The Ottawa Senators have acquired F Ryan Callahan and a 2020 5th round pick from Tampa Bay Lightning in exchange for G Mike Condon and a 2020 6th round pick.
The Senators are essentially taking on Callahan's salary for nothing. They get rid of Condon, but Callahan has a higher salary. Condon will actually play, while Callahan's career is over due to a degenerative back disease. Callahan has a $5.8 million cap hit, though will be placed on LTIR.
Callahan, 34, scored seven goals with 10 assists for 17 points in 52 games for the Lightning this season. In his NHL career for the Lightning and New York Rangers, Callahan scored 186 goals with 200 assists for 386 points in 757 games.
The Lightning need to free up cap space to sign RFA Brayden Point, and this does the trick. They save $3.6 million in the process (Condon has a $2.4 million cap hit). Condon spent most of this season in the AHL. The Lightning have a goaltending logjam with star goalie Andrei Vasilevskiy, but Condon fourth on the depth chart behind Louis Domingue and newly signed Curtis McElhinney.
Condon, 29, had a .800 SV% and a 6.38 GAA in two games for the Senators this year. In his NHL career for the Senators, Montreal Canadiens and Pittsburgh Penguins, Condon has a .905 SV% and a 2.79 GAA in 129 games.