Three interesting NHL options might be worth pursuing by the Islanders, using Varlmov's salary

Edmonton Oilers backup goalie, Calvin Pickard is a player that may be available to Isles GM Lou Lamoriello. Pickard, 32, is 14-5-0 this season with a 2.52 GAA and .901 SA%. It appears that the Oilers are going to ride goalie Stuart Skinner for the remainder of the way, and many around Edmonton are calling for a deal that would bring in Anaheim Ducks veteran John Gibson for the playoffs. The Islanders could offer a deal sending defenseman Noah Dobson to the Great White North in a package including Pickard, or perhaps a three-way deal involving Anaheim. Pickard is in the first year of a two-year deal, current contract worth an AAV of $1 milion per season (PuckPedia.com), it would be a cost-effective signing if the team chooses to go that route.

A deal that could be an easy move for the GM might be to sign Ottawa Senators 22 year-old netminder from Finland, Leevi Merilainen. The young goalie has an 8-3-1 with the Sens, but was recently returned to Belleview of the AHL due to Linus Ullmark being activated off of IR on February 2nd. The Senators currently hold the first Wild Card spot and could be swayed into making a deal. To go along with a record that shows he's deserving of NHL minutes, Merilainen sports a 1.99 GAA and SA% of 9.25. Not only would he be an excellent backup until Hogberg can get healthy, but it would also give Bridgeport an NHL-caliber player in the wings in case of a recall opportunity (either Hogberg or Merilainen). The B-Port Islanders currently have a team GAA of almost 4.00 at this point in the season. He will be an RFA at season's end, but if the Isles could get him in a deal for Kyle Palmieri, then it is definitely worth looking into.
