Assessing The Oilers Options For Tristan Jarry

Heading into the summer of 2025, many hockey pundits and commentators were discussing the Pittsburgh Penguins’ options for goaltender Tristan Jarry. For his part, Jarry had just cleared waivers in early 2025, and it appeared the Penguins would be boxed into the remaining three years of his contract, which carried a $5.375MM cap hit. He seemed unmovable, and the Penguins were more than willing to move him, offering him to the entire league for nothing on multiple occasions. This wasn’t the first season in which the chatter around Jarry was negative, as the sentiment to move him was the same at the start of the 2024-25 season. Now, the Jarry problem has become an Edmonton Oilers problem after the team paid a premium in December for a trade that was disastrous, to put it generously. The Oilers need better goaltending, but they have a massive black cloud in Jarry’s contract, which remains nearly unmovable. The team needs to find a path forward for Jarry, but their options are limited.

The first option is a buyout, which, according to PuckPedia, would save Edmonton $666,667 this season and $1,166,667 next season, followed by a $458K cap penalty over the next two seasons. Effectively, the Oilers would still carry a $4.7MM cap hit this year and a $4.2MM cap hit next season, making a buyout a silly proposition and one Edmonton is unlikely to use.

The team would be better served by simply burying Jarry in the AHL for the season, which would provide more relief. The formula next season would be the NHL league minimum ($850K) plus $375K, resulting in $1.225MM in cap relief for the Oilers, a better number than a buyout, which would carry an additional two years of cap penalty. Pittsburgh used this tactic on multiple occasions, with Jarry playing 12 AHL games during the 2024-25 season.

Then there is the trade option, which at this point doesn’t look like an option at all. Stranger things have happened, and no one expected Jarry to be moved this past year. Jarry started last season fairly well in Pittsburgh, giving the Penguins 14 games of above-average goaltending before GM Kyle Dubas leveraged that to send Jarry to the Oilers in a trade. Edmonton sent Stuart Skinner, Brett Kulak and a 2029 second-round draft pick back to Pittsburgh in return for the 31-year-old Jarry in what was a heavility criticized transaction from the Oilers perspective. There isn’t a trade like that out there for the Oilers, and even if Jarry were to start hot again this season, too many teams have seen this movie before, as it’s been common for Jarry to start seasons well and end them poorly. After all, Jarry is a two-time all-star and has even garnered Vezina Trophy talk in some seasons prior to the Christmas break, but it’s almost an annual occurrence for him to fall apart in the second half, which is alarming to put it mildly.

If Edmonton wants to trade for Jarry, it will need to pursue one of two strategies. It will either need to move Jarry for an equally undesirable contract, of which there are a lot, or attach assets to Jarry and move him in a trade package, similar to the way the Dallas Stars traded defenseman Matt Dumba to Pittsburgh last summer. The Penguins received a second-round pick for their troubles, a steep price for Dallas to pay to rid itself of one season of Dumba’s $3.75MM cap hit. In another transaction the year prior, the Blues paid Pittsburgh a second-round pick to take on the final two years of forward Kevin Hayes’s contract, which carried a cap hit of $3.571MM.

Now, the salary cap environment has changed dramatically in recent seasons, meaning that teams have more cap space and more teams might be willing to take on a contract like Jarry’s, which could bring the price down. However, one of the teams with ample cap space is Pittsburgh, and they probably aren’t keen to bring him back into the fold, even if they are compensated to do so. Jarry also has a 12-team no-trade list, which will further complicate things, but it does leave 18 teams available to work with if Edmonton is willing to part with some assets to move him. Jarry makes quite a chunk of money for a player who might not be NHL caliber anymore, meaning that if Edmonton wants to dump his contract, they might have to pay a second-round pick or more. There is also the issue of Edmonton’s desperation, which could drive the price even higher if they paint themselves into a corner and have no choice but to get him off their books.

The other strategy mentioned earlier might be the best for the Oilers: trading Jarry for another bad NHL contract. Would Pittsburgh consider taking back Jarry if it meant they could send Ryan Graves to Edmonton? Unlikely, but there are plenty of Graves-type contracts around the league, and plenty of teams motivated to get out from under them.

An option could be to move Columbus netminder Elvis Merzlikins, who has one year left on his deal and a cap hit near Jarry’s ($5.4MM). Merzlikins hasn’t been an average goaltender for nearly five years and was below average again this year, posting a -7.3 goals saved above expected (as per MoneyPuck). Acquiring him would shorten the window during which Edmonton is on the hook for a high-priced, below-average goaltender, although Columbus might ask for a small asset to take on the extra year on Jarry’s contract.

There is also a possibility that Jarry is packaged with another bad contract on the Oilers, such as Trent Frederic or Darnell Nurse, to facilitate a swap for a higher-priced bad contract from another team. At some point, one of those swaps is going to take place, given the sheer volume of NHL teams carrying high-priced, bonus-laden, unmovable contracts.