Schmidt was suspended Sunday for violating the terms of the NHL/NHL Players' Association Performance Enhancing Substances Program. He and Theodore were two of the top six defensemen for the Golden Knights last season.
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"It's always best to have all of your guys available, but I don't feel any particular pressure," Vegas general manager George McPhee said Thursday. "We'll do a deal when the deal is right. If [Theodore is] not here, someone else will play."
Theodore, 23, is a restricted free agent but is not eligible for arbitration because he signed his entry-level contract at 18, meaning he has to play four professional seasons to reach arbitration; Theodore has played three.
"Hopefully we'll get something done sooner than later," McPhee said. "We're negotiating as best we can. It's an interesting part in our collective bargaining agreement that there's a group of players like Shea who don't have arbitration rights. And as much as some people dislike arbitration, I've always liked it because it's a tool to get a contract done."