In exchange for Streit, the Islanders received a fourth-round selection in the 2014 NHL Draft and forward Shane Harper. Streit is currently scheduled to become an unrestricted free agent on July 5. Considering this dynamic, the Flyers will attempt to come to terms on an extension with the 35-year-old defenseman prior to that date.
Philadelphia's biggest need this offseason was addressing defense. With a limited number of options available on the free agent market, many assumed the team would pursue an addition via the restricted free agent market. While that might still be the case, the club will attempt to add Streit to the blue line.
What remains unclear is what Streit is looking to earn. He completed a five-year, $20.5 million contract with an annual average value of $4.1 million against the salary cap. Streit rejected the Islanders' "best offer," but the terms of that offer haven't surfaced.
It's been reported that he is seeking in excess of $5.5 million per season on a multi-year deal.
Philadelphia is consistently up against the salary cap, currently on the hook for $69.8 million to 24 players. In addition, the ceiling of the cap is dropping to $64.3 million next season. How general manager Paul Holmgren plans to get his club under that threshold will be something to lookout for. It seems likely that the team will have to use both of its compliance buyouts in order to do so.
Teams are permitted to use compliance buyouts 48 hours after the deciding game of the Stanley Cup Final.