I had assumed that the Caps would sign Hutson to an ELC in a year, get him a few games in the NHL that spring, but send him to Hershey to start the 2026-2027 season. I no longer think that.
Based on what Hutson's done in the 2nd half, I think the Caps need to start thinking about him not going to Hershey if he signs at the end of next season. Not that he couldn't develop in Hershey, but he's going to be good enough to not need time there and to be able to go straight to the NHL. I think he's arguably NHL ready today; he'll certainly be in a year. Obviously, his offense is fantastic but his defense is already good. He was BU's go-to PKer on the left. He's smart and physical. In a year, he'll be stronger and his defense will be even better. So while I don't think it would hurt for him to go to Hershey, I think he'll be fine going straight to the NHL too. And he'll have the leverage to get that.
Based on stuff the stuff his family is said regarding Lane, I think Cole is a) going to want an opportunity to be on PP1 and b) be willing to not sign to get it. The Caps have Chychrun. So they'll have to be willing to give him PP2 time immediately (which wouldn't be undeserved) so he has a shot of earning PP1 time. My guess is he has enough confidence that he'll be okay with "only" PP2 to start, because he'll have the opportunity to show he deserves PP1 time if he gets PP2 time. But he'll need the opportunity.
If the Caps aren't willing to do this for him in a year (i.e. no time in Hershey, time on the PP to start the season), then they should seriously think about trading him this summer.
(I also would try to sign him now, but I don't think that's going to happen.)