While the club has made no formal announcement, both his NHLPA.com 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.
UPDATE: It's been confirmed. One-year deal, as Schubert accepted his qualifying offer.