Former Islanders defenseman Bryan McCabe is back in New York - as a Ranger - and the Blueshirts' wheeling and dealing before tomorrow's trade deadline might not be over.

The Rangers shipped center Tim Kennedy and a third-round pick in this year's draft to the Florida Panthers for McCabe, 35, an unrestricted free agent who is expected to be in today's lineup against the Tampa Bay Lightning at Madison Square Garden.

Second-year defenseman Michael Del Zotto was reassigned to the AHL Connecticut Whale to create room for McCabe, who waived his no-trade clause to allow the deal to be completed.

Recently recovered from a broken jaw, McCabe provides depth, experience and grit for a team that is in seventh place in the Eastern Conference but has been dressing two rookies and two sophomores on defense. The team's interest in the 6-2, 220-pound defenseman, an experienced lefthanded shot from the point with five goals and 17 assists in 48 games this season, has been ongoing for weeks.

McCabe "adds an established veteran presence to our young defensive corps," Rangers general manager Glen Sather said. "He can help provide offense with his strong shot on the power play, and his versatility allows him to play either the left or right side effectively. Bryan also brings outstanding leadership qualities, having served as team captain for Florida for the past two seasons."

A second-round pick of the Islanders in 1993, McCabe, whose wife, Roberta, is from Long Island, played with the Isles from 1995-98 before being traded with Todd Bertuzzi and a 1998 third-rounder to Vancouver for Trevor Linden.

The Rangers also have interest in another UFA: Brad Richards, the Dallas Stars' No. 1 center, who played for John Tortorella in Tampa. However, he has a no-trade clause and Dallas remains in the thick of the playoff chase in the West. The price is high as well: The Stars want a young center and more. The Rangers, as Tortorella reiterated Saturday, are committed to building with young forwards and prospects. Richards can be signed by any club without giving up any assets July 1. The Rangers would need to create cap space for a long-term contract of about $7 million per year.

Kennedy, 24, a restricted free agent earning $550,000, spent the season in the AHL, where he scored 12 goals and 40 points for the Connecticut Whale. The Rangers have two second-round picks in the June draft, which made the No. 3 selection somewhat expendable.

Notes & quotes: C Derek Stepan was fined, but not suspended, for his high shoulder hit that knocked Capitals defenseman Mike Green out of Friday's game. "I caught him in a vulnerable spot. It's not like I intended to hurt him," the rookie said Saturday. "I feel bad it happened. I was just trying to brace myself and I would approach it the same way again." . . . Marc Staal (knee) and Ruslan Fedotenko (shoulder) will be scratched today.

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