Nill is a brilliant cap manager. For one, he's not the one who gave Kari that idiotic contract. Two, they have a lot of UFA's next year (Goligoski, Demers, Benn, Fiddler, Eaves, Sceviour, Russell) that will clear up a minimum of SOME space, and all of their current UFA signings (Sharp, Oduya, Hemsky) end when Benn and Seguin are due raises. In other words, they'll be fine in two years.
The massive need on defense is aided by the fact that they have three VERY promising blueline prospects in Honka, Lindell, and Backman: all three of whom are playing brilliant hockey in the AHL right now against San Diego (Anaheim).
Nill won't do it, but if he moved Kari (which is a step below Toronto moving Clarkson's contract) and got Hank, and then let most of the expensive blueline UFA's walk in favor of at least two prospects graduating, they'd be fine cap wise.
He's got a lot of work to do but that's what he does best (Russell trade aside, which has actually worked out despite it costing more than Russell is worth). I'd be wary of giving up Honka as part of the deal for Hank personally, but only because I think Honka is legit, and can help transform Dallas' blueline overnight. But if that's what New York wanted (and it's who they asked for when Dallas asked about Talbot), Nill just might pull the trigger.