I don't get this argument. No they don't. You can get any player to replace his cap hit. It's so easy to find guys to acquire to hit the cap floor.
BUT, here's the kicker. If DiPietro gets INJURED again, than not only does his salary still count towards the cap (because remember: LTIR doesn't REMOVE a player's cap hit, it only allows a team to ADD MORE to their cap to replace the injured player), then the Isles get a player to count towards their cap hit, while at the same time having whichever insurance company is insuring DiPietro's contract pay DiPietro's salary.
At least, that's how I understand it. No doubt, the Isles would dump the guy for free, but in a weird, twisted way, if he gets hurt, he actually has some value for them by not playing.
The Isles need DiPi's cap hit to stay above the floor, and the first is probably gonna' be a top five pick. There is no way the Isles do this.
While I agree that giving up a first would be a big price to pay, does it not make more sense to use the money you are currently paying "DiPi" to "stay about the floor" on a player who actually contributes something to the team? I mean, the point of paying a hockey player is to have them on the ice to help your team win right? Having DiPi sitting at home eating donuts does nothing to help the team win...oh wait, I forgot we were talking about the Isles...this may be the only franchise that is run even worse than the Leafs.