Each day in the month of August we’ll be examining a different NHL team — from looking back at last season to discussing a player under pressure to identifying X-factors to asking questions about the future. Today we look at the Ottawa Senators.

Ottawa handing Colin White a six-year, $28.5 million contract was more than just conveniently timed for Senators Day here at PHT. It was also a pivotal moment for a big Senators X-factor: GM Pierre Dorion.

To be more specific, this team’s future hinges on how Dorion manages the Senators’ rebuild … and in what might be an even bigger challenge: managing owner Eugene Melnyk.

[MORE: 2018-19 Review | Under Pressure | Three questions]

You don’t have to be an accountant to notice that, at least in the short term, the vast majority of the Senators’ moves have been about saving money. It’s to the point that people are already joking that White will be long gone from Ottawa before his actual salary peaks at $6.25M in 2024-25:

But that really was an eye-opening signing because it shows that Dorion can occasionally convince Melnyk to fork over dough for “core players.”

It will be interesting, then, to see how the rest of that core develops, as there are some other potentially pivotal contracts to sign, and Dorion will eventually need to add pieces, whether that means NHL-ready players through trades and free agency, or additional prospects through the volume of draft picks the team has (painfully) accumulated by trading away the likes of Erik Karlsson, Mark Stone, and Matt Duchene.

Consider Thomas Chabot the next pressing test case. He’s entering the last year of his rookie contract, so will Ottawa get that done briskly, or will that situation linger ominously? There’s nightmare scenarios where another team poaches Chabot with an offer sheet, knowing that Melnyk seems allergic to signing bonuses.

Dorion truly needs Melnyk on board in cases like these, especially since more are on the horizon, notably with Brady Tkachuk‘s entry-level contract expiring after 2020-21.

There are a ton of factors that could sway things as time goes on, from Seattle’s expansion draft to possibly even a new CBA forming as the Senators’ rebuild goes along. Such thoughts might complicate things if Melnyk believes that a new CBA would be kinder to his wallet.

But, even in the shorter term, Dorion could make some interesting moves if he’s creative — and in cases like retaining salary to get trades done, if he can get Melnyk to buy in.

I’ve already argued that the Senators should embrace short-term pain for long-term gains, not unlike the Hurricanes absorbing Patrick Marleau’s buyout to land a first-round pick. That’s not to say Ottawa needs to clone such moves detail by detail; instead, the point is that Dorion should be creative, and also embrace the likely reality that this team is unlikely to be any good this season, so they might as well build for the future.

That’s where the 2019-20 season presents interesting opportunities.

Craig Anderson seems long in the tooth, but he’s surprised us before with seemingly random near-elite years, and what better time for the 38-year-old to pull another rabbit out of a hat than this one, where he’s in the last season of a deal that carries a $4.75M cap hit?

That sounds like a hefty sum today, but it would be manageable for a contender around trade deadline time, where they could “rent” Anderson. Maybe Ottawa would take on a contract a contender doesn’t want (perhaps Anderson to the Calgary Flames in a deal that involves Cam Talbot and Michael Frolik, if Talbot doesn’t work out) for the price of picks and prospects?

Ottawa doesn’t have marquee trade bait like they did with Karlsson, Duchene, and Stone last year, but you can land nice assets for mid-level players, too, from Anderson to someone like Chris Tierney.

There’s only so much Dorion can do about Melnyk’s penny-pinching ways, whether the Senators owner is truly just being “cost-conscious” now only to eventually spend when it’s time to contend, or if that “unparalleled success” talk was merely just talk.

But as we’ve seen with teams like the Carolina Hurricanes, you can build something pretty special even while dealing with budget constraints. You need some creativity from a GM, and an owner who will spend money when it counts.

Is Dorion up to the task? So far, the results have been mixed, but how he handles this situation (now, and in the future) is an enormous X-factor for the Senators.

MORE:
• ProHockeyTalk’s 2019 NHL free agency tracker
• Your 2019-20 NHL on NBC TV schedule

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James O’Brien is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @cyclelikesedins.