By Victor Chi

In a trade that will have more of a immediate impact in the bookkeeping ledgers than on the ice, the Sharks on Sunday dealt defenseman Jim Fahey and the rights to forward Alexander Korolyuk to the New Jersey Devils for a conditional first-round pick and defenseman Vladimir Malakhov.

The Devils were in a bind to get under the $44 million salary cap before clubs must submit their roster to the league office Tuesday.

Moving Malakhov trimmed $3.6 million off the Devils' cap figure. His $3.6 million will apply toward the Sharks' salary cap, but San Jose won't actually pay him any money. Malakhov retired in the middle of last season and was subsequently suspended.

As long as Malakhov does not report to San Jose, the Sharks don't have to pay his salary. The odds of Malakhov showing up in Silicon Valley are virtually nil.

The Newark Star-Ledger recently published quotes that Malakhov gave to the Russian newspaper Sport Express in which the 38-year-old defenseman said he wouldn't pursue the money: "It's of no interest to me. I don't want to fight for this money. Enough -- I'm tired of it."

Malakhov added his knees are so weak that tennis is the only sport he can handle.

Fahey, who'll earn $500,000 this season, wasn't likely to get much action with the Sharks this season. A chest injury in training camp prevented him from even attempting to move up the depth chart.

Korolyuk is expected to play in the Russian League as he did last season.

In essence, the Sharks added a first-round pick for two players who weren't going to play for them this season and an extra $3.6 million in cap space, not actual cash.

The condition on the first-round pick is New Jersey's playoff qualification this season. If the Devils miss the playoffs, the first-round pick is deferred until 2008.