Depending on what happens with Kovalchuk, the team is either a few million dollars under the $59.4 million salary cap or several million dollars over.

Here is what we do now.

The New Jersey Devils are negotiating a new contract after the 17-year, $102 million deal was rejected by arbitrator Richard Bloch on Monday.

Ultimately, it did not affect anything else going on surrounding the matter (other contract offers, etc.). Let’s face facts. The deal was full of holes and unethical. The last six years of a contract at $550,000 per year were a bit excessive and did circumvent the cap. For arbitrator Bloch to suggest Kovalchuk would not play until he is 44 years old, however, is inappropriate and impossible to predict. Add the fact that a green light was given to investigate other deals and there is a recipe for many more problems.

Getting away from league problems, which seem to grow by the hour, the Devils did actually have a nice off-season, relatively speaking.

New Jersey acquired Jason Arnott via trade, signed free agent defensemen Anton Volchenkov and Henrik Tallinder, and finally inked a backup goalie that can step in with confidence. Johan Hedberg will be Martin Brodeur’s understudy of sorts, but expect him to see more time than Yann Danis did last season.

The jewel piece in what the Devils have actually finished this off-season is Volchenkov, for now.

New Jersey finally gets a shutdown defenseman who can blocks pucks and actually hit people. The offense from the blueline will come from other sources. The six year, $25.5 million deal was less than many expected. Ironically, departing defenseman, Paul Martin snagged a five year, $25 million contract. Volchenkov is an upgrade over Martin, who never fulfilled his potential in New Jersey.

Tallinder had a 20-point season in a Buffalo offense that was more challenged than New Jersey’s. Tallinder brings a solid form of defensive play to the Devils that was lacking at times last year. His four-year contract at a bit over $13 million may have seemed a bit high, but there were worse deals handed out in the Free Agent Frenzy.

Hedberg received a $1.5 million deal and a no-trade clause. Hedberg is a solid 1A or 1B netminder who can take the lead role when called upon. He never had much of a defense in front of him and should perform well in New Jersey. His .915 save percentage and 2.62 goals-against-average on a below average Atlanta Thrashers team showed brass in New Jersey. Hedberg has always been a fighter and New Jersey can use more players like him.

This all leads us back to Kovalchuk. What would make this a great off-season for New Jersey as opposed to a good one hinges on whether a deal can be renegotiated that actually meets league approval.

Despite the solid signings and the continued pursuit of Kovalchuk, what has not been realized is whether or not Devils general manager Lou Lamoriello has been setting up for a long Zach Parise contract after next year. Parise is entering the final deal of his current contract. Consider it food for thought.