While the Devils scramble to find away to fit Scott Gomez’s $5 million salary into their payroll, the Rangers find themse lves in the catbird seat as the free agent frenzy nears its conclusion. With 20 players already under contract for a grand total of $37.81 million, the Blueshirts are well below the NHL’s $44 million payroll limit. And perhaps most importantly of all, while many of the rest of their Eastern Conference rivals were significantly weakened this off-season, the Rangers have actually managed to improve.

Up front, the Blueshirts’ primary asset is Jaromir Jagr. His salary is a leaguehigh $8.36 million, but the Washington Capitals are footing the bill for $3.42 million, and so Jagr counts for only $4.94 million against the cap. Because the Rangers are able to enjoy Jagr’s elite-level production at a significant discount, they had the financial flexibility to add power forward Brendan Shanahan and versatile center/winger Matt Cullen.

It’s on defense, however, where the Rangers are deepest. They have five NHL-caliber blueliners already under contract and two more players (Michal Roszival and Fedor Tyutin) who are restricted free agents who don’t hold much bargaining power (yet) under the CBA.

Making matters even more interesting, there are a number of highly regarded prospects expected to be ready to push for starting jobs this fall. Thomas Pock, Daniel Girardi, and Ivan Baranka all played well for the Rangers’ AHL affiliate in Hartford last season and could capably fit in on the third defense pairing. And Marc Staal, younger brother of Hurricanes star Eric, is the gem of the farm system, a smooth-skating blueliner whose skills lend themse lves to the NHL’s fast-paced play.

With this embarrassment of riches on the blue line, the Rangers find themse lves well positioned to capitalize on another team’s cap woes by making a trade for a top-tier player in exchange for less expensive roster players. And looking around the league, there is one team in particular that would seem to benefit the most from such a deal: the Tampa Bay Lightning.

Over the course of the past few years, the Lightning have made it a top priority to retain their trio of talented star forwards: Brad Richards, Vincent Lecavalier, and Martin St.Louis. Unfortunately, they’ve done so at the expense of their defense and goaltending, and it’s proven costly. With nearly half ($20.97 million) of their cap room devoted to three forwards, the Lightning lack the fiscal resources to shore up their defense.

Would the Rangers consider making a deal for one of the Lightning’s star forwards? And if so, who should they target?

Judging by the enormous contract (5 years, $39 million) given Richards, it’s clear the Lightning consider him the centerpiece of their organization. And though the Boston Bruins signed Joe Thornton to a long-term deal and then traded him to San Jose two months into the 2005–06 season, it’s unlikely the Lightning would do the same with Richards. The 2004 Conn Smythe Trophy winner has been the most consistent of the three players, and he makes the most sense to build around. Richards would be a great fit on the Rangers, but it’s unlikely they’d be able to pry him loose.

St. Louis is an interesting option, in that he probably wouldn’t come at too high a price. The 2004 Hart Trophy winner suffered through a disappointing 2005–06 season, and he still has five years remaining on his $31.5 million contract. It’s possible that the Lightning would agree to absorb some of St.Louis’s salary, which would certainly make acquiring him more attractive for the Rangers. It’s also possible that St. Louis would waive the no-trade clause that kicked in on July 1 to get a fresh start in New York. But the right move for the Rangers is to steer clear of underachieving players with big contracts and no-trade clauses.In today’s cap-driven NHL, that trifecta is a recipe for disaster.

So the focus is shifted to Lecavalier. The first overall pick in 1998, Lecavalier boasts elite-level skills. Not only is he a consistent offensive threat, but he’s also proved in both the NHL playoffs and the World Cup (for Team Canada) that he has what it takes to perform at a high level in the games that matter most. At $7.167 million a year for the next three years, Lecavalier is a pricey commodity, but the Rangers’ cap flexibility makes him a viable option nonetheless.

So what should the Blueshirts offer in return? With Henrik Lundqvist in place as the starting goalie and Kevin Weekes a competent back-up, prospect Alvaro Montoya would certainly be a good place to start. Montoya played extremely well last season for the Rangers’ AHL affiliate (the Hartford Wolf Pack), and he appears ready to take the next step forward. If the Blueshirts were to throw in Michael Nylander, Michal Rozsival, and a draft pick or two, it would be a valuable package the Lightning would be hardpressed to turn down.

With the salary cap impacting virtually every aspect of the game, opportunities to win the Stanley Cup are fleeting. Last season, the Buffalo Sabres were viewed as the model franchise for the “new” NHL, reaching the Eastern Conference Finals with a $29 million payroll. Daniel Briere already got a huge raise in arbitration (to $5 million), and the Sabres will be lucky to keep their talented, young roster together after all of the contracts have been negotiated.

After two years of solid decision-making, the Rangers are finally back on track after nearly a decade of incompetence. But Jagr isn’t getting any younger, and time is rapidly running out to win a Cup with him leading the way. There hasn’t yet been any indication out of Tampa Bay that Lecavalier is on the trading block, but if the Blueshirts get the opportunity to land him without giving up Lundqvist, Tyutin, or Staal, they should jump at the chance.

Once the likes of Lundqvist and Tyutin command top dollar and the “Jagr Bargain” comes to an end, the well-heeled Blueshirts will find themse lves as shackled by the salary cap as the other 29 teams already are.

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