According to Elliotte Friedman, Derek Stepan and the New York Rangers are closing in on a two-year bridge deal. The estimated value of the contract is expected to be in the neighborhood of $6.5 million, which works out to approximately $3.25 million per season. Glen Sather has been pushing for this exact type of bridge deal all summer, and it appears as if Stepan has finally cracked, and accepted the deal.
This is obviously huge news for the Rangers as their number one center will now report to training camp, and will likely be ready for the season opener on October 3. However, there is still some work to be done on the salary cap front, as Stepan's deal doesn't necessarily have the Rangers fitting under the cap ceiling at the moment.
Carl Hagelin will likely be placed on LTIR to give them some temporary relief, but a move will need to be made once he returns to action. Whether it be the demotion of Darroll Powe/Arron Asham, placing someone on waivers, or even a trade, something will need to be done pretty soon.
We'll continue to update this as we hear more.