What is missing?

The part where there is no way NJ is parting with Mercer. Kahkonen has no trade value as a UFA; if the Bruins want him, they can just sign him. Actually, that's not a terrible idea. Kahkonen is competent and can play 25-30 games behind Swayman, in front of a much better defense than last year, in SJ or NJ. Allen has a year left and would have trade value, and be under 2m as the Habs are eating half. NJ should offer a 2025 2nd instead of those picks you listed.

The part where if NJ want to compete for a Cup, Ullmark will not make them any better than they are now in playoff hockey. Ullmark is a guy that needs to be insulated and still stumbles when games get more important.

In LA, if he can be persuaded, he'd do fine there because shot quality is going to be not good the way LA are built and he'll make all the easy saves. In NJ, where goalies are basically mailmen going through sleet, rain, snow, and hail, he's not going to fare well at all. NJ needs a guy with psychological fortitude.

Jeremy swayman

Devils are definitely giving up too much for Ullmark

Kahkonen was just a throw in, since I'm pretty positive he wouldn't stay with NJ if they got Ullmark.

As for Mercer, I just think NJ is gonna have to give an exceptional package if they want Ullmark because both I and the Bruins believe he is a legit cup contending starter and Boston doesn't need to trade him. I'll admit this package might be more than necessary; I don't scout teams to know if this is accurate, but I think an Ullmark package would look similar to this. Holtz, Kahkonen and a 2nd just won't do it.

If the Devils think that way, they will not trade for Ullmark. I think higher of him than you do, and If NJ does, they will give up alot to get him.

No they dont, if they wanna sign Swayman then they pretty much have to part with Ullmark, not saying they dont have the cap to do it without a trade but it puts them in a crunch to sign anything else they might need. Either way there is a negative zero % chance Mercer is included in any package for a goalie, just like there's a negative zero % chance the Bruins should let Swayman get an offer sheet because i can think of several teams that would break that upspoken rule of not offer sheeting RFAs just to get him