I was fooling around with this on Cap friendly.
Panarin was rumored to be down to Rangers and Florida before signing Rangers. Bobrovsky is there, and yes, they have some Cap Space. Panarin still goes to contender in a choice destination, Rangers rid themselves of his contract and free cap space, and most important, roster flexibilty.
To alleviate some of it, I could easily see Duclair (1 year remaining at $3 million) coming back in the deal. Its an upgrade for Florida, and Rangers get a middle 6 winger.
Rangers retain the $1.6 whatever million to bring his cap hit down to $10M AAV for the next 3 seasons, when him and Bobrovsky can both walk together and potentially actually choose the same destination in their Free Agent Frenzy Part Deux.
With Rangers retaining a little and only taking back $3, they gain $7M in cap space, slot Duclair on 3rd line with Trocheck and Othmann and run with lines like this:
Kreider-Zibanejad-Kakko: was one of best lines in hockey. Give Kakko the extended look.
Lafreniere-Chytil-XXX
Othmann-Trocheck-Duclair: Could easily interchange Chytil and Trocheck on these lines, but I want Chytil to get more ice time.
Cuylle-Goodrow-Vesey: Goodrow could easily be moved as well for even more spce, but no need to with Panarin gone.
Laf at 2x$2M, Miller played himself out of big extension and will probably bridge at 2x$3.5-4M. This leaves ample cap space to sign a 2nd line winger or acquire via trade with the 1st round pick at Draft.
Final deal I could see being something like: Florida acquires Artemi Panarin @ $10Mx3 (NYR retains whatever the # is above $10M). Rangers acquire Anthony Duclair, Grigori Denisenko (RFA).