Capitals Sign Logan Thompson To Six-Year Extension

3:03 p.m: Washington has made the signing official per a team announcement.

1:30 p.m: The Capitals are close to a multi-year extension with pending UFA netminder Logan Thompson, Kevin Weekes of ESPN reports Monday. It’s a six-year commitment with a price tag of $5.85MM per season, Elliotte Friedman of Sportsnet adds, working out to a total value of $35.1MM.

PuckPedia provided the breakdown of the contract as follows:

• Year 1: $2MM salary + $5MM signing bonus – 15-team no-trade clause
• Year 2: $4.85MM salary + $2MM signing bonus – 15-team no-trade clause
• Year 3: $1.5MM salary + $5MM signing bonus – 15-team no-trade clause
• Year 4: $3.5MM salary + $2MM signing bonus – 10-team no-trade clause
• Year 5: $3MM salary + $2MM signing bonus – 10-team no-trade clause
• Year 6: $2.25MM salary + $2MM signing bonus – 10-team no-trade clause

It’s a sizable commitment to the breakout 27-year-old, who’s quickly ramping up his case for his first career Vezina Trophy nomination. He’s broken away from Washington’s plan to alternate him and Charlie Lindgren between the pipes nightly, erupting for a .925 SV% and 2.09 GAA in 27 appearances with a near-spotless 22-2-3 record. Thompson earned seven straight starts earlier this month, allowing just eight goals on 179 shots.

Despite the tandem workload, Thompson has been among the Capitals’ most valuable players and ranks second in the league in goals saved above expected with 26.8, only slightly trailing Vezina favorite Connor Hellebuyck’s 27.5 mark, per MoneyPuck. It’s night and day compared to what Darcy Kuemper gave the Caps last year in a similar role, making the Washington front office’s decision to send him to Los Angeles for Pierre-Luc Dubois and give up a pair of third-rounders to snag Thompson from the Golden Knights one of the best of the summer.

As expected, the extension amounts to a stratospheric raise for Thompson, who will now earn more than twice per season than the entire value of his previous contract. He signed a team-friendly three-year, $2.3MM commitment with Vegas in January 2022 when he was beginning to emerge as an NHL option. During that time, he’s been arguably the most underpaid player in the league with a 68-29-11 record, .915 SV%, 2.53 GAA, and five shutouts in 110 games for the Knights and Caps over the life of the deal.

The raise is still jarring for a netminder who’s only started more than 40 games once in his career, but Thompson has already solidified his third consecutive 20-win season and will start north of 40 again this year, barring injury. Among the 29 goalies who have played more than 100 games since the beginning of the 2022-23 campaign, that .915 SV% ranks third – higher than clear-cut stars like Andrei Vasilevskiy, Ilya Sorokin, Igor Shesterkin, and Juuse Saros.

He’s now Washington’s present and future between the pipes as they look to end Alex Ovechkin’s career on a high note and keep the momentum going after he inevitably breaks the league’s all-time goals record. If he stays healthy, he should get the chance to also head into the playoffs as his team’s undisputed starter for the first time in his career.

Thompson’s deal runs through the 2030-31 campaign, after which he’ll be a UFA at age 34. The Caps now have $69.375MM tied up in 15 players for next season, not including pending UFAs Lindgren and top-four defenseman Jakob Chychrun. His $5.85MM cap hit will rank 15th among netminders next season as things stand.

Image courtesy of USA Today Sports.