The Golden Knights needed to clear cap room after signing Alex Pietrangelo, and Schmidt carries a $5.95-million cap hit for the next five seasons. The club is still $974,000 above the regular-season salary cap, though, according to CapFriendly. Teams are allowed to exceed the cap by 10% in the offseason.
Schmidt was plucked by the Golden Knights in the 2017 expansion draft from the Washington Capitals. He served as a top-four defenseman for the Knights, tallying at least 30 points each year.
The 29-year-old is an exceptional skater and posted an expected goals for percentage of at least 51% in all three seasons with Vegas despite being deployed in more of a defensive role, per Natural Stat Trick.
The Canucks' blue line projects to look something like this, pending further moves: