Thanks to cwede and you for clarifying.
As I look at the CBA it seems that if Jensen left for Russia and the Rangers made him a qualifying offer he would be on the Rangers 90 man Reserve List but not on the 50 limit on player contracts since Jensen's contract would have expired. See definition of Reserve List from the CBA:
"Reserve List" means the list of all Players to whom a Club has rights including all Unsigned Draft Choices, all Players signed to an SPC (whether or not currently playing in the NHL), and all Players who have signed an SPC but who have subsequently been returned to Juniors. A Club may have on its Reserve List, at any one time, not more than 90 Players, which shall include the following:
(a) Not more than 50 Players signed to an SPC and not less than 24 Players and 3 goalkeepers under an SPC. Age 18 and age 19 Players who were returned to Juniors, and who have not played 11 NHL Games in one season, shall be exempt from inclusion in the 50 Player limit.
Any Club violating this provision shall be liable to loss of draft choices as determined by the Commissioner.
(b) Unsigned Draft Choices.
An SPC is a Standard Player Contract.
Interesting point about Sean Day. If he plays for Hartford next year it looks like his contract counts against the 50 contract limit since he would not have been returned to Juniors (the only listed exception for not counting a signed contract) but if he is returned to Juniors his contract does not count. This issue probably has not come up before because 19 year olds cannot play Junior except for the extra junior year Day played by being granted exceptional status.