I bet the Edmonton 1st rounder would be available for Varlamov. Maybe even a conditional pick based on playoff performance. Or, maybe an interesting prospect or two. There are assets where even if they dont address needs directly, they are great trade chips to make some serious noise at the draft and load up next season, for whatever need you have.
Some Oiler fans have the idea of justifying the 1st by adding another player such as Mayfield, or Koskinen
My overwhelming preference here is to make it a one-player trade, and for the Isles to retain some salary on Varlamov. It's just for the one extra year, and not 50%. Maybe 20-30%.
Varlamov is a great back up but still the back up. You could sign a replacement for cheap.