Quoting: Newanda
LA has to resign Kempe and Iafallo, which isn't terrible but Kovalchuk is playing 3rd line minutes eating 6.25 million and cap and is taking away a roster spot from a younger player. Plus the Kings would move back from 22nd overall to 34th and cut their loses on Kovalchuk. Maybe another 3rd/ 4th would be needed.
Kempe and Iafallo will make a maximum combined $4.5 million next season, likely less. That gives the Kings upwards of $7.5M in cap space to work with to sign or replace Roy, Brodzinski, and Leipsic. The following season, players like Toffoli, Lewis, and Clifford will no longer be under contract, and the Kings will have a huge influx of young talent on ELCs, with as many as 10 quality young players being NHL ready and on six-figure contracts. The Kings don't expect to be contenders in the next two seasons, so there's no reason for them to pursue expensive free agents that would necessitate clearing out a bunch of salary. Cap space is just not an issue for the foreseeable future.
As far as roster space is concerned, the Kings don't expect to have many kids coming up in 2019-20. Players like Vilardi, Kupari, Thomas, Clague, Phillips, Durzi, and Anderson are all expected to require an additional year in either the AHL or junior before they are NHL ready. The only forward additions the Kings are expecting are Prokhorkin and possibly Anderson-Dolan. The former has experience playing with Kovalchuk on the Russian national team and in the KHL and would only benefit from the veteran's presence in the locker room.
In 2020-21, the Kings will likely have a logjam at forward, at which time they will probably explore moving Kovalchuk, as well as a number of other veteran wingers. Since cap won't be an issue for them that season as well, the Kings can retain 50% of his salary and trade him to a team that is looking to upgrade their power play. One year of Kovalchuk at $3.125M is a risk that any number of teams would be willing to pay for.
I'm sure Blake will have a conversation with Kovalchuk this summer and find out which teams he's willing to waive his NMC for. He'll call those teams and see if they are willing to give up a mid-round pick or a project prospect for him. If not, the Kings will keep him around to help Prokhorkin acclimate to the NHL and try again at the deadline.