Varlamov is a good goalie. He is not worth a 1st but with Vegas' new situation they have no leverage you never know what a team might demand, unless Vegas goes with whatever they can get for a 3rd. The Islanders would have to retain 50% for this trade to work so Vegas can stay under 10% over the cap rule. This would still leave Vegas over the 10%, so they might have to trade a player or go another route.

Varlamov can easily get the Islanders a 2nd and a 3rd is for the salary retention. This would also help the Islanders (rumoured) to sign Kadri and Romanov. I still don't know how they are expected to sign Dobson though, unless he takes a cheap 1-3 year deal for ~4M AAV.