As the 2006–07 NHL season quickly approaches, two of the area’s most important players have yet to be signed. Islanders netminder Rick DiPietro and Devils forward Brian Gionta are restricted free agents, and if they aren’t inked to contracts in time for training camp, it could spell trouble for both teams.

Back in the summer of 2000, then-Isles GM Mike Milbury pulled off what was likely the most controversial trade in team history, sending Roberto Luongo and Olli Jokinen to the Florida Panthers in exchange for Oleg Kvasha and Mark Parrish. Neither Kvasha nor Parrish were able to maximize their potential on the Island, and both players were dealt away at the trade deadline last season. Meanwhile, Luongo and Jokinen emerged as bona fide stars.

Following that ill-fated deal, Milbury then used the first overall pick in the 2000 draft to select DiPietro, a brash goaltender with incomparable puckhandling skills. And though there were doubts early-on about DiPietro’s ability to win over his teammates, he has gradually evolved into a respected leader as well as one of the league’s most capable netminders.

Last season, DiPietro posted a .900 save percentage and a 30–24–5–1 record, a bit better than the league average despite the fact that he was playing behind one of the NHL’s worst defensive teams. Because of large variances in team quality and schedule, the fairest measure for goaltenders is to compare their statistical results against that of their teammates, which is where DiPietro shined brightest.

Backup netminder (and new GM) Garth Snow’s save percentage was 14 points lower (.886) than DiPietro’s, and his won-loss record (4–13–1–0) was similarly inferior. Had the Isles received Snow-caliber goaltending for all 82 games, they would have likely finished alongside Pittsburgh and St. Louis in the NHL’s cellar.

This season, the hard-hitting Brendan Witt (209 penalties in minutes) and the much-improved Tom Poti (+16 rating) join the blue line and should make the Isles significantly more difficult to play against. But without DiPietro, these upgrades will be for naught. And if the Isles’ star netminder misses training camp, it will put the team’s defense well behind the eight ball in its preparations for 2006–07.

Looking across the Hudson River, a similar scenario is playing itself out with the New Jersey Devils. With Martin Brodeur between the pipes, the Devils’ goaltending situation is rock-solid. Instead, the goal-starved Devils’ concern is their top scorer, Brian Gionta.

Gionta broke through last season with a stellar performance, tallying a Devils’ single-season record 48 goals (see chart). At just 5-foot-7 and 175 pounds, Gionta was believed to be too small for the NHL, which is why he was still available in the third round of the 1998 Entry Draft (82nd overall) following a freshman season at Boston College during which he scored 30 goals and 62 points in 40 games.

During the first three months of 2005–06, the Devils were without offensive leader Patrik Elias, and Gionta stepped up the level of his play and emerged as the team’s most reliable finisher.Despite his diminutive stature, Gionta also demonstrates a fearless, bulldog-like tenacity when battling for

the puck in the corners and along the boards, making him the perfect complement for Elias and playmaking center Scott Gomez.

Unfortunately for the Devils, Gionta is applying those same tenacious qualities to his contract negotiations. Believed to be holding out for a deal in the $3.5 million range, there are 48 excellent reasons why Gionta deserves a big payday. But with the Devils in serious cap trouble, it does not appear that there will be enough money left to pay Gionta a market-value salary in 2006–07.

So it would appear that Gionta has two distinct options.The first is to hold out for what he feels he’s worth. It’s possible that the Devils will be able to clear some space under the cap by demoting Alexander Mogilny and Vladimir Malakhov to the Lowell Devils (the team’s new AHL affiliate). Jason Wiemer and Richard Matvichuk will likely be placed on injured reserve, which will help the fiscal situation if not the team’s on-ice product.

But if GM Lou Lamoriello decides to play hardball with Gionta, a standoff of any meaningful length would be bad news for both Gionta and the Devils. It is very rare indeed that a player misses training camp — much less a portion of the regular season — and follows up with an All-Star caliber performance.

Gionta has another option at his disposal, and though it’s much riskier, it carries with it the potential for a far greater reward. He could play this season under a one-year contract at whatever the Devils can reasonably afford and take out a lucrative insurance policy against his potential future earnings on the off chance that he were to suffer a career-ending injury.

While it’s undeniable that the market value for Gionta’s services based upon last season’s performance is in the $3.5 million range, a second consecutive 40-goal campaign would put Gionta in a new category entirely.With Mogilny and Malakhov coming off the books — and Lamoriello deeply appreciative of Gionta’s team-first gesture — it’s probable that he’d receive a multiyear deal in the $5 million range next summer.

The Islanders, with approximately $7 million available under the cap, will likely sign DiPietro before training camp begins, as Wade Dubielewicz is currently their only option between the pipes. But the cap-strapped Devils’ situation is different entirely. Will Gionta bail the Devils out of their mess now in the hopes of securing an even bigger long-term payday in 2007? Stay tuned…

Mr. Greenstein is the editor in chief of InsideHockey.com.