddy and Johnny Boychuk have expensive contracts, while Thomas Hickey and his $2.5 million were sent to Bridgeport last season. They all have two more years remaining on their deals.

Yes, Adam Pelech, Scott Mayfield and Noah Dobson are bargains, but Ryan Pulock, Devon Toews and Andy Greene all need to be paid. Pulock especially will command a large sum of cash after taking a bridge-deal two years ago. Therefore, the salary cap situation is not looking much better for one of the NHL’s best defensive units.

The Goalies

Thomas Greiss will most likely be leaving this offseason, but Semyon Varlamov is under contract for three more seasons at $5 million per year. Ilya Sorokin took a one-year, $2 million bridge deal, but if he has success on Long Island, he could overtake Varlamov as the highest paid netminder on the team.

For one year, the tandem will be paid reasonably, but after next season, Varlamov and Sorokin could become the NHL’s highest-paid duo.

The Islanders Are Not Signing Mike Hoffman

While Mike Hoffman’s shot would be perfect on a line with Barzal, the Islanders cannot afford his services. For two years, the Islanders have tried to catch the big fish and failed, leaving them to resort to their plan-B and overpay for worse players.

This offseason, Johnny Boychuk, Thomas Hickey, Leo Komarov, Andrew Ladd and Nick Leddy are trade/buyout/long-term injured reserve options, but COVID-19 has created a financial nightmare for most organizations.

The salary cap will not be increasing and only a handful or struggling, rebuilding teams can afford to add a high-priced contract for a middling player. And sadly, if as a fan, you do not want the player, odds are an opposing general manager won’t want them either.

The Islanders will not be able to simply unload these bad deals during this unprecedented time. Even for a talented player like Leddy, it could take a sweetener for somebody to take that contract.

The Islanders had two different opportunities to acquire Mike Hoffman two years ago after his drama with the Ottawa Senators. Now, they have another chance. However, their financial situation will prohibit that from happening.

Drive4Five