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Isles free up a considerable amount of cap space by trading Nick Leddy to the Detroit Red Wings

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Mike Armenti
July 16, 2021  (8:25 PM)
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The Detroit Red Wings and the New York Islanders have come together on a fairly big move on Friday, less than a day before the NHL's expansion draft transaction freeze.

Per the Detroit Red Wings' official Twitter page, the Wings have acquired defenseman Nick Leddy from the Isles in exchange for winger Richard Panik and a 2nd-round pick in the upcoming draft.

The Isles had been desperately trying to free up some cap space with several free agents in need of new contracts. Per CapFriendly, Leddy will carry a $5.5M cap hit in this, the final year of his deal.

In addition to acquiring Panik, the Islanders will also bring back the 52nd pick in this year's draft - a pick that originally belonged to the Edmonton Oilers. The Wings are also retaining 50% of Panik's deal, effectively saving the Isles and GM Lou Lamoriello $4.125M.

The Isles can now elect to expose Panik in the expansion draft on July 21st, but more importantly, with Leddy off the books, the Isles can protect Adam Pelech, Ryan Pulock and Scott Mayfield without having to worry about the potential of losing Leddy for nothing.