Oliver Wahlstrom signs a new contract with the NY Islanders

The wait regarding whether the NY Islanders would extend Oliver Wahlstrom is over as the two sides agreed to a one-year, $1M contract.

Wahlstrom elected to go to arbitration instead of signing his $917,831 qualifying offer, but ultimately decided to re-up with the Isles for a bit more money.

Though the ink on his new contract is now dried, it doesn't necessarily mean we'll see Wahlstrom in blue and orange at the start of the season.

A former first-round pick, touted to become the goal scorer the Islanders have been searching for, Wahlstom hasn't lived up to the hype. In 193 games with the Islanders over five seasons, the 24-year-old has only scored 34 goals and registered 33 assists. Inconsistent play and a torn ACL during the 2022-23 season have seen him spend more time in the press box than on the ice, as he's been unable to solidify a consistent role in the lineup.

Before the news broke of his new contract, the Islanders only had $50k in cap space. With Wahlstrom on the books for 2023-24, Lou Lamoriello will need to create cap space to become cap-compliant, whether via a trade or through waivers.

With Wahlstrom's lack of success on Long Island, it's been thought that a new beginning elsewhere would be the best move for his career. After the 2024 NHL Draft, the usually tight-lipped Lamoriello even mentioned searching for a trade partner to give the winger a fresh start.

Lamoriello signing Wahlstrom to this contract could be a delay tactic from the long-time general manager as he searches for a trade partner but still avoids arbitration. If he can't find any takers, he could waive Wahlstrom with his entire cap being buried in the minors without penalty.

If he's still on the roster come training camp, Wahlstrom will need a stellar couple of weeks if he hopes to be part of the roster.