Evander Kane

If the arbitrator rules that the Sharks wrongfully terminated Kane's contract, then they would presumably still be on the hook for the final three seasons of Kane's original contract with them at $7 million per. However, Kane recently agreed to a four-year deal with Edmonton at $5.125 million. So what happens to the Edmonton deal if the Sharks' contract is reinstated? By sounds of things, the Sharks' contract would take precedence and he'd once again be with San Jose. Or at least he would be temporarily. What would likely happen is that the Sharks, who clearly don't want Kane anymore, would trade him back to Edmonton and assume the roughly $1.9 million difference in the cap hits. How complicated such a trade would be is hard to say. The Sharks could attempt to leverage the fact that the Oilers want Kane to get some kind of concession, but realistically, the Sharks don't want to be on the hook for Kane's contract nor is San Jose's cap situation good enough to simply hold onto him, so they will be motivated to make a trade work even if it makes assuming part of Kane's cap hit and receiving nothing of note in exchange. “It all comes back to Evander wants to be in Edmonton and to play for the Oilers and I’m comfortable that’s going to happen,” said Oilers GM Ken Holland.

The deal comes with an average annual value of $5.125 million. Kane, who was eligible to become an unrestricted free agent, announced his return to the Oilers on Twitter. "A big part of my decision to stay in Edmonton was because of the opportunity given to me only seven months ago, but also the chance to be a part of a championship team," Kane said as part of his statement. "I want to win, and I believe after signing this deal we will be able to add the right pieces along with myself to accomplish that goal, a championship." He generated 22 goals, 39 points, 152 shots and 135 shots in 43 games during the regular season. Kane added 13 goals and 17 points in 15 playoff matches. He will have plenty of fantasy value going into 2022-23.

It was reported on Monday through Kane's agent, Dan Milstein, that they have permission from the Oilers to speak to other teams. Kane is eligible to become an unrestricted free agent on Wednesday. 

This is according to Kane's agent Dan Milstein who said: "We were granted permission to speak with other clubs. While we are still hopeful to have a deal in place with Edmonton, we are starting the interview process with other clubs.'' Kane was a stud in Edmonton, playing with Connor McDavid as he had 22 goals and 39 points in 43 regular season games and followed that up with 13 goals in 15 playoff contests, tying Nathan MacKinnon for the NHL lead although he played one less series. Kane is also in a grievance with the San Jose Sharks who terminated his contract earlier in the season, unjustly so according to Kane.