Tretyak 20
Registered User
The theoretical reason to do this is to not lose any current team players to the expansion draft, because having Kovy available would be irresistible bait.
This, of course, assumes that a signed Kovalchuk is actually of less value to the Devils than their otherwise best exposed expansion-eligible player. Basically, if Kovy was in a "I want to come back to the NHL but I won't play for the Devils, so they best sign me then move me" snit. And even then only if his trade value was less than the value of the player they risk losing to expansion (because if it was greater they'd trade him for a player better than the player they lose to expansion)
So yeah, a lot of "if"s have to align for this to make sense. But I would assume that is what the OP is assuming, that they do.
Only thing I could really see happening is if Kovy decided he wants to play for LV and they want to sign him. Then he agrees to sign with NJ and we expose him.
Thing is, though, we really don't have anybody good we have to expose, so it doesn't benefit us much. Maybe if LV agreed to then trade us something like a 2nd for Helgeson that would make it worthwhile.