What to expect from Golden Knights in free agency

The Golden Knights aren’t expected to sprint out of the gates when NHL free agency begins at 9 a.m. Wednesday.

The Knights, after trading right wing Evgenii Dadonov on June 16 for the contract of defenseman Shea Weber in their first move of the offseason, are projected to have about $5.2 million in spending power below the salary cap. That’s not going to be enough for them to chase the belles of the free agency ball, players such as left wing Johnny Gaudreau and center Nazem Kadri. It won’t even be enough for the team to retain its free agents.

That means the Knights are likely to subtract as well as add. They could use more cap space heading into the season and have had time to come up with ways to do so after missing the playoffs for the first time in franchise history.

“This offseason is two months longer than we wish it was,” general manager Kelly McCrimmon said June 16. “But we’re going to use that to prepare for the coming season.”

The key question for the Knights entering free agency is what will happen with right wing Reilly Smith. The Original Misfit and longtime alternate captain is set to become an unrestricted free agent Wednesday, though Daily Faceoff reported he had a “verbal agreement” to return to the team.

Smith said Monday he wants to return.

“Hopefully we get something done in the next few days,” he said.

A new deal for Smith probably would eat up almost all of the Knights’ cap space. That would give them no flexibility to retain unrestricted free agent Mattias Janmark or restricted free agents Nicolas Roy, Nic Hauge and Keegan Kolesar unless another move was made. Center Brett Howden also will be an unrestricted free agent if he doesn’t have a deal with the Knights by Wednesday morning after not getting a qualifying offer.

The cost of a new contract for Roy, Hague or Kolesar would depend on its length. Roy and Kolesar are eligible for arbitration, in which a neutral party hears arguments from the player and team as to what the new deal should cost and renders a verdict.

The Knights have had five players opt for salary arbitration, and only once did the sides not settle before the hearing. Defenseman Nate Schmidt received a two-year, $2.225 million contract before the team’s inaugural season. The deadline for Roy and Kolesar to file for arbitration is 2 p.m. Sunday.

Hague’s situation has the potential to linger. Being ineligible for arbitration means there is no deadline to force him and the Knights to come together on a contract. It’s similar to what defenseman Shea Theodore experienced before the team’s second season, when he didn’t sign a deal until the fifth preseason game. Hague’s agency, WD Sports & Entertainment, did not return a phone call seeking comment.

There is the potential that the three restricted free agents could sign an offer sheet — in which they agree to a contract with a different team, with the Knights retaining matching rights — but that’s unlikely. Only 10 offer sheets have been tendered since the salary cap was introduced in 2005, and just two resulted in a player changing teams.

The Knights are more likely to lose a player in a trade, giving them financial flexibility. They also could have a player begin the season on long-term injured reserve since Weber will already spend the year there. Kolesar (lower body), captain Mark Stone (back) and goaltenders Robin Lehner (shoulder) and Laurent Brossoit (hip) had offseason surgeries.

Stone is expected to be ready for the regular season, and Kolesar is participating in the “Battle for Vegas” charity softball game Monday. Lehner and Brossoit’s exact recovery times are unclear.

“Everybody that’s had offseason surgery, rehabs are going fine,” McCrimmon said June 16.

That leaves some intrigue with the Knights and what they can accomplish this offseason. It just isn’t likely to be a splash. They will need to work hard to keep their existing team in place and give new coach Bruce Cassidy the best possible roster to work with.

“I truly believe there’s a lot of excellent hockey players,” Cassidy said at his introductory news conference. “My job is to get the best out of them and get them to play as a team and achieve as a team.”

Contact Ben Gotz at bgotz@reviewjournal.com Follow @BenSGotz on Twitter.