Colby Cosh and Tyler Dellow - a couple of Edmonton chaps - have written a pair of must-reads on the Michael Nylander situation. Cosh recaps the entire saga (so far) here, and Dellow whips out the CBA here. Mirtle is on the story as well.
I tend to agree that a) there's no way the Caps are losing Nyls and b) the Oilers are better off without him - assuming he would have gotten a similar deal in Edmonton, Nylander in Washington makes much more sense for all parties involved, as Alex Ovechkin needs a top-notch set-up man. Raffi Torres? Less so.