I wonder if it could be a 3-way trade between the Devils, Senators, and Islanders. Something along the lines of Norris with retention to New Jersey, the picks+prospects for Norris to the Islanders, and then Brock Nelson and a defenseman from either New Jersey or the Islanders to Ottawa.
Jack Hughes is out for the season. So New Jersey has both the incentive and cap space to add Norris. Norris at 6M is still risky because of his injury history, but it's a lot more tolerable when you see where the cap is going.
People will say if the Senators can get a 1st++ for Norris, they should keep them, but let's be real, they are trying to win now. That isn't going to happen. If they can get that kind of value for Norris because of New Jersey being in a bad spot, they are going to use it to try and improve the roster with rentals.