Examining The Penguins’ Options For Ryan Graves

When Penguins general manager Kyle Dubas took over the organization just before the draft in 2023, he had little time to do an organizational assessment. But one glaring hole was on the Penguins’ top defensive pairing next to Kris Letang, where long-time fixture Brian Dumoulin was set to depart after a rocky final season in Pittsburgh. Dubas recognized the gaping hole and swiftly signed defensive defenseman Ryan Graves to a six-year contract in free agency worth $4.5MM per season.

The contract immediately became an albatross for Pittsburgh as Graves struggled on the top pairing, fell down the hierarchy to the bottom pair, and was eventually a healthy scratch on many occasions this season. The deal has been a disaster for the Penguins and will be challenging to navigate going forward.

There’s not much Dubas can realistically do to get out from under the Graves deal. Thanks to the signing bonus structure of the contract, it is essentially buyout-proof (per PuckPedia) and would offer the Penguins very little salary cap relief. The only significant reduction would come next season, a year when the Penguins probably need it the least out of the next few years, and it would tack on additional years in which the Penguins would be paying for the buyout.

The next option is probably the likeliest: to bury Graves in the minors and have him play for the Wilkes-Barre/Scranton Penguins of the AHL. This situation wouldn’t be unprecedented, as plenty of NHLers on big-money deals have gone to the AHL before. There’s even a recent example in Pittsburgh, where netminder Tristan Jarry had two stints in the AHL this past season. Graves is no stranger to the AHL, having played four seasons in the league before beginning his NHL career with the Colorado Avalanche, but has not played there since the 2018-19 season. This option would allow Pittsburgh to save the league minimum salary plus another $375K, equaling $1.15MM in cap savings for the Penguins.

An option that is less likely to happen, but probably the most interesting, is that the Penguins could try to trade Graves and his brutal contract. That option is sure to generate an audible snicker from readers. Still, bigger contracts to lesser players have been traded before, so it is not impossible. What better time to do it than the summer? The NHL is ripe with bad contracts, and it is very possible that the Penguins could find someone to swap another undesirable contract for a player that hasn’t worked out.

After signing a massive eight-year deal, Damon Severson in Columbus has also been a bust. Pittsburgh isn’t likely to take on two extra years on a player whose numbers have fallen off recently, but this is the type of player the Penguins will have to target if they want to do a one-for-one change-of-scenery trade. There are plenty of players on much bigger cap hits that Pittsburgh could target, but those contracts are mostly more extended than the four years Graves has remaining. The risk would probably be greater for the Penguins, especially given that they could be turning the corner on their retool and still owe on massive deals. Given that Severson is a right-shot, it’s only a realistic scenario if Erik Karlsson is also moved this summer.

If the Penguins want to move Graves’ contract using a sweetener, that could get ugly. Pittsburgh received a second-round pick in exchange for taking on two years of Kevin Hayes’ contract just last summer, and his cap hit was just $3.57MM, nearly a full million dollars less than Graves’ cap hit. Using that as a comparison, there is no doubt that the Penguins would need to use at least a first-round pick to shed Graves’ contract, which is something they simply won’t do at this time.

The Penguins could also keep Graves on their roster and hope he finds his game. It’s not impossible if Pittsburgh hires a more defensive coach who can utilize some of Graves’ strengths, as the Devils did in New Jersey before Graves joined the Penguins. The issue with that is that Graves played on a talented Devils team and was insulated from some of his shortcomings; in Pittsburgh, that is not the case, nor will it be for the foreseeable future. Graves does have a skill set, and although Penguins fans might disagree, he could be sheltered and used in situations that better suit those skills. He can shoot the puck, has good size and reach, and his transition game isn’t horrible. If the Penguins can find the strengths in his game and exploit them, they could build his trade stock up to the point that they could move him without having to retain any of his contract.

The flip side of that coin is that Graves plays poorly next season and is part of a team that falls to the bottom of the standings, something that is very possible. The Penguins could re-evaluate a year from now and look at their options again if they want to get out of under Graves’ contract.

Misses on depth players are what tank roster construction and unfortunately for the Penguins, the Graves deal has been a massive miss. It’s far from the only miss as their roster has been littered with poor depth contracts since Ron Hextall took over GM duties from Jim Rutherford back in the 2020-21 season. The Penguins have missed on almost every mid-range contract since 2021, but they do have options going forward, and while none of them are perfect, there is a choice that exists. The Penguins will have to make the one they feel best serves the organization as they try to turn the corner and compete again.