Read: The Cap Situation For This Season/Wade Redden

12:47PM: Craig Custance tweets that the Rangers are meeting with Wade Redden’s agents today to help try and clarify his future.

12:28PM: According to Cap Geek, based on some new rules in the CBA, the Rangers will be charged with a cap hit of $5.6 million for Wade Redden even if he accepts a demotion to the Whale.

With Redden on the cap and without Michael Del Zotto signed, Cap Geek has the Rangers with $5.34 million in available cap space for this season.

Redden could refuse the demotion, forfeit the remaining two years on his contract and become a free agent.

It is also expected that the Rangers could sign Matt Gilroy to an NHL contract, he is currently on an AHL contract with the Whale.

They are also reportedly looking at bringing in another depth forward according to Larry Brooks.