If you tuned into 32 Thoughts this week, you heard Elliotte Friedman confirm what many insiders have rumored: The New Jersey Devils legitimate interest in acquiring Nashville Predators center Ryan O’Reilly. It makes perfect sense on paper—the Devils need that gritty, Conn Smythe-winning pedigree to toughen their middle six for a deep playoff run.
But here is the immediate snag that ruins the fantasy booking: The Money.
Right now, this isn’t a simple swap. Friedman highlighted a critical hurdle—the Devils are jammed against the cap. They cannot bring in O’Reilly’s contract without shedding salary first. This isn’t just about assets; it’s about liquidity. If Nashville refuses to retain salary (and why would they do it for cheap?), New Jersey has to move a roster player elsewhere before they can even pick up the phone to call Barry Trotz.
Why the “Loophole” is Closed for New Jersey
Here is where my personal insight comes into play regarding the modern NHL CBA. In previous years, a creative GM like Tom Fitzgerald might have looked for a third team to launder the cap hit—a “double retention” trade.
However, the rules have tightened. As noted in the report, a team cannot retain salary on a contract that was already retained upon within the last 75 regular-season days. That effectively kills the concept of a quick “flip” trade involving a third party to drive O’Reilly’s cap hit down to a bargain bin price. The Devils have to eat the bulk of the money or pay a premium for the Predators to eat it directly.
Furthermore, there is the “Shadow Clause.” O’Reilly technically doesn’t have a No-Trade Clause, but Friedman notes the Predators are treating him like he does out of respect. If ROR doesn’t want to come to Newark, the deal is dead on arrival.
The Verdict: The fit is perfect. O’Reilly brings the defensive conscience the Devils sometimes lack. But unless Fitzgerald finds a taker for a mid-tier contract on his own roster, this remains a pipe dream.
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