July 1: It will be a three-year extension for Demko when announced later today, PuckPedia reports. He will be a UFA upon expiry in 2029 at age 33. The team has now announced the deal, which is worth $25.5MM for a cap hit of $8.5MM. He will earn a $10.5MM salary in 2026-27, a $2MM salary and $6MM signing bonus in 2027-28, and a $1MM salary and $6MM signing bonus in 2028-29, according to PuckPedia. The contract also includes a full no-movement clause.
June 30: The Canucks are nearing an extension to keep goaltender Thatcher Demko in Vancouver past next season, sources inform the now-independent insider Frank Seravalli. He’s expected to sign the deal upon becoming eligible to do so tomorrow. They’re still ironing out the money and structure of the contract, but have agreed on its length, per Darren Dreger of TSN.
Demko’s early extension comes days after Dreger reported there was momentum on a new deal despite free agency still being a year away for the netminder. The presumably multi-year commitment comes after perhaps the two hottest-and-coldest seasons an NHLer can have. The 29-year-old’s 2023-24 campaign was outright dominant, posting a .918 SV%, 2.45 GAA, five shutouts, and a 35-14-2 record in 51 games as he finished as the Vezina Trophy runner-up.
Then, Demko sustained a knee injury in Game 1 of their playoff run that year, later revealed to be a popliteus muscle tear – an exceedingly rare injury for an athlete, which led to considerable uncertainty about his return timeline. He started the season on injured reserve and wasn’t cleared to return until December. When he did come back, he was in and out of the lineup due to unrelated injuries and an illness. That led to his numbers nosediving this season, as he logged a career-low .889 SV% and a 2.90 GAA in 23 appearances. That was still good for 1.4 goals saved above expected, according to MoneyPuck, due to a demanding workload in terms of shot quality.
Long considered the organization’s goalie of the future, he had fully achieved that title and was their undisputed starter until late-offseason free agent signing Kevin Lankinen stepped up in his absence this year. During the campaign in which he posted a .902 SV% in 51 appearances, Vancouver rewarded him with a five-year, $22.5MM extension in February. That indicates they anticipate Lankinen handling more of a workload than a standard No. 2 option would for the foreseeable future. He also has a no-movement clause through 2026-27, so a trade isn’t on the table anytime soon.
That indicates the Canucks anticipate Demko’s injury significantly altering his career trajectory and his ability to handle 50-plus starts per season consistently. Presumably, his pending extension will reflect that. His track record, compared to Lankinen’s more limited deployment in heavy usage, means he should still be penciled in as the No. 1 option on the Canucks’ depth chart entering next season and for the foreseeable future. However, Vancouver could be betting on a more platoon approach to keep Demko healthy.
Demko will still count $5MM against Vancouver’s cap for 2025-26 as he enters the final season of the five-year, $25MM extension he signed in 2021.
Image courtesy of Jerome Miron-Imagn Images.
Is Seravelli no longer with Daily Faceoff? I thought that was his website?
His last day was Friday. He was their biggest name, but they’d been around for quite a long time before he joined.
Thanks! For some reason I thought he founded the site.
Will wait to see the details but not certain the timing of this extension makes sense to me. I get it that everyone is panicking for goaltending but having 2 guys locked up at meaningful price and term when one of those just came off a sub par / injury marred season I’d wait and see.
Head-scratcher from typical subject. Team at a crossroads and bleeding offensive talent, with little cap space to address it, doubles down on veteran backstop – when healthy, legitimate Vezina candidate (but past four years that’s been exactly once) – when he is one piece you might get something in return for. Instead they’ll likely turn to selling their 2026 first pick & a possible ticket to turnaround this mess. It’s not even funny anymore…
Are the Canucks drunk? This is easily the worst contract for a goalie in the league. So now you’re paying two goalies 14 mill a year including one that can’t stay healthy. Exactly why they’ll never win a cup
They probably should have traded Demko if this was the best contract they could get him to sign. Not sure what direction Vancouver thinks they’re going but their moves are head scratching to say the least
Allvin and Trotz buy from the same plug.
Terrible contract for the Canucks! This team has no hope!
Yikes. Canucks doing Canucks things. Very high risk contract. This guy has been hanging on by a thread, with his one good knee for like 3-years now.
That is a gross overpayment for a goalie that might not even be able to land the starting job this year.