The Edmonton Oilers have signed a large number of expensive free agents in recent years, and the impact of those signings is felt most at the trade deadline. This year’s deadline is a hornet’s nest for general manager Stan Bowman, as the team has multiple needs but lacks cap room and legit assets to go shopping down every aisle of trade possibilities.

Bowman no doubt believed trading for goaltender Tristan Jarry would help solve the goalie issues, but Jarry’s five-on-five save percentage (.895) is only marginally superior to Stuart Skinner’s (.892) on the day of his exit from Edmonton. Connor Ingram, the new backup goalie, owns the best five-on-five save percentage (.899) among the team’s goalies this season. He is also the only Oilers goalie who meets the league’s average overall save percentage (Ingram matches the average, .896, via Hockey Reference) and could emerge as the starter if Jarry continues to struggle.

The current state of the team, coming off a mediocre homestand and a road loss to the Calgary Flames just before the Olympic break, creates an interesting group of challenges and opportunities.

Are things solved in net?

Do the Oilers need another attempt at an upgrade in goal? The bet has been made, and the organization needs to see how this plays out. So far, the Jarry deal has proved what many observers suggested: The difference between one team’s starter and another team’s No. 1 is often minimal at best. It’s a team game, and very few teams expect more from their goaltenders than this edition of the Oilers.

Bowman already paid a heavy price to move deck chairs, and the top goaltenders in the league aren’t moving at the deadline. The Oilers are best served by running Jarry and Ingram in a rotation for the rest of the season and being open to the idea that Ingram might be the superior goalie for the playoffs. Consider it an open competition.

If the Oilers were interested in addressing the issue once and for all, Minnesota Wild rookie Jesper Wallstedt would be an ideal target. Chris Johnston at The Athletic has him at No. 10 on the deadline trade list, but Edmonton doesn’t have the horses to approach the ask from Minnesota.

The defence rests?

Bowman made a trade during the season’s first half that had an effect on the blue line. Brett Kulak was sent to the Pittsburgh Penguins as part of the Jarry deal, with Edmonton also acquiring Spencer Stastney from the Nashville Predators.

Have things improved? On the day of the trades, the Oilers were surrendering 2.84 GA with the goalies delivering an .884 save percentage at five-on-five. Since the trades, Edmonton’s GA-60 (2.71) and save percentage (.897) are on the upswing. Coincidentally, Calvin Pickard contributed significantly to the stronger performance before being waived.

Meanwhile, the defence was surrendering (again five-on-five) 10.81 high-danger chances per 60 before the deals; since the trades, the goalies are looking at 12.34 HDC against per 60. Before Bowman makes a move on defence, the team might want a larger sample to make a more informed conclusion.

Ideally, the team could find a right-handed defenceman for the second pair who could partner with Darnell Nurse or Jake Walman. Dougie Hamilton is high on the Johnston list, but his cap hit ($9 million) means there’s no path to acquisition.

Centre or wing?

The Oilers have a Ryan Nugent-Hopkins problem: There’s only one of him. He’s a strong fit on the No. 1 line (left wing) because of his two-way acumen, and his offensive ability makes him an ideal fit for the No. 3 centre role. Bowman is running Jack Roslovic as third-line centre, but he could easily move to the wing if a suitable replacement could be found. Johnston’s list of possible centres and wingers gives us a reasonable range of possible targets.

Ryan O’Reilly of the Nashville Predators is a $4.5 million cap hit who covers all the bases required for Edmonton at the third-line centre position. Puck IQ tracks him facing elite competition in 45 percent of his overall minutes (a very difficult assignment) and helping Nashville play at a competitive level in those minutes. Of all the names on the trade board, O’Reilly might be the best combination of perfect fit, affordable cap hit and achievable acquisition cost for Bowman.

Shane Wright of the Seattle Kraken could be available; Johnston suggests the ask would be a young forward with similar upside. He would be a risky bet for a team looking for Stanley Cup No. 6, and he isn’t a centre who can win faceoffs. Plus, he’s very young despite considerable NHL experience. Former Oilers winger (and current Los Angeles Kings healthy scratch) Warren Foegele is available and could be an option for Edmonton.

The path forward

According to PuckPedia, the Oilers have about $2.9 million in cap room for the deadline. However, Adam Henrique will soon return from long-term injured reserve. Andrew Mangiapane is rumoured to be heading out of Edmonton via trade, which would give Bowman some room to wheel. Mangiapane’s cap hit is $3.6 million.

The goaltending position is a nonstarter. Jarry and Ingram just arrived, so this is extremely likely to be the tandem in Edmonton for this year’s playoffs. Pickard is still in the organization, and Connor Ungar is lighting up the AHL. Both men are more likely to start in Edmonton this spring than an outside acquisition.

Defence is tough to fill due to a lack of strong options. It’s easy to identify the perfect fit — it is Ottawa Senators defenceman Artem Zub, and has been for a couple of years — but there’s no deal coming for that level of quality. The Oilers’ decade-plus of mortgaging the future at each deadline, combined with spending to the cap, has negatively affected the current situation.

There’s no Zub trade. There’s no Wallstedt deal. But O’Reilly is a possibility, and it makes sense on many levels.

Maybe it’s time

The alternative also makes sense but is a road less traveled by the Oilers over their history. The last time an Oilers team trusted multiple rookies during a Stanley Cup run was 2006, when Matt Greene and Brad Winchester were semi-regulars during the postseason.

This year, coach Kris Knoblauch should have Matt Savoie (third-line right wing) and Ike Howard (left wing) in playoff games, but that is not guaranteed. Savoie is a regular in the lineup, but Howard is scorching the AHL with the Bakersfield Condors. There are other Condors who are knocking on the door, such as Ungar, Quinn Hutson and Roby Jarventie. Josh Samanski was recently recalled and looked solid in a five-game audition.

If Bowman keeps his powder dry, auditions the best Condors available and doesn’t compromise the cap further, he could be the first general manager since Peter Chiarelli in 2016 (before the Milan Lucic free-agent signing) to have enough room under the cap to shop selectively and pick the best available options. That would come this summer.

It could be key to a Stanley Cup victory in the Connor McDavid era.