Jets Buy Out Nate Schmidt

The Winnipeg Jets have bought out the final season of defenseman Nate Schmidt’s contract, per Frank Seravalli of the Daily Faceoff (Twitter link). Schmidt will first have to pass through unconditional waivers before the buy out goes into effect. Should he clear, Schmidt’s contract will count towards $2.717MM of Winnipeg’s cap next season – a savings of $3.233MM – and an empty $1.617MM in 2025-26.

This move pushes Schmidt to the open market one year sooner than expected, while ridding Winnipeg of the $5.95MM cap hit he’s carried since 2019-20. Schmidt’s six-year, $35.7MM contract was originally signed with the Vegas Golden Knights, who traded Schmidt to the Vancouver Canucks in the offseason ahead of the 2020-21 season. Schmidt spent the shortened year with the Canucks, before being flipped to the Jets for the 2022 pick used to select Jordan Gustafson.

Schmidt kicked off his tenure in Winnipeg with a strong year, recording 32 points and averaging 20 minutes a night, while still offering the stout defense he’s become known for. But that impact has dwindled in the seasons since, with Schmidt managing just 19 points last year and 14 points this year. He’s fallen from a top pair role to a bottom pair role alongside the low scoring, though he still recorded the best xGA/60 (2.03) of any Jets defenders, per Evolving Hockey.

Schmidt’s decline over the last two seasons has made his hefty price tag hard to bear, especially for a Jets team in the midst of a cap crunch. But there should be no shortage of suitors for Schmidt on the open market – with his veteran presence and stout defense a great replacement for Chris Tanev, who is expected to be taken off of the market after a trade to the Toronto Maple Leafs. Schmidt will be set for a significant pay cut, but at 32, he could still find his way into a deal with term.