The Devils could be involved in an Erik Karlsson trade -- just not in the way you might think.

As the Ottawa Senators continue to listen to offers on their superstar defenseman, the Tampa Bay Lightning have emerged as a favorite to land Karlsson in a blockbuster deal.

The only problem? The Lightning have only $3.4 million in projected cap space, per Cap Friendly. That would mean moving some other contracts to account for Karlsson's current $6.5 million AAV, plus any extension he could sign, which could be worth more than $11 million annually.

That's where the Devils could come into play. They have the cap space to help the two teams work out a deal and benefit with assets in the process.

For all the talk of the NYR possibly being the 3rd team in the OTT/TB potential trade, I'm told the Devils have also been in the mix and may possibly be the 3rd team when all is said and done. Not set in stone, but NJ has been involved in these talks. — David Pagnotta (@TheFourthPeriod) July 6, 2018

General manager Ray Shero is no stranger to taking advantage teams constrained by the salary cap. In July of 2017, Shero flipped a second-round and third-round pick to the Washington Capitals for Marcus Johansson.

While the Lightning would have to move salary in any potential trade, the Senators are also trying to move a contract. Right wing Bobby Ryan carries a $7.25 million cap hit for the next four seasons, and the rebuilding Senators have tried to include him in trade talks for Karlsson.

The Lightning would be unable to carry such a deal, but the Devils again could take on Ryan, while likely getting another asset for their troubles.

Ryan wouldn't be dead money, either. While he hasn't lived up to his contract in the past two seasons, where he has 58 points in 124 games, he does have 505 points in 731 contests. A fresh start could help the former No. 2 overall pick revitalize his career.

The Lightning have some unfavorable contracts as well, such as that of former Rangers Dan Girardi and Ryan Callahan. Girardi has one year left on his deal, while Callahan has two. Defenseman Braydon Coburn also has $3.7 million left on the final year of his contract.

The Devils could certainly take those on, but they wouldn't do the deal just for those contracts. They would certainly get a valuable future asset or two in addition.

Chris Ryan may be reached at cryan@njadvancemedia.com. Follow him on Twitter @ChrisRyan_NJ. Find NJ.com Devils on Facebook.