The Nash extension is the most important player-personnel deal in the history of the Blue Jackets. Nash will agree to terms and remain entrenched as the team's captain and franchise player -- or he will be traded, to salvage some value before he hits the free-agent market next year.

If Nash gets traded, the Jackets lose. It would be a major blow to the franchise, its roster, its fan base, its perception of viability. In such situations, I always recall the words of former New York Knicks President (and current St. Louis Blues owner) Dave Checketts: "If we trade Patrick Ewing to the Clippers for five Clippers, then we're the Clippers."

Happy July 1, hockey fans. One tick after noon, the signing season commences. The Jackets officially negotiate with Nash. Teams pitch for free agents. Players fly from roster to roster.

Under normal circumstances, we in Columbus would be enjoying a happy anticipation. Which players are the Jackets targeting? Who can be lured? Which holes will be plugged?

But normal conditions do not exist. Nash needs to get done. I believe he will. Let us work from this premise, that the tea leaves portend good fortune and that a Nash extension will be announced within four days. What is the rest of the plan?

First, the Jackets will look for a backup goaltender. That is not a titillating prospect, but it is a well-defined need. Mathieu Garon, Ty Conklin, Scott Clemmensen, Craig Anderson and Brent Johnson are out there. It could be that the Jackets pluck one of them early. It might be the first thing they do today.

Then, the Jackets will see what develops.

They need a defenseman. They won't be bidding on Francois Beauchemin or Mike Komisarek. Too rich. They might be bidding on Mattias Ohlund or Dennis Seidenberg. But will they bid with conviction?

Patience is the operative word for the Jackets. Last year, they signed Mike Commodore to a five-year contract worth $18.75 million. They were accused of setting a steep market for defensemen, although that charge might have been better aimed at the Toronto Maple Leafs, who gave Jeff Finger a 733 percent raise with a four-year, $14 million contract. In any case, the Jackets won't be setting the market this year.

And other forces are at work that dictate patience. The economy remains in the tank and, in a year, the salary-cap ceiling could be lowered. Teams are espousing fiscal prudence. They will pay their top players, but they will not overpay for role players. They will focus on younger players who are coming off rookie contracts and are due for big raises. In Columbus, for example, this means projecting Derick Brassard and Jake Voracek in future budgets and letting go of Manny Malhotra and Ole-Kristian Tollefsen.

Cap management is of paramount importance. The exceptions prove the rule. A few teams out there -- Pittsburgh, Boston, Philadelphia, the Rangers -- need cap relief. They will be joined, in all likelihood, by the two or three teams today that throw money at Marian Gaborik, the Sedin twins (Henrik and Daniel) and their ilk.

Think about it. The team that signs the Sedins will be taking a $13 million (or so) annual cap hit. In round numbers, this team will be dedicating nearly a quarter of its cap space to two players. More likely than not, this team will be seeking cap relief as a consequence.

Today, the Jackets will sit on the sideline, track the big names and then seek opportunity. Somebody is going to need cap relief, and the Jackets hope to be there to provide it through a trade, a la the Fedor Tyutin deal. The Jackets are looking for a puck-moving defenseman or, possibly, a center. They have left wingers to dangle.

If things go their way, the Jackets will have Nash locked up, and they might just have a piece or two on the way that will make the captain smile and know he did the right thing.

marace@dispatch.com