I guess FLA will protect Reimer. Drafting Luongo would be a big mistake because of his cap penalty once he retires. There are so many other options without such disadvantages.
Does Vegas assume the full cap recapture hit of players that they take, or does it work more like a trade? Because if it's the latter, taking Luongo wouldn't be a problem for them. They'd only incur a recapture penalty if he retires after this season, and that penalty would only be around 1 mil.
If they had to take on Florida's full situation however, they probably want nothing to do with Luongo.