There’s no room for Zadorov on the roster. This scenario brings us back a player to replace the physicality lost from Zadorov while also filling a need in the forward group.
The logical move is obviously to shift Zadorov for picks. However, if good offers for Zadorov aren't forthcoming this offseason then there's a case to be made for resigning him for 1 more year (he has 2 years to UFA), and trading Cole instead.
Consider that rebuilding teams won't want to be trading away good draft picks (like the 2nd's and 3rd's we want for Zadorov), and that at the other end of the spectrum most contenders are going to be up against the flat cap ceiling and unwilling to absorb $3m+ in caphit without salary being sent the other way.
That said, Cole could be a better alternative then for teams needing a LHD but who aren't necessarily willing to give up high picks (like the 2nd + 3rd suggested as a return for Zadorov). Cole could be sent to NJ for example, in exchange for a 4th or thereabouts (maybe we have a small add as well for their trouble).
Once Cole is moved we sign Zadorov to another 1 year 'prove it' deal (taking it to arbitration if necessary). It's unlikely that he gets more than $3.5m based on this season, which capwise is actually a better hit for the season on the 3rd pairing than Cole's $4.25m.
Z also brings an intimidating physical presence that Cole doesn't, which could also be invaluable when trying to introduce both Byram and Timmins this season. Going forwards it might actually be worth keeping Zadorov instead of Graves just to pair him with Timmins to ensure that he doesn't get levelled by anyone and concussed again...
Byram --- Makar
Girard --- Johnson
Zadorov - Timmins
7D
Graves could feasibly fetch more in a trade at this point in time as well, but it will surely simply come down to what Graves and Zadorov will be asking for on their next contracts.
Should Timmins and Byram both successfully make the step up we could always trade Zadorov mid-season, as there's always a handful of teams that need help on D after injuries strike during the season. Alternatively I'm sure we could get a decent haul at the deadline from contenders who would at that stage have the cap room (due to cap accrual) to take on Zadorov's cap hit (or, you know, we use him as our own rental).
Obviously we would run the risk of losing Zadorov (or Graves) in the ED if we kept him, but is that really that bad? The alternative would be Compher who probably fetches about the same 2nd + 3rd value in a trade as we think Zadorov does. And should Zadorov go unselected by Seattle then I'm sure we could find takers for him via trade after the ED if needed, as the cap should go up again at that stage, and teams would then also have the freedom to load up with 4th Dmen that they don't need to worry about protecting in the ED anymore.
For the record I still think the likeliest outcome is that Zadorov gets traded, but I don't think it's so cut-and-dry until we find out what his and Graves' asking prices are going to be (or perhaps rather, what arbitration will award), along with what sort of offers teams will make for either of them.