To Arizona:
Chris Tierney
Anders Nilsson
To Ottawa:
Derek Stepan
Vinny Hinostroza
Antti Raanta
Marian Hossa
Key points:
This is largely to help Arizona create cap space to re-sign Taylor Hall.
The deal shifts about $12M in cap to Ottawa but only increases their existing budget by about 800k since Stepan and Raanta have already been paid signing bonuses, more than half of their contracts for next season.
Hossa is only owed $200k after LTIR insurance. Hossa also helps Ottawa stay above the floor if they move out a salary like Anisimov midseason.
Raanta becomes the starter in Ottawa (assuming Anderson is done) but still leaves enough playing time for Hogberg. Nilsson backs up in AZ.
Both Tierney and Hinostroza are RFAs.
This is a great deal for Ottawa, but I'd guess that they'd rather not take Hinostroza, and just flip Tierney somewhere else for picks. They won't want to go to arbitration with Honostroza, and while he is a good player, with Stepan coming over, I doubt they want to add an additional body to the middle 6.
I also would be surprised if Tierney was a fit for Arizona in this kind of deal for the same reasons. He has a pretty solid case to get a raise in arbitration. For a team wanting to clear cap, it doesn't make a ton of sense to me.
With all that said, it wouldn't surprise me to see a simpler deal made just for Stepan at 1M salary. He's exactly what the Senators have been going after the last few seasons. A veteran who can help teach/insulate the young players, play in a variety of situations, and not cost a lot of money. I could see the Senators giving up a minor asset in the deal.
I don't like the Senators acquiring Raanta if it comes at the expense of acquiring a different starting goalie. If the Senators have no plans to upgrade in net this season, I'm fine with the Raanta/Nilsson swap. Otherwise, I think it will be counter productive because while Raanta is extremely talented, if he ends up injured again, the opportunity cost of wasting an entire season on him is big when the Senators could have gone a different direction and possibly found their starter.
In a bubble, it's a great deal for Ottawa. But I think there are a few things that might not work depending on certain factors.