Anders Lee and the New York Islanders are still not close on a new deal after a recent meeting between agent Neil Sheehy and general manager Mathieu Darche. The gap is wide enough that Lee now looks most likely headed to market, even though the Islanders want him back.

That is why Lee’s status is drawing attention now. He has worn the captain’s C since 2018, is coming off a 19-goal season and remains one of the most accomplished players in franchise history, ranked fifth in games played, fourth in goals and tenth in points. For a team that has built so much of its identity around his steady presence, a move toward free agency would land with real force.

Lee has spent his entire NHL career with the Islanders, the only organization he has ever known, after being drafted in the sixth round in 2009. His future matters beyond loyalty. It comes as Mathieu Darche continues to reshape the roster, having traded Noah Dobson to Montreal and received Emil Heineman, Victor Eklund and Kashawn Aitcheson in return, while also adding Brayden Schenn, Ondrej Palat and Carson Soucy.

That overhaul makes the cap picture even tighter. Soucy will not be back, and the additions of Schenn and Palat mean the Islanders have limited room to maneuver, which helps explain why a new Lee deal has not come together quickly. The team still intends to keep trying, but the current reality is that both sides remain far apart.

For Lee, the next step is the one that can change everything: whether a better offer arrives in time to keep him from reaching free agency. For the Islanders, the question is sharper. They can keep talking, but if the gap does not narrow soon, they may have to prepare for the possibility that their captain is moving on.