I definitely think that Malhotra and one of Higgins/Raymond will sign elsewhere in the off-season. There just isn't room for them.
I also think that Ballard will have to be moved for cap purposes and that Connauton might get a chance to make the team as a 7th d-man.
And I would love to see Pinizzotto finally get a chance to play with the Canucks.
FORWARDS
Daniel Sedin ($6.100m) / Henrik Sedin ($6.100m) / Zack Kassian ($0.870m)
David Booth ($4.250m) / Ryan Kesler ($5.000m) / Alexandre Burrows ($4.500m)
Chris Higgins ($2.350m) / Jordan Schroeder ($1.250m) / Jannik Hansen ($1.350m)
Aaron Volpatti ($0.650m) / Maxim Lapierre ($1.250m) / Dale Weise ($0.725m)
Steve Pinizzotto ($0.600m) /
DEFENSEMEN
Jason Garrison ($4.600m) / Alexander Edler ($5.000m)
Dan Hamhuis ($4.500m) / Kevin Bieksa ($4.600m)
Kevin Connauton ($0.750m) / Chris Tanev ($1.250m)
GOALTENDERS
Cory Schneider ($4.000m)
Eddie Lack ($0.750m)
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CAPGEEK.COM TOTALS (follow @capgeek on Twitter)
(these totals are compiled without the bonus cushion)
SALARY CAP: $64,300,000; CAP PAYROLL: $60,445,000; BONUSES: $0
CAP SPACE (21-man roster): $3,855,000
That leaves almost $4 mil to sign 2 more d-men.
(this also doesn't include any roster players we might get in return for Luongo and possibly Ballard)
If Raymond continues to have a good season, I could definitely see him testing free agency as there would be a few teams that would offer him much more than the Canucks would.
You could go low add in Andersson at the D for 900 000 and then get a 3,100,000 D-man in a trade. But that will still not be sufficent to land a D-man of the Lou and Ballard trade calibre. By that logic someone in the list above must go, someone who matter cap wise.