The Rangers took one step closer to finalizing their 2007–08 roster yesterday, inking veteran forward Brendan Shanahan to a one-year deal worth $2.5 million. The Blueshirts have done a fine job of upgrading their roster this offseason, addressing their biggest need while simultaneously weakening two dangerous rivals. With Scott Gomez and Chris Drury now centering the top two lines, the Rangers boast a onetwo punch amongst the finest in the league.

Shanahan’s deal includes $2.8 million in bonuses, $2 million of which can be earned if Shanahan suits up for just 10 regular season games. The Rangers are permitted to exceed the cap by as much as 7.5% in order to pay for Shanahan’s bonuses. But should those incentives be attained, the Rangers will be charged for that amount against the cap in 2008-09, thus making the 38-year-old Shanahan’s deal far more self-motivated than has been reported elsewhere. At a realistic minimum of $4.5 million and a possible maximum of $5.3 million, he really represents no bargain at all.

More important, though signing Shanahan should certainly help, any discussion of the Rangers’ Stanley Cup hopes begins and ends with their star goaltender, Henrik Lundqvist, who currently remains unsigned. And the structure of Shanahan’s deal really did the Blueshirts no favor whatsoever where that’s concerned.

A Vezina Trophy finalist in each of his first two seasons, Lundqvist has emerged as one of the NHL’s top netminders, and has been the primary factor behind the Blueshirts’ reemergence as a respectable franchise. Unfortunately, GM Glen Sather currently has precious little wiggle room to fit his star netminder under the salary cap, even with its substantial rise (from $44 million to $50.3 million) for the 2007–08 season.

The Rangers currently have $43.2 million committed to 19 players (11 forwards and eight defensemen), that total based upon the presumption that Darius Kasparaitis will once again suit up for the AHL’s Hartford Wolf Pack (providing the Blueshirts with $2.99 million of cap relief).

Sather now has less than $8 million remaining with which to sign Lundqvist, Sean Avery, Marcel Hossa, and a backup goaltender. Avery should command approximately $2 million a year, while Hossa probably won’t receive much more than the $600,000 he earned in 2006–07. And rounding out the roster, Stephen Valiquette ($618,000 cap hit) will likely be called upon to back up Lundqvist, because top prospect Alvaro Montoya ($1.8 million cap hit, including bonuses) would seem to be a bit too pricey.

Lundqvist was initially expected to command a multi-year deal in the $5 million to $6 million range, but the dramatic events of last Friday may have changed that. The Edmonton Oilers signed restricted free agent forward Thomas Vanek to a seven-year, $50 million contract, which the Sabres quickly matched. If Vanek — a talented sniper who plays approximately 20 minutes a night — is worth $50 million over seven years, then it stands to reason that Lundqvist’s value is far higher.

Fortunately for the Rangers, the more likely “comparables” where Lundqvist is concerned are far more reasonably priced. In Buffalo, Ryan Miller (a conference finalist in each of his first two seasons) will earn $3.5 million in 2007–08, but his cap hit to the Sabres (the average annual value of the contract over its term) will be only $2.67 million. And in Carolina, 2006 Conn Smythe Trophy winner Cam Ward also carries a cap hit of $2.67 million, but he will earn only $2 million in 2007–08.

Perhaps with that in mind, the Rangers filed for arbitration, a maneuver that guarantees that their star netminder will be tending goal for them in 2007–08. For by filing for arbitration, the Blueshirts effectively prevented any other teams from attempting to poach Lundqvist with a highball offer, while also ensuring that Lundqvist won’t hold out and miss the start of training camp.

Of course, taking their most important player to arbitration also carries with it some very significant risk for the Rangers. The arbitration process is inherently a contentious one, and can have disastrous effects. Back in the mid-1990s, then-Islanders GM Mike Milbury literally brought goaltender Tommy Salo to tears during the hearing with his blunt criticism, and the goalie’s confidence was seriously damaged as a result.

Now, there is little reason to believe that Rangers GM Glen Sather will take a similarly confrontational approach with Lundqvist. But because Sather needs to clear as much cap room as possible for 2007-08 in order to ice a legitimate Cup contender, his shortterm and long-term best interests are in direct conflict.

Ironically, after getting a huge guffaw from the Islanders’ madcap summer of 2006, the Rangers may well find themselves following their crosstown rivals’ lead. The 15-year, $67.5 million deal Rick DiPietro inked is now starting to look like a wonderful bargain, as it carries with it an annual cap cost of only $4.5 million. Who’s laughing now?

Should the Rangers tender a similarly generous offer to Lundqvist, it would provide them with long-term stability at the game’s most critical position. A ten-year deal worth $50 million might just be enough to get their star goalie to commit, and though it would bring the Blueshirts within a hair of the cap, there are still some moves to be made.

One huge advantage the Rangers have over many of their peers — besides their ability to spend to the cap — is their capacity to send non-essential, pricey veterans to Hartford. Kasparaitis won’t count against the cap if he plays for the Wolf Pack, and should more wiggle room be required, either or both of Paul Mara ($3 million) and Matt Cullen ($2.875 million) could also be dispatched to the AHL affiliate, with some free agents still available on the open market who could capably fill their roles for far less.

The Rangers have another option as well. They can sign Lundqvist to a one-year deal, the amount to be determined by the arbitration hearing, and then begin negotiations on a contract extension. Starting on January 1, 2008, the Blueshirts can ink Lundqvist to an extension without having it count against the cap for 2007–08. And with a number of veteran players’ contracts expiring at the conclusion of the coming season, Sather will have the fiscal flexibility to offer “King Henrik” a market-value deal that will ensure his continued presence between the pipes at the Garden.

Lundqvist would, of course, be taking the risk that he might suffer a career-threatening injury during the first three months of the 2007-08 season (or that a performance decline would harm his bargaining power). But the long-term reward — a contract that would likely exceed $7 million in annual value — might just make it worth absorbing that short-term risk.

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