Just checking if I missed anything. NJ eats $2.5M of MA Fleury, then eats Jensen’s deal, and also gets Copley, and they lose Crawford? I don’t think Jensen is as bad as people make him out to be for what it’s worth, but they are taking on cap in a flat cap world

I don’t think Crawford goes anywhere simply because he was just signed, but I do think Jersey needs more to do it.

Yeah I didn't understand why the the 2nd is going to Vegas instead of NJ

There's no way NJD trade Crawford who they just signed btw and i think Blackwood just got injured so they're not going for a Copley/Senn tandem, this would be the worst goalie tandem in the NHL even worst than the Delia/Subban 😂

The only team that I understand the motivation for is Vegas.

Vegas: Dumps a bad $7Mx2 contract and gets a 2nd and Crawford out of it? Usually you don't gain from dumping a bad contract, not that Crawford's contract is good.
NJ: Just signed Crawford but they are moving him out for the right to pay $2.5Mx2 retention, a 6/7D and a 3G.
Wash: Needs to pay $4.5Mx2 for a backup goalie that they don't want. Plus, for the right to that (still) bad contract they give away a 2nd, Jensen (near dump), Copley.

Using mostly what you have here...
Vegas would send Fleury and the compensation of the retention (1st, or such) to NJ.
NJ would retain the full $3.5M (Caps can't take a $4.5M hit for Fleury, not even a $3.5M hit, but I'm going with your AGM) and send him to Was
Wash would send out Jensen and Panik (for cap reasons, they are over the cap as it is so they can not bring in $3.5M/$4.5M and only send out $2.5M (Coplay is 90% burried))

So...
Vegas
- Fleury, 1st
+ Jensen, ($7Mx2 freed cap space)

NJ
- $3.5Mx2 cap hit
+ 1st, Panik

Wash
- Jensen, Panik
+ Fleury ($3.5Mx2)

yours seems more realistic, but Vegas would want a back up goaltender, and I dont think they'd ship a first. How about this:

Vegas:
-Fleury (retaining 500k), whitecloud, 3rd.
+Jensen, Copley

NJ:
-Half of fleury's remaining cap hit (3.25x2)
+Whitecloud, 2nd, Panik

Wash:
-Jensen, Panik, Copley
+Fleury (3.25x2)

I can't say that I have an opinion on Whitecloud, so maybe he is more than I give credit for...

You also have a 3rd going from Vegas but a 2nd going to NJ. A 3rd isn't going to get it done. There might be an argument if the retention was 1 year, but it is 2 years. You are not going to get a team to "buy" a 3rd rounder for $6.5M. It cost Toronto a first for Carolina to take $6.25Mx1 cap of Marleau, and technically that overall move was only $835,000 in actual dollars for Carolina, yet cost a 1st.

In overall terms, I do not think that adding Coplay hurts the Washington side. I still don't think that they do it, but that's the AGM.
Does Whitecloud+2nd = 1st? I don't know. It's not going to be cheap for free up $7Mx2 though. Fleury is not a starter anymore.

Yeah we aren’t shipping whitecloud and a first out. If they were going to do something like this, they would have this year when they had the 29th pick lol.

Nobody suggested Whitecloud + 1st.