from Jonathan Davis of FoxSports West,

With the salary cap dropping to $64.3 million and the Kings already committed to just over $56 million to 15 players with eight players still to sign to fill out the 23-man roster, there just isn’t enough left in the kitty to pay Penner who will become an unrestricted free agent on July 5.

Penner is coming off a 1-year, $3.25 million contract and though he will likely have to take a paycut regardless of where he signs, Penner is likely to field offers in the range of $1.5-$2 million per season. The Kings would only be in a position to offer him a deal in the area of $800-900K.

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