Here's the video of the hit (care of Puck Daddy):
Volchenkov's elbow clearly makes contact with Marchand's head and it doesn't look like the Devils defenseman made a single attempt to play the puck. However, Volchenkov doesn't leave his feet and it's a bit of a tricky situation since Volchenkov is 6-foot-1 while Marchand stands 5-foot-9. Volchenkov does appear to clearly lead with his elbow for long enough that you could argue intent. Also going against Volchenkov's case was Marchand's reaction and likely concussion. Oh, you say the NHL doesn't account for injuries in suspensions? There isn't enough bull feces in the world for me to properly respond to that ridiculous NHL rhetoric.
Volchenkov was previously suspended three games in February, 2009 for a hit on then-Hurricanes forward Zach Boychuk. While the "statute of limitations" have passed for Volchenkov to avoid "repeat offender" status, the NHL does take into account past incidents when considering punishment. Our guess is Volchenkov will get at least one game, although it wouldn't surprise me if he landed a two- or three-game ban for the elbow.