Not to mention the raise for Kuzmenko will kick in and add another ~$4.5m to the cap. They really have no choice but to somehow find a way to dump a winger (either Boeser or Garland) and Myer, or buy out OEL, at the bare minimum. Also have to pray that Pearson and Poolman stays on LTIR. They also need to make sure to keep Bear under a reasonable contract, or find a replacement that is making roughly what he makes now and can play the right side adequately. That only gets them cap compliant, not even improving the team.
Hughes has 5 more seasons left on his contract I believe, so we don't have to worry about him. Except for the fact he doesn't want to rebuild so we'll have to compete now to make him happy, apparently.
Then the following season, if you are lucky enough to have Petey commit, his extension will take up most of Myer's cap hit, and Hronek will want a significant raise I'm sure. Again, not even improving the team, just keeping this group together.
They have certainly picked the most difficult path to follow. I expect many picks/prospects will be traded as sweetener to get rid of some of these guys. It will be interesting to see if they can build a competitive team on the one hand, while actively tying anchors to themselves on the other with all the contracts handed out. Either way, the prospect pool is not going to look great for the foreseeable future, that's my guess.