Much like the handwringing over Tampa's cap issues, the hullabaloo over Edmonton's cap situation is much ado about nothing.
There are a few key differences between them.
1) Tampa is managed well by a GM with a track record of being able to navigate the cap while still remaining a contender. Edmonton is not.
2) Players are more likely (see Bogosian) to take a discount to play in Tampa due to a favorable tax situation. 0% state income tax in Florida versus much higher tax rates in Canada.
3) Edmonton has to pay a higher rate to players to keep them in part because of the taxes.
4) Tampa has a scouting farm system that is amongst the best in the league and has developed and promoted some very talented players over the past 6 seasons that few teams can match over that timespan.
5) One of Tampa's big contracts is a top 3 goalie in the league that just won the Conn Smythe and previously won a Vezina. Edmonton only has Mike Smith signed beyond this season.
6) Tampa's top 4 defense that are locked in for a couple more years are are Hedman, McDonagh, Sergachev and Cernak. Edmonton has Nurse, Keith, Ceci and Barrie at roughly the same cost.
I'm not saying that Holland trades McDavid or Draisaitl, but the cap is only increasing by 1 million in 2022-23 and there will likely be yet another flat-ish cap the following season. Player salaries would have to scale back or impact FAs would have to take discounts to go and play in Edmonton, and I don't see that happening.
Furthermore, you can realistically expect diminishing returns from Hyman around age 32 or 33, 3 or 4 years into his albatross of a contract, IF he remains healthy over that span. RNH probably the same. They are 28 and 29 years old right now.
In 2 years time Edmonton is going to be feeling the pinch for depth much more than Tampa is.