You can see it has a felt "C"
Blue Jackets third has a felt crest.
I assume the grey/silver is in reference to the Silver Sevens.
I wouldn't want every jersey to have a felt crest, but for something different, I'd like to see one on this jersey.
I'd be a bit disappointed if the "O" is used as the crest. I want some variety. Obviously you want a consistent crest/brand image with the home and away jerseys, but there's no reason for a third jersey and a special jersey to have the same crest. It's just anti climatic.
The way that Spezza and Karlsson describe the jersey, I'd put my money on the crest being the updated 2D logo with an altered color scheme. The whole, it's something new but something old points to a barber pole jersey with a modern crest.
Also, they show a Senator's team picture in the hype video with a "SENATORS" baseball style word mark across the chest. Almost like the one the Wild have on their third jersey.
I really hope they don't go with a word mark on this jersey. Aside from rare cases, I absolutely hate word marks on hockey jerseys. The best thing about hockey jerseys is that they have the massive colorful crest right in the center.