Read: The Islanders Should Offer Sheet Derek Stepan

StepanAt Islanders Point Blank, Kevin writes that with the Rangers in the cap position they are in, the Islanders should take advantage and send an offer sheet of between $4 million and $5 million to Derek Stepan.

Tyler Dellow, a writer in Canada, has suggested this as has Larry Brooks in yesterday’s NY Post.

Matching an offer sheet for Stepan at $4.5 million would put the Rangers $2.3 million over the salary cap. The compensation for an offer sheet like this would be a first and third round pick.

The Rangers are allowed to go 10% over the salary cap until the end of September.

It’s been said that teams won’t offer sheet the Rangers because they know the Rangers will match and then have the resources to retaliate at a later time.

THIS SECTION is about Stepan’s contract talks.

Adam Rotter: If this were to happen the first domino to fall would likely be the Rangers trading Brian Boyle and getting prospects or a draft pick in return. Arron Asham and Darroll Powe would also be traded, likely for nothing of substance, or sent to the minors, which would still count a little against the cap. A guy like Aaron Johnson would likely be sent to the minors to create a bit more space as well. It would put the Rangers in a tough but not impossible spot. They would need to rely on cheap minor leaguers like Stu Bickel, Brandon Mashinter, Marek Hrivik, as call ups and Ryan Callahan or Carl Hagelin would probably need to go on LTIR so that a guy like Danny Kristo or JT Miller could start the season with the team.