The Philadelphia Flyers have acquired Mark Streit from the New York Islanders in exchange for a fourth-round pick in the 2014 NHL Draft. The Flyers now own the rights of the defenseman and will have the opportunity to sign him prior to July 5th when he'll be an unrestricted free agent.
We knew Streit wasn't going to be an Islander in 2013-14 after he turned down the team's best offer. With that knowledge in mind, it's surprising that the Islanders were able to get a return on their former captain when every NHL club was aware that Streit wanted to find a new team.
The Flyers still have to sign Streit, but it's safe to assume they'll try their hardest to get the job done prior to July 5th considering they paid a relatively steep price (fourth-round pick) to secure his rights. There's still an outside chance Streit will still test the open market and sign with a new team, but it's highly likely he'll be a Flyer. Philadelphia desperately needs help defensively and they've already been linked to a few big names such as Keith Yandle.
At 35, Streit still has the skills to improve a sputtering Philadelphia defense. However, it's believed he wants a raise from the $4.1 million a year he was earning with the Islanders and the Flyers aren't in the best position to make that happen. This might change should the Flyers deal other pieces or purchase Ilya Bryzgalov's massive contract, but for right now the team won't be able to fit Streit in under the lower $64.3 million cap. This new cap doesn't come into play until the end of training camp, so the Flyers still have time to get their books in order.