Sens sign Christoph Schubert?

It certainly seems that way.

While the club has made no formal announcement, both his player profile as well as TSN's Ottawa Senators Payroll Commitments has his salary for the coming season listed as $525,000, so it looks like a deal of some sort has been reached. No details on the length of the deal, but it seems like the team is big on two-year deals right now so it's probably of that variety.

Assuming the deal is infact done, Ottawa's salary cap situation looks like this:

Even if Schubert doesn't crack the regular roster, expect him to be kept around (and thus, count against the cap) because he can play either forward or D and therefore is the perfect utility player. Plus, he would have to clear waivers if they sent him down to Bingo, and I have to think some team would scoop him up, as I believe Schubert is more than capable of being in a bunch of other team's top six.

UPDATE: It's been confirmed. One-year deal, as Schubert accepted his qualifying offer.