The situation is...
- The Devils can sign him to a contract, and he'll be eligible to play as long as the League clears the contract.
- All 30 GM's allow him back as an UFA. No chance of this happening, the Devils are not going to let an asset leave for nothing.
- Sit out a year and only the Devils need to allow him to be an UFA. Which is no different from the first option, except he loses a years salary.
- Wait until he is 35, when he can return as an UFA.
So Kovalchuk is pretty unlikely.
Ward would be my preference as well. More likely that he'd be willing to take a shorter term deal than Williams.
If the cap is rising to $71.5m, then that give enough teams flexibility to offer stupid contracts in UFA.