The Blues have around $13 million in cap space to re-sign Alex Pietrangelo, Magnus Paajarvi and Chris Stewart. Pietrangelo will likely get between $6,000,000-$7,250,000 and Paajarvi will likely get between $1,200,000-$1,800,000. That leaves between $3,950,000-$5,800,000 left to re-sign Stewart.
Stewart's agent will likely use David Clarkson's($5,250,000), Milan Lucic's($6,000,000), Ryane Clowe's($4,850,000) and Scott Hartnell's($4,750,000)contracts as what they feel Stewart is worth. Therefore Stewart's compensation will likely range between $4,750,000-$6,000,000. If the arbitrator decides to average those contracts then Stewart will be awarded $5,212,500. So even if Stewart is awarded a contract on a low end of that range, he will still potentially be too expensive for St Louis because they will only be left with $1,050,000 in cap space. That really restricts what they can do in terms of call ups and trades and doesn't even factor in a potential internal budget. The fact that both Clowe and Clarkson made bank this summer will really benefit Stewart and really **** St Louis.
Once the arbitrator awards compensation, the organization only has two options; either sign the player to the awarded contract or walk away. My bet is that is they go to arbitration, Stewart gets a comparable contract to what have proposed and the Blues are forced to walk. Therefore Stewart will become an unrestricted free agent and will be free to negotiate with and sign an contract with any organization he so pleases.
In the event that Stewart does actually become a UFA, Murray should pursue him aggressively.