The Vegas Golden Knights announced a passing of the torch on Thursday, as Kelly McCrimmon becomes GM, while George McPhee is no longer GMGM, but sticks around as president of hockey operations.

It’s a move that echoes Steve Yzerman giving way to Julien BriseBois in Tampa Bay: like the Lightning with BriseBois, the Golden Knights didn’t want to lose a respected executive in McCrimmon. There are also parallels in the job McCrimmon is transitioning into. Much like the Lightning, the Golden Knights boast a talent-rich roster, and while Vegas features some Lightning-like bargains, the bottom line is that a cap crunch hovers over all of that luxurious skill.

Let’s take a look at the road ahead for McCrimmon, McPhee, and the Golden Knights.

Flipping assets for that hair flip?

After an out-of-nowhere 43-goal, 78-point breakthrough in 2017-18, William Karlsson needed a new contract last summer. The two sides settled on something of a one-year “prove it” deal for 2018-19, and while he didn’t sustain the unsustainable 23.4 shooting percentage from 2017-18, Karlsson confirmed that his ascension wasn’t a mere mirage.

Now Karlsson finds himself as an RFA once again at age 26, and paying up for his next contract is the pivot point for the Golden Knights’ off-season.

With Mark Stone‘s (clearly justifiable) $9.6 million cap hit set to kick in starting next season, and the Golden Knights’ well-stocked with other legitimate talents, Vegas is in a congested situation even before you factor in whatever dollar amount Karlsson will command. A glance at Cap Friendly gives the impression that Vegas is less than $700K under the ceiling, and maybe some final details might tweak that, the bigger picture is that this is a challenging situation.