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Maple Leafs Sign Borya Valis To Entry-Level Deal

March 1, 2025 at 10:28 am CDT | by Brian La Rose Leave a Comment

March 1st is an important day on the NHL calendar as it’s the first day that players can sign future contracts that begin the following season.  The Maple Leafs have wasted little time getting one of those done as they’ve signed forward Borya Valis to a three-year, entry-level deal as announced by his agent Dan Milstein (Twitter link).  The team subsequently confirmed the move.  PuckPedia reports (Twitter link) that the deal will carry a $872.5K cap charge and a $975K AAV including signing and games-played bonuses.

The 20-year-old is playing his final season at the major junior level.  He started his WHL career with Regina in 2021, spending parts of three seasons with the team.  The second of those was his draft-eligible year and while he secured a ranking of 152nd among North American skaters by NHL Central Scouting, he went undrafted in 2023 and 2024.

Last season, Valis was traded midseason, going from Regina to Prince George.  Between the two teams, he picked up 26 goals and 44 assists in 67 regular season games before adding 13 points in 15 postseason contests.  He’s producing at a better clip this year, tallying 29 goals and 44 helpers through 57 contests with the Cougars, one of four Western Conference teams to already clinch a playoff spot.

As the contract begins next season, Valis won’t count against Toronto’s 50-contract limit until the summer.  In the meantime, should the Cougars be eliminated while the AHL Marlies are still playing in their postseason, he will be eligible to join and play for them on an ATO agreement, giving him some time with the team he’s likely to play for when the contract begins in 2025-26.

Toronto Maple Leafs| Transactions Borya Valis

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Five Key Stories: 2/17/25 – 2/23/25

February 23, 2025 at 9:01 pm CDT | by Brian La Rose 3 Comments

The 4 Nations Face-Off is in the books with Canada defeating the United States in a 3-2 overtime thriller and the stretch run is underway.  We didn’t see any activity on the trade front but there was still plenty of notable news across the league which is highlighted in our key stories.

Battered Boston Blueline: This was not a good week on the injury front for Boston’s back end.  Top defenseman Charlie McAvoy sustained an upper-body injury at the 4 Nations Face-Off, one that was revealed when he was examined by Bruins team doctors.  He sustained an infection and ultimately underwent surgery to remove it and is now listed as out week-to-week.  Meanwhile, rearguard Hampus Lindholm (who is second on the team in ATOI behind McAvoy) likely will not return this season.  He has undergone surgery to repair a fractured patella tendon and hasn’t played since mid-November.  Boston is already on the outside looking in at a playoff spot and they’ll be hard-pressed to stay in the mix while missing their top two blueliners.

More Expansion Options: It feels like only a matter of time before the NHL expands past its current 32 teams.  Over the years, we generally see the same speculated cities in the mix, Kansas City, Houston, or returns to Atlanta and now Phoenix.  But another city has emerged as representatives from a prospective ownership group in New Orleans met with the league.  At this point, discussions were almost certainly on the preliminary side as at this point, a formal expansion process hasn’t been started yet.  New Orleans doesn’t have a long history with hockey with the only team in the city being the ECHL’s Brass from 1997-98 to 2001-02.

Five For Lankinen: Kevin Lankinen was a late signee this offseason, inking a one-year, $875K contract to serve as injury insurance for Thatcher Demko.  Instead, the 29-year-old has taken over the number one job and even became the starter for Finland at the 4 Nations.  He was rewarded for his efforts with a five-year, $22.5MM extension, one that increases his current cap charge by more than 500% while also securing him more trade protection.  With Demko back on injured reserve with a lower-body injury, Lankinen will be counted on to help keep them in the playoff picture and with there being some concerns about Demko’s long-term health given the knee issue he dealt with earlier in the season, Lankinen at a minimum will continue to serve as injury insurance for 2025-26, just as a much more expensive option.

Jones Open To A Trade: Seth Jones initially joined a Chicago team that was hoping to be a playoff contender.  Instead, the team quickly pivoted and is now in the midst of a full-scale rebuild.  After a few years of that, the defenseman indicated that he’d welcome a move if the team can find one although he has not formally requested a trade.  Of course, it’s not quite that simple.  While Jones remains a legitimate top-pairing defender, he also carries a $9.5MM AAV through the 2029-30 season and has a full no-move clause.  For the Blackhawks to find a suitable swap, they would probably need to retain a fair-sized chunk of that contract which will only increase the asking price from the acquiring team.  At first glance, this feels like something that’s more likely to be resolved in the offseason when more teams have cap flexibility but his name will undoubtedly come up in trade speculation before March 7th.

Rantanen On The Move Again? When the Hurricanes picked up Mikko Rantanen, it sent a message that they were going for it and felt they could sign the pending UFA winger to a long-term contract extension.  It appears an offer has been made that would give him the highest AAV for a winger in NHL history but Rantanen hasn’t given the club an answer just yet.  Meanwhile, he’s off to a quiet start offensively with his new team with just three points in seven games.  That has led to some speculation that Carolina could look to flip Rantanen if an agreement on a new deal can’t be reached by the trade deadline.  In theory, that would allow them to at least recoup some of the assets they gave up to get him but before it gets to that point, expect them to take another run at trying to get him to put pen to paper on an extension that will surpass the $100MM threshold.

Photo courtesy of Imagn Images.

NHL

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Salary Cap Deep Dive: Ottawa Senators

February 23, 2025 at 7:54 pm CDT | by Brian La Rose Leave a Comment

Navigating the salary cap is one of the most important tasks for a front office.  Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful.  Those that don’t often see struggles and front office changes.

PHR is looking at every NHL team and giving a thorough look at their cap situation for the 2024-25 season.  This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL.  All cap figures are courtesy of PuckPedia.  We’re currently covering the Atlantic Division, next up is the Senators.

Ottawa Senators

Current Cap Hit: $88,257,127 (over the $88MM Upper Limit)

Entry-Level Contracts

F Ridly Greig (one year, $863K)
D Tyler Kleven (one year, $917K)
F Zack Ostapchuk (two years, $825K)

Potential Bonuses
Kleven: $600K
Ostapchuk: $82.5K
Total: $682.5K

Greig has already signed an extension so we’ll cover him later on.  Ostapchuk has had his first extended NHL look this season but has primarily been limited to duty on the fourth line with very limited output.  He should be able to reach some of his games played bonuses but he’s likely heading toward a low-cost second contract barring a big uptick in his output and role next season.

Kleven is holding down a regular spot on Ottawa’s third pairing but his deployment has been limited thus far.  As a result, he’s not on track to reach his ‘A’ bonuses while his next contract should be a low-cost bridge deal although passing the $1MM mark isn’t out of the question.

Signed Through 2024-25, Non-Entry-Level

D Jacob Bernard-Docker ($805K, RFA)
F Nick Cousins ($800K, UFA)
G Anton Forsberg ($2.75MM, UFA)
F Adam Gaudette ($775K, UFA)
F Claude Giroux ($6.5MM, UFA)
F Noah Gregor ($850K, RFA)
D Travis Hamonic ($1.1MM, UFA)
F Matthew Highmore ($775K, UFA)
D Nikolas Matinpalo ($775K, RFA)
F Cole Reinhardt ($775K, UFA)

Giroux was brought in to be not only a veteran mentor to what was (and still is) a relatively young core group but also to be a key contributor in their top six.  Mission accomplished on both fronts.  He was third in team scoring in his first season and fourth in scoring last year.  At 37, he’s starting to slow down offensively but he’s still a top-six player, at least for now.  One of the big questions for next season as he heads into his next contract is how much longer he can play at that level.  A two-year offer probably isn’t off the table but it’d likely reflect the expectation of a diminished role in the second year which could result in a small dip in pay.  But if Giroux is open to a one-year deal, something around this price point is doable while he’d also be eligible for performance incentives.

Gregor has been non-tendered for two straight years with his former teams wanting to avoid giving him salary arbitration eligibility where his more productive years (23 points in 2021-22, 10 goals the following year) will come into play.  That seems like the probable outcome here as well but without those rights, he could still check in a bit closer to $1MM.  Cousins had to wait until late August to get this contract and not much has changed in terms of his role and production.  He’s effective enough to stay above the minimum salary but he’s probably only a tier above PTO territory so another low-cost one-year deal is likely.

Gaudette only got into two NHL games last season but he has been one of Ottawa’s better success stories this year, sitting inside the top five on the team in goals.  Nonetheless, he historically has had a hard time hanging onto a full-time spot which should keep his cost lower than someone with a shot at 20 goals.  A one-year deal in the $1.25MM range, one that can largely be buried in the minors if things don’t go well, would represent a nice raise for him while lessening the risk on the signing team.  Highmore and Reinhardt have been back and forth to and from the minors this season and are likely to remain at the minimum salary moving forward.

Hamonic has had a bigger role this year but his playing time is still rather limited compared to even just a few years ago.  He’s struggling to keep up and will be entering his age-35-year next season.  A one-year, minimum-salary deal with some low-cost performance incentives could still be doable but he could also be a PTO candidate.

Bernard-Docker became a full-timer last season but has been scratched a bit more often this year while injuries haven’t helped either.  He’s also arbitration-eligible which could work against him if Ottawa needs to keep this salary slot a little lower.  With a hearing, he could plausibly double this price tag but it wouldn’t be shocking to see him non-tendered if they can’t agree on a lower number before then.  Matinpalo is also arbitration-eligible but doesn’t have enough NHL experience to really command any sort of big raise.  A jump closer to $1MM is doable but probably not much more than that.

Forsberg hasn’t been able to come close to the level of performance from 2021-22, the one that earned him this contract.  He has been a bit better this year but his save percentage is still below the league average.  He might not get back to the level of third-string money but it’s quite possible his next AAV is half of this or less barring a big turnaround down the stretch.

Signed Through 2025-26

D Nick Jensen ($4.05MM, UFA)
F David Perron ($4MM, UFA)
F Shane Pinto ($3.75MM, RFA)

Perron was brought in over the summer with the hope he could be a reliable veteran secondary scorer.  That hasn’t really happened as when he has been in the lineup (which hasn’t been often between an injury and a family-related absence), his production has been quite limited thus far.  He’ll be 38 when this contract ends so he’ll need to rebound considerably to have a shot at matching this price tag a year and a half from now.  Pinto was at one point believed to be hoping for an offer sheet as early contract talks didn’t go well.  But, instead, they settled on a second bridge contract on a back-loaded deal that cranks the qualifying offer up to $4.5MM with arbitration rights.  If he can establish himself as a legitimate top-six forward by then, he’ll be able to get a fair-sized raise on that and the long-term deal he’s been seeking.

Jensen has been a nice fit in Ottawa after being acquired from Washington back in July.  He has settled in nicely as a second-pairing blueliner in recent years although he doesn’t produce a lot which will keep the price tag down.  A jump into the $5MM range on a long-term deal should be achievable if he plays like this over the rest of this season and next.

Signed Through 2026-27

F Michael Amadio ($2.6MM, UFA)
F Drake Batherson ($4.875MM, UFA)
D Artem Zub ($4.6MM, UFA)

Batherson has produced at or close to a top-line rate in the past three seasons heading into this one and is putting up points at a similar clip this year.  That makes him a nice bargain and if this keeps up, he could find himself closer to the $8MM range in 2027.  Amadio came over from Vegas after putting up back-to-back 27-point seasons.  He hasn’t fit in quite as well despite an uptick in playing time but as a bottom-six forward, it’s not a steep overpayment.

Zub has had some challenges staying healthy but when he is in the lineup, he’s a legitimate top-four blueliner, one that flies under the radar a little bit.  With his limited production, he’s not on a bargain contract but it’s not a bad one by any stretch.  Like Jensen, his next deal likely starts with a five.

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Signed Through 2027-28 Or Longer

F Ridly Greig ($3.25MM through 2025-26 through 2027-28, RFA)
F Josh Norris ($7.95MM through 2029-30)
D Jake Sanderson ($8.05MM through 2031-32)
F Tim Stutzle ($8.35MM through 2030-31)
F Brady Tkachuk ($8.206MM through 2027-28)

Stutzle signed this contract coming off the second year of his entry-level deal, a clear sign of confidence from then-GM Pierre Dorion.  He has rewarded their faith in him with his two best offensive seasons coming in the two years since then while he’s hanging around the point-per-game mark this year.  He’s a legitimate top-line forward and at 23, there’s still some hope that he has another gear to get to from a production standpoint.  Notably, the Sens have had Stutzle playing center off and on over the past several seasons.  While he hasn’t made the switch full-time, the more time he spends down the middle, the more appealing he could become if he hits the open market with how rarely impactful middlemen get to free agency.  That could help boost Stutzle’s value at that time even further.

Tkachuk has become a legitimate top-line power forward and when he’s on, he’s one of the more impactful wingers in the league.  Having that type of player locked up at this price for several more seasons is a tidy piece of business.  He’s well on his way toward a double-digit AAV and a max-term contract on his next deal.

Norris was signed with the hopes that he could be Ottawa’s long-term solution at the center position.  However, injuries have taken their toll in recent years and it’s fair to say they haven’t received good value for their money just yet.  But if he can get back to staying healthy and into the 30-goal range – a mark he has reached before – this could still work out for them.  Greig signing an early bridge deal was a bit surprising as it’s usually long-term pacts that are signed a year in advance.  But it gives both sides a bit of cost certainty while putting him in good shape in 2028 when he’ll be owed a $3.9MM qualifying offer with arbitration rights.

Buyouts

F Colin White ($625K credit in 2024-25, $875K from 2025-26 through 2027-28)

Retained Salary Transactions

G Joonas Korpisalo ($1MM through 2027-28)

Best Value: (non-entry-level) Batherson
Worst Value: Norris

Looking Ahead

While the Sens are in a position to potentially try to add to their roster before next week’s trade deadline, doing so could be a challenge.  They are into using LTIR on two of their lowest-paid players which comprises their available cap space at this point.  As a result, they’re one of the teams that will be in a money-in, money-out situation.

GM Steve Staios will get a little more flexibility starting this summer with more than $17MM in cap room, albeit with as many as ten players to sign.  That should leave them enough room to re-sign or replace Giroux and then round out the roster with lower-cost options.  They’ll have another $11MM come off the books for 2026-27 which, coupled with the anticipated increase to the cap at that time, will be their next real opportunity to try to add a core piece to their roster.

Photos courtesy of Imagn Images.

Ottawa Senators| Pro Hockey Rumors Originals| Salary Cap Deep Dive 2024

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PHR Mailbag: Devils, Restricted Free Agency, Jones, Tuch, Young Defensemen, Canadiens

February 23, 2025 at 6:45 pm CDT | by Brian La Rose 1 Comment

Topics in this edition of the PHR Mailbag include some thoughts on how an increased salary cap could affect restricted free agency, Seth Jones’ situation in Chicago, and much more.  If your question doesn’t appear here, check back in last weekend’s mailbag while we still have one more to come.

JF Devs Fan: Would Anaheim accept Kovacevic for Zegras and let Z be the 3C for the Devils? Who else is a 3C the Devils can target at the trade deadline? Hopefully someone with speed, some defensive acumen, and enough offense.

Unless the Ducks just want to open up cap space and get out of Trevor Zegras’ contract, there’s no reason for them to accept the trade.  Johnathan Kovacevic is a pending unrestricted free agent and would be far from a guarantee to re-sign so that would be a pretty low return for a player who they’ve had a high asking price on in the past.  New Jersey, meanwhile, can’t afford to take on the $5.75MM price tag on their books for this season and Anaheim would have no interest in paying down the money.  If the Ducks were to move Zegras, I suspect they’d want a similarly-established top-six piece.

New Jersey has been linked to Montreal’s Jake Evans for a while and the fit is logical.  He is the league leader in playing time shorthanded among forwards so the defensive acumen is there.  He’s not the fastest but he’s not a bad skater.  And offensively, he’s on pace for around 35 points which is reasonable for a third liner.  He also has a $1.7MM price tag this season which is something they should be able to fit in without too much issue.  If Boston sells, Trent Frederic could be of some interest.  He’s only a year removed from an 18-goal season and third-line minutes and would add some sandpaper.

It wouldn’t shock me if they were among the teams interested in Seattle’s Yanni Gourde.  A lower-body injury will probably keep him out until the deadline but he’s due back soon after and he would certainly give the third line a boost.  The Kraken would need to retain half of his $5.167MM to make a deal palatable, however.  I’m sure they’d kick the tires on Brock Nelson but it’d surprise me if he was moved inside the division.  Another cheaper option would be Chicago’s Ryan Donato who is having a career year offensively and has spent some time at center.  The defensive acumen isn’t necessarily there but he’d be an intriguing pickup as well.  GM Tom Fitzgerald should have some options if they try to make a move down the middle.

Emoney123: Is restricted free agency going to be more active/change since the cap is increasing and should Briere consider offer-sheeting someone like Wyatt Johnston?

I should start this by saying I think restricted free agency is already more active than we realize.  We only find out if a player signs an offer sheet but I think there are some that are discussed every year that just don’t put pen to paper.  In that sense, I don’t think it will be necessarily much more active although the success St. Louis had with their additions of Philip Broberg and Dylan Holloway might make players in that price range more palatable.  The Blues didn’t have to part with a first-round pick for either player which is notable.  I doubt we’ll see much more activity, however, or least activity that gets made public because of a signed offer sheet.

In theory, Philadelphia targeting a young center like Johnston makes perfect sense.  In practicality, however, it makes little sense.  In order to get him, they’d have to overpay to the point where it makes no sense for Dallas to match.  What’s that number going to be?

Let’s look at last year’s thresholds for an example.  (Keep in mind these numbers will go up this summer, too.)  Anything below $6.87MM is easily matched because they’re not going to give up Johnston without getting a first-round pick in return.  I think they match in the tier above that which caps at $9.16MM.  So now, to have a plausible shot at getting him, do the Flyers have to offer $10MM or more a season for Dallas to really have to think about it?  It’d probably have to be closer to the higher end of that tier, so now we might even be closer to $11MM.  And on top of that, the deal can’t be any longer than five years which is the maximum divisor.  They could offer seven years at that price point but with the divisor being five, the draft pick compensation would be pushed into the four first-round pick tier.  They’re not paying four first-round picks for Johnston.

So, to recap, the Flyers would have to offer a contract that would walk Johnston to UFA eligibility at 28, paying well above market value and coughing up two first-round picks, a second, and a third for the privilege to do so if Dallas didn’t match.  There’s a reason proven impactful players rarely sign offer sheets and this is it.  There just isn’t a price point that scares the receiving team away while still being affordable enough for the signing team.  I don’t know about you but a move like this doesn’t feel like a great move for a still-rebuilding team to make.

Unclemike1526: I’ve been watching the Seth Jones trade speculation with some interest. There is absolutely no doubt that Jones is overpaid. However, if the Hawks have to pay half his salary to move him that makes no sense to me either. Look he’s not horrible, a team cancer or negative value. IMO there is absolutely nothing to be gained by paying him to play somewhere else.

So, I guess my question is, what would be the minimum in your opinion that the Hawks could get away with to move him and make it worth their while? I’m thinking if they only had to pay $2 million a year to see him off and save $7 million a year would be worth it. Any more than that and with the Cap going up I’d keep him until they can get the years down enough to make that work would be the way I would go. What’s your opinion? Thanks.

You make an important point that I think sometimes gets lost in the speculation about trading Jones, especially now with the news that he is welcome to being moved (but hasn’t asked for a trade).  It is still pretty rare for teams to retain money for more than a couple of years and he has five years left after this one.  That’s a lot of money to pay a player not to play for you.  On the other hand, it’s a necessary decision to make if they’re going to move him as there isn’t going to be much of a market for him at $9.5MM, especially from the standpoint of trading him for value.

The first question I asked myself when I saw this question is what is today’s market value for Jones if he was a free agent?  With the cap set to rise (which partially offsets the age concern), he’s probably still in the $8.5MM range.  If that’s a rough estimate of what a team would sign him for, getting it down to that price tag is necessary to deal him basically for free or for a nominal return.

With that in mind, is paying the deal down to $7.5MM that much of a needle-mover?  I suppose it depends on what the end goal is here, simply clearing money or trying to get something resembling acceptable value for a pretty good player who Chicago paid a lot for not long ago.  (Or, with it being a different GM in charge and not Stan Bowman, will the sunk cost fallacy not come into play?)

If the end goal is simply clearing the contract, retaining $2MM should get it done.  But if they want to get any sort of impactful asset in return, that might have to go to $3MM per season.  That said, spending $15+ million on a player not to play for you to get a good asset in return isn’t a great idea either.  I think the better play is that they hold him for now but if it’s a case where he really wants out, then they might have to bite the bullet.

FeelTheThunder: There seems to be a lot of rumblings about Buffalo Sabres’ Alex Tuch and the Tampa Bay Lightning being linked. Granted, you always have to take things with a grain of salt per se but if there is smoke, there is fire. It’s widely reported that GM BriseBois is quite active searching for a middle six forward so the question becomes what does this potential deal look like?

Obviously, Tampa’s 2026 1st round pick would be a part of it. I assume a middle-round pick (3rd or 4th) would be added in the mix and maybe a player like Darren Raddysh as Buffalo is going to need depth on the defensive right side next season.

Now, if they ask for someone like Ethan Gauthier then we’ll be talking about a bigger trade here if Tampa is even open to moving him (I’m 50/50 on that possibility). I won’t bring up the potential Hobey Baker nominee Isaac Howard nor Conor Geekie as I feel both are off-limits. But in terms of other NHL-ready prospects Gage Goncalves could be someone to watch in the matter.

I wouldn’t necessarily say where there’s smoke, there’s fire.  There’s a lot of smoke at this time of year and most of it usually doesn’t amount to anything.  Most of the players a buying team will be connected to ultimately won’t be acquired.

If the goal is a middle-six forward (as I think it is) for Tampa Bay, that’s not Tuch.  He’s a first-liner and almost more importantly, he’s on a team-friendly contract at $4.75MM through next season.  Accordingly, there’s going to be some sticker shock on the price that’s going to be paid to get him if Buffalo actually moves him.  I agree that a first-round pick is a starting point but I don’t think the other two pieces are going to move the needle much.  I think they’d have a use for Raddysh but he’d be viewed as a secondary addition and those usually don’t go for top-liners.

You mentioned how Gauthier’s inclusion would make it a bigger deal.  I’m not so sure.  Frankly, I don’t know if the Sabres would jump at him plus the first-round pick; I think someone would beat that because if Tuch was actually made available, about half the league would make a serious offer.  Honestly, I doubt the Lightning have the trade chips to beat that many teams out so it’s hard to come up with a specific package.  I agree that Howard is someone they probably don’t intend to move but never say never.  If there’s a player with team control available that they think is a difference-maker, I don’t think any of their youngsters are truly off the table.  As for Goncalves, he cleared waivers barely a month ago so that should tell you that his trade value is minimal at best.

I know there’s a lot of speculation out there about Tuch but the bulk of the reporting all says the same thing – teams are calling about him but the Sabres are giving no indication that they have any interest in moving him.  Knowing that, if a team wants him, the price is going to be extremely high.  And in Tampa Bay’s case, adding a top-line scorer isn’t necessarily the most realistic priority for them.

letsgonats: Is there a playoff team that would NOT want Alex Tuch?

I kind of touched on this above but I’d imagine all 16 playoff teams would at least try to make a compelling offer with some knowing their chances of landing him would be quite slim.  I also think several non-playoff teams would at least kick the tires on his services in the hopes that they might be able to convince him to sign a contract extension, something that can be done as early as July 1st.  With Tuch growing up relatively close to Buffalo, I think the Sabres will also be planning on taking a run at signing him to a long-term extension as well.  If he was actually made available, he might be the most sought-after player in these next couple of weeks.

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Schwa: I’ve seen both K’Andre Miller’s and Bowen Byram’s names listed, could we see a move between NYR and BUF centered around these two? With Buffalo potentially having other pieces that the Rangers would want at the deadline? Tuch (if he’s actually available), or Greenway maybe.

I don’t think those two are close enough in value to the core components of a trade.  Byram was once viewed as a top-pairing blueliner, if not a true number one.  He hasn’t gotten to that level yet but this season has arguably been his best even without a ton of power play time.  Beyond that, he’s playing top-pairing minutes and playing well.

Miller, on the other hand, doesn’t quite have the same pedigree, aside from a breakout year in 2022-23 that he hasn’t come close to duplicating since then.  It also doesn’t help that his performance this season has taken a step back.  He’s two years away from UFA eligibility like Byram but unlike Byram, he hasn’t shown enough to land a long-term contract yet.  Instead, he’s owed a pricey $4.646MM qualifying offer and is a near-lock for another short-term agreement.  It wouldn’t make sense for Buffalo to swap a core piece for someone with some question marks; that’s not a good foundation for a trade.

I’ve touched on Tuch plenty already so let’s talk about Jordan Greenway.  He’s the type of player I could see the Rangers wanting, giving them some playable size and grit in the bottom six but are they in a spot to be giving up assets for a rental piece?  Unless they think they can get an extension done, I don’t think going for a short-term add is the right play.  I could see them showing some interest in rugged winger Beck Malenstyn but I’m not sure Buffalo wants to move him just yet.

Jaysen: I am not quite ready to give up on Kirby Dach quite yet, but I am dangling Alex Newhook.

Who calls me, what are they offering?

It also looks more and more likely that Jake Evans will be traded. Sad to see him go but I do think that Owen Beck is ready to replace him starting next year. So, over/under on which team will end up trading for Evans, and what the actual return might be?

I don’t think there’s a great market for Newhook, to be honest.  With the way he has underachieved this season, is there a playoff-bound team that would have interest in him?  Meanwhile, if you’re a rebuilding team, you’re probably selling at this point, not buying.  Teams like Calgary and Columbus have the potential to be soft buyers who would view Newhook have three more years of team control left as an asset.  You could sell me on Nashville as well being in that territory and maybe Pittsburgh.  That’s not a big market as there’s no guarantee any of those teams would have interest in Newhook’s services.  With a limited market, I’m not sure they could land a first-round pick for him let alone the late-first and early-second they gave up to get him.  If the Canadiens want to move him, the offseason might make more sense when some of the sellers now might be more interested in buying.

As for Evans, whichever teams are looking for extra center depth will have interest.  It’s hard to pick a contender as six or eight clubs could realistically be in touch with GM Kent Hughes about his services.  I expect that a straight return for him would be a two-part package, a second-round pick along with another asset and it will be whatever team parts with the best second asset (another pick or prospect) that will get him.  New Jersey’s interest is well-known so I could see them making a serious run but handicapping the field in terms of odds would basically be me just widely guessing.

Photo courtesy of Imagn Images.

Pro Hockey Rumors Originals PHR Mailbag

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Injury Updates: Lowry, Heineman, Blue Jackets, Maple Leafs

February 22, 2025 at 3:59 pm CDT | by Brian La Rose 3 Comments

The Jets will have their captain back in the lineup tonight versus St. Louis as the team announced (Twitter link) that Adam Lowry will return after missing the last three-plus weeks with an upper-body injury.  The 31-year-old was on pace for a career year offensively before being sidelined after collecting 11 goals and 15 assists in his first 48 outings while averaging 15:24 per night of ice time.  He’s likely to return to the middle-six role he held before being sidelined while being a key part of their penalty kill.  Winnipeg had two open roster spots so no corresponding move needed to be made to activate Lowry.

Other injury news from around the NHL:

  • The Canadiens will welcome back Emil Heineman tonight against Ottawa, per a team announcement (Twitter link). The rookie has chipped in with 10 goals and seven assists in 41 games despite primarily playing on Montreal’s fourth line as he’s averaging just over 11 minutes a night.  Heineman missed the last five weeks with an upper-body injury sustained on a road trip in Utah when he was struck by a car.
  • Aaron Portzline of The Athletic provided (Twitter links) a pair of updates on injured Blue Jackets veterans. Center Sean Monahan skated today and has been skating on his own for a while as he hopes to be back soon from his wrist injury.  He was initially expected to be out until mid-March but is hopeful that he won’t be out for much longer.  Meanwhile, blueliner Erik Gudbranson took part in today’s optional skate.  He has been out since mid-October after undergoing shoulder surgery.  His initial timeline for a return was late March and the fact he’s on the ice now suggests that he’s at least on schedule in his recovery.
  • Maple Leafs winger Max Pacioretty has been ruled out of this weekend’s games after tweaking something earlier in the week, relays Nick Barden of The Hockey News. There’s no timetable yet on how long he’ll miss.  However, they could get center Connor Dewar back on Sunday against Chicago.  Dewar has missed a little over a month with an upper-body injury.  Toronto will have to make a roster move to activate him although that could be as simple as transferring Pacioretty to IR for the time being.

Columbus Blue Jackets| Injury| Montreal Canadiens| Toronto Maple Leafs| Winnipeg Jets Adam Lowry| Connor Dewar| Emil Heineman| Erik Gudbranson| Max Pacioretty| Sean Monahan

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Sharks Activate Nico Sturm Off IR

February 22, 2025 at 3:24 pm CDT | by Brian La Rose Leave a Comment

The Sharks will welcome back one of their regular centers (and best trade chips) to their lineup tonight.  The team announced (Twitter link) that Nico Sturm has been activated off injured reserve.  San Jose had an open roster spot so no corresponding move needed to be made.

The 29-year-old has been out for a little more than a month due to a lower-body injury.  So far this season, Sturm has been relatively quiet offensively, notching just 11 points in 41 games.  After recording a career-high 26 points in his first season with San Jose, Sturm has only recorded 24 points in the two years since then combined.

However, he has won over 63% of his faceoffs, the second straight season over that mark.  That will be particularly intriguing to quite a few contenders looking to shore up their center depth and help their fortunes at the dot as he is one of the top rentals available on the draw.  The last time Sturm was in this situation back in 2022, he wound up being moved to Colorado and won a Stanley Cup with the Avs.

Sturm is in the final season of a three-year deal that carries a $2MM price tag, a cap charge that a lot of playoff teams should be able to fit in.  That’s particularly noteworthy since the Sharks have maxed out their retention slots so they are unable to pay down that cap charge.  As long as Sturm can show that there are no lingering effects from the injury, he should have several trade suitors between now and the March 7th trade deadline.

San Jose Sharks| Transactions Nico Sturm

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Salary Cap Deep Dive: Montreal Canadiens

February 22, 2025 at 2:11 pm CDT | by Brian La Rose Leave a Comment

Navigating the salary cap is one of the most important tasks for a front office.  Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful.  Those that don’t often see struggles and front office changes.

PHR is looking at every NHL team and giving a thorough look at their cap situation for the 2024-25 season.  This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL.  All cap figures are courtesy of PuckPedia.  We’re currently covering the Atlantic Division, next up is the Canadiens.

Montreal Canadiens

Current Cap Hit: $90,661,575 (over the $88MM Upper Limit)

Entry-Level Contracts

G Jakub Dobes (one year, $925K)
D Kaiden Guhle (one year, $863.3K)
F Emil Heineman (one year, $897.5K)
D Lane Hutson (two years, $950K)
F Juraj Slafkovsky (one year, $950K)
D Jayden Struble (one year, $867.5K)

Potential Bonuses
Guhle: $420K
Hutson: $750K
Slafkovsky: $3.5MM
Struble: $57.5K
Total: $4.7275MM

Slafkovsky has already signed an extension so we’ll just look at the bonuses here.  The $2.5MM in ‘B’ bonuses aren’t going to happen but he also has four ‘A’ bonuses worth $250K apiece.  He’s on his way to getting one for ATOI while another for assists is within reach.  Heineman is in his first full NHL season and was off to a good start before being struck by a car while in Utah.  With limited experience (less than 50 games thus far), it’s hard to see him landing a long-term deal.  Instead, a two-year bridge deal around the $1.5MM to $1.75MM range might be where his next contract lands.

Hutson has been quite impressive in his freshman year, leading all rookies in scoring, making him a Calder Trophy contender in the process.  He’s tracking to hit his three ‘A’ bonuses; he already has reached ones for assists and points while ATOI is all but a lock at this point as well.  Meanwhile, he seems like a strong candidate to be the next Montreal youngster to bypass a short-term second deal in favor of a long-term pact.  In recent years, the team has effectively operated within an internal cap, trying to keep all contracts below that of their captain.  However, with the big jumps coming to the Upper Limit, that might be harder to do with Hutson who could be heading for something in the $8.5MM range unless the Canadiens opt for less than a max-term contract.

Like Slafkovsky, Guhle has already signed his next contract so we’ll only look at the bonuses here.  He’s on pace to hit both of his ‘A’ bonuses with ATOI and plus/minus although if his recent injury keeps him out for the rest of the season, he could get passed for the latter.  Struble, meanwhile, has been the seventh defender for most of the year but is no longer waiver-exempt, leading to a less-than-optimal situation.  With the limited usage, a bridge deal is all but a certainty; whether it’s a one or two-year pact is the only question.  A one-year might check in around the $1MM mark while a two-year agreement could be closer to $1.3MM.  Meanwhile, his bonuses are games played-based so while he won’t max out on those, he could still get a bit of that.  At the moment, Montreal is tracking toward having at least $1.42MM in reached bonuses, a number that would be charged against next year’s cap unless they can get out of LTIR and bank that much in cap room by the end of the season.

Dobes took over as Montreal’s backup goaltender after the holiday break and impressed early on before struggling in recent weeks.  If the Canadiens are prepared to commit to him as the full-time backup, his bridge deal could check in around $1.25MM but a one-year pact worth closer to his $874K qualifying offer could also happen if they envision him being back in the minors next season.

Signed Through 2024-25, Non-Entry-Level

F Joel Armia ($3.4MM, UFA)
F Christian Dvorak ($4.45MM, UFA)
F Jake Evans ($1.7MM, UFA)
F Michael Pezzetta ($812.5K, UFA)
G Cayden Primeau ($890K, RFA)
D David Savard ($3.5MM, UFA)

Dvorak was acquired to be an impactful center, being acquired less than an hour after the team declined to match Carolina’s offer sheet for Jesperi Kotkaniemi.  However, his role has become more and more limited as has his offensive production.  He’ll still generate interest on the open market this summer but it’ll be as a bottom-six faceoff specialist, putting his possible price tag around half of what it is now.  Armia cleared waivers last year but has rebuilt some of his value since then as a double-digit scorer and penalty killer.  Matching this money might be tough to do but he could still get a multi-year deal somewhere close to that price point.

Evans, on the other hand, has seen his market value go up considerably this season.  He’s the most-used forward on the penalty kill in the NHL this season while he’s on the verge of setting new career highs offensively and should surpass the 30-point mark.  Given the high demand for centers, doubling this price tag is very realistic, if not a bit more.  Pezzetta, meanwhile, has been a frequent healthy scratch this year and played very limited minutes when he has played.  It’s hard to see him landing a raise; a drop to the league minimum seems more likely.

Savard has seen his playing time drop considerably this year as he has become more of a third-pairing option at five-on-five.  While he’ll still generate interest as a veteran who can kill penalties and provide some edge, it would be surprising to see him get this much on the open market this summer.  A two-year deal could still be doable, however, but it’s more likely to start with a two.

Primeau started the season as Montreal’s backup but lost the job at the holiday break.  However, he has played quite well in the minors since then and could get another look with the Canadiens over the next couple of months.  Owed a $1.068MM qualifying offer, he’s probably heading for non-tender territory unless the two sides can agree on a new deal before the end of June.

Signed Through 2025-26

F Kirby Dach ($3.363MM, RFA)
F Patrik Laine ($8.7MM, UFA)
D Mike Matheson ($4.875MM, UFA)
G Carey Price ($10.5MM, UFA)
D Arber Xhekaj ($1.3MM, RFA)

Columbus had to part with a second-rounder to offload Laine’s contract in full to Montreal (while receiving depth defender Jordan Harris in return).  He has been quite streaky in limited action since returning from a knee injury and certainly hasn’t rebuilt his value to the point where it could be suggested that he’s in line for an extension anywhere near this cost.  There’s a lot riding on how things go next year to see what type of contract he could realistically command.  Dach missed almost all of last season due to injury and hasn’t been able to show much this year.  Notably, he’ll be owed a $4MM qualifying offer with arbitration rights in the 2026 offseason but right now, his play likely doesn’t warrant that cost.  It wouldn’t be shocking if the two sides ultimately work out a short-term agreement before then, buying some more evaluation time.

Matheson had a breakout year last season, finishing in the top ten in scoring among all NHL defensemen.  Had that continued, he could have been eyeing a long-term deal with a raise of several million per year.  That hasn’t been the case, however, and with Hutson in the fold, Matheson’s offensive opportunities have dried up to a point.  Even so, he could plausibly command in the $7MM range on the open market in 2026.  Xhekaj took a bridge contract after having a limited role in his first couple of NHL seasons.  Not much has changed on that front so another shorter-term agreement appears likely at this point, one that should push past $2MM with arbitration rights.

Price hasn’t played since 2022 when he suited up five times down the stretch of that season and isn’t expected to play again.  Since then, he has been on LTIR.  Notably, his base salary for 2025-26 is just $2MM (with insurance covering a big part of that) so after his $5.5MM signing bonus is paid on July 1st this summer, it’s possible he’s flipped with another asset to a team with plenty of cap room to allow the Canadiens to exit LTIR.

Signed Through 2026-27

F Josh Anderson ($5.5MM, UFA)
D Alexandre Carrier ($3.75MM, UFA)
F Brendan Gallagher ($6.5MM, UFA)
G Sam Montembeault ($3.15MM, UFA)
F Alex Newhook ($2.9MM, RFA)

Gallagher has been a regular in Montreal’s lineup for 13 years now but his production and role have taken a dip the last few seasons.  While he was a 30-goal scorer a couple of times, his output is closer to 30 points now which is far from a good return on their investment.  If the Canadiens decide they need some extra cap room, he could be a buyout candidate.  Anderson is also underperforming relative to his contract.  He has become more of a checker this season compared to the past and has held his own in that role.  Still, someone in that role should be making a couple million less at least although his size and physicality will give him a stronger market in 2027.

Newhook had a good first season with Montreal, setting a new benchmark in points despite missing 27 games due to injury.  But things haven’t gone quite as well this season with his output cut in half.  Notably, unlike Dach, Newhook’s qualifying offer checks in at just $2.1MM (with arbitration rights) so even if his struggles continue for the next couple of years, it won’t be too risky to tender him in 2027.

Carrier was acquired earlier this season for Justin Barron with Montreal deciding that another veteran on the back end was needed.  He has fared better since the swap and has locked down a spot in their top four.  He likely would have ended up with a deal like this had he tested the market and not re-signed with Nashville last summer but barring an uptick in production, his next deal shouldn’t cost too much more than this.

Montembeault has come a long way from being a short-term waiver claim to cover until Price returns, moving from a backup role to a platoon piece to now Montreal’s starter.  He’s in that role while being at the price point of a platoon player.  His numbers have largely been mediocre but playing behind an inexperienced back end probably hasn’t helped.  Over the course of this deal, he needs to show if he can be a true number one.  Otherwise, he’s likely to stay closer to this price tag on his next contract.

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Signed Through 2027-28 Or Longer

F Cole Caufield ($7.85MM through 2030-31)
D Kaiden Guhle ($5.55MM from 2025-26 through 2030-31)
F Juraj Slafkovsky ($7.6MM from 2025-26 through 2032-33)
F Nick Suzuki ($7.875MM through 2029-30)

Suzuki was signed to this contract by former GM Marc Bergevin but current GM Kent Hughes has used it as the yardstick in negotiations for players he has signed with Caufield and Slafkovsky not coincidentally signing for just below that.  The captain hasn’t been able to produce as a top-end player just yet but a solid all-around game has eased some of the questions of whether he’s a true top-32 center across the league.  Having a player like that locked up long-term at a price tag that should become more team-friendly in the coming years will certainly help although because of the pending jump in the cap, it’s going to be difficult for that to be the benchmark for much longer.

Caufield has become one of Montreal’s top scoring threats but still has yet to clear the 30-goal plateau so from a production standpoint, the early returns on this deal suggest the price tag is a bit high.  But considering he’s only 24 and is showing year-to-year improvement, the pendulum should shift the other way in the next year or so.  It will probably take longer for that to be the case for Slafkovsky, however.  A strong second half last season that saw him lock down a spot on the top line helped earn him this contract but he has taken a step back this year where his production has been more at the level of a second-liner or a higher-end third-liner.  Still just 20, it’s fair to say there’s an expectation of improvement but it may take a few years for him to get to the level where this becomes more of a club-friendly pact.

Unlike the three forwards, Guhle didn’t receive a max-term contract for his extension.  His contract only bought two extra years of club control but also helped to keep the AAV down.  Guhle has been in Montreal’s top three since his rookie season and as long as he can stay healthy and in that role, they should get a decent return on this contract.

Buyouts

None

Retained Salary Transactions

G Jake Allen ($1.925MM in 2024-25)
D Jeff Petry ($2.344MM in 2024-25)

Best Value: (non-entry-level) Montembeault
Worst Value: Gallagher

Looking Ahead

While Montreal has ample LTIR space at its disposal, one of the questions heading into the upcoming trade deadline will be if they can get out of that.  As noted earlier, they’re trending toward a seven-figure bonus carryover penalty for the third straight year and this would be the highest one yet.  If they can move most of their expiring contracts, they might be able to at least get out of it and absorb some of that cost this season.  As far as 2024-25 goes, that’s what to watch for.

Looking to next year, they have a little over $80MM in commitments although that includes Price.  If he’s still around, they could stay in LTIR or if they can offload the contract, they’ll have a lot more flexibility.  They have seven or eight players that need to be signed with their roughly $15MM in current cap room, including filling several spots that will be vacated by the veterans on expiring contracts so next summer might not be the one where they try to make a splash.  They’ll have more than $50MM in space the following offseason and while a new deal for Hutson will take up a fair-sized chunk, that looks like the summer where they can try to flip the switch and add a core piece or two.

Photos courtesy of Imagn Images.

Montreal Canadiens| Pro Hockey Rumors Originals| Salary Cap Deep Dive 2024

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Atlantic Notes: Tuch, Tkachuk, Canadiens

February 22, 2025 at 1:06 pm CDT | by Brian La Rose 15 Comments

Sabres winger Alex Tuch has been involved in plenty of trade speculation lately with teams believed to be calling Buffalo to see if they might consider moving him.  However, if he has his way, he won’t be going anywhere.  Tuch told Mike Harrington of The Buffalo News that he remains “heavily committed to this organization” and still hopes to be with the team past the upcoming trade deadline.  The 28-year-old has 19 goals and 24 assists in 54 games this season on Buffalo’s top line and is only two years removed from a 79-point campaign.  He’s one of their better bargains at a $4.75MM price tag which means that if the Sabres do decide to move him, they’ll be in line to land a significant return for his services.  But it doesn’t sound like that’s the direction that Tuch would like to see things go.

More from the Atlantic:

  • Panthers winger Matthew Tkachuk won’t play against Seattle due to a lower-body injury. Head coach Paul Maurice told reporters including George Richards of Florida Hockey Now (Twitter link) that he will be assessed by Florida’s medical staff in the coming days to get a sense of how long he might be out for.  ESPN’s John Buccigross adds (Twitter link) that the early sense is that Tkachuk could be out for a while.  He suffered the injury playing at the 4 Nations Face-Off and wasn’t able to play much in the championship game on Thursday, logging less than seven minutes of ice time with his last shift coming late in the second period.
  • The Canadiens have had discussions with the agents of pending UFAs David Savard and Joel Armia, reports Guillaume Lefrancois of La Presse. Savard has been in trade speculation going back to last season with teams often looking to add size and grit on their back end for a playoff run and while his ice time is down this season (he has a 17:46 ATOI), there will be teams interested in him as a third-pairing piece if a new deal can’t be reached.  Armia, meanwhile, cleared waivers at the beginning of last season but bounced back to record 17 goals last year and is on pace to set a new career high in points this season while being one of the most-used forwards shorthanded league-wide.
  • One pending UFA in Montreal who hasn’t had discussions with the Canadiens about a new deal is center Christian Dvorak, relays Richard Labbe of La Presse. Dvorak has struggled offensively the past two years and has just 17 points in 56 games so far this season, hardly a great return on a $4.45MM price tag.  He’s winning over 57% of his faceoffs, however, which could draw some interest trade-wise as well.  Notably, Montreal only has one salary retention slot remaining to use between Dvorak, Savard, Armia, or even Jake Evans if the two sides can’t reach an agreement on an extension before March 7th.

Buffalo Sabres| Florida Panthers| Montreal Canadiens Alex Tuch| Christian Dvorak| David Savard| Joel Armia| Matthew Tkachuk

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Penguins Activate Evgeni Malkin, Assign Emil Bemstrom To AHL

February 22, 2025 at 11:53 am CDT | by Brian La Rose Leave a Comment

The Penguins will welcome back a key veteran to their lineup today against Washington.  The team announced (Twitter link) that center Evgeni Malkin has been activated off injured reserve.  To make room on the roster, winger Emil Bemstrom was sent down to AHL Wilkes-Barre/Scranton.

Malkin suffered a lower-body injury early in their game on January 25th and hasn’t played since.  However, he was a full participant in practice in recent days which made this announcement an expected one.

The 38-year-old got off to a hot start to his season with 24 points in his first 27 games but has seen his production taper off since then with just 10 points in his last 20 outings.  Nonetheless, the 19-year-veteran still is a key part of Pittsburgh’s attack, anchoring their second line while averaging over 18 minutes a night once again and ranks fifth on the team in scoring.  With the Penguins entering play today six points out of the final Wild Card spot, they’ll need Malkin to get back to his early-season form if they have any hopes of a late push to get back into the playoff picture.

As for Bemstrom, he has only played in two games with Pittsburgh this season on his two recalls, something that probably wasn’t expected after he played a regular role down the stretch last season after being acquired from Columbus.  He’s having a strong year in the minors, however, as he has 20 goals and 24 assists in 41 games with Wilkes-Barre/Scranton.  Bemstrom will now return to a prominent role with them while hoping that his scoring prowess down there will earn him another look at some point.

AHL| Pittsburgh Penguins| Transactions Emil Bemstrom| Evgeni Malkin

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Blackhawks Place Jason Dickinson On IR, Assign Louis Crevier To AHL

February 22, 2025 at 11:22 am CDT | by Brian La Rose Leave a Comment

The Blackhawks have made some roster moves heading into tonight’s game against Columbus.  The team announced that defenseman Louis Crevier was activated off injured reserve and was assigned to AHL Rockford.  The team also placed center Jason Dickinson on IR.

Crevier has spent time with both the Blackhawks and IceHogs this season but the bulk of his time has been spent with Chicago.  He has one assist in 11 games with Rockford while suiting up in 23 NHL contests where he has three goals and an assist along with 34 blocks and 47 hits in 17:48 of playing time.  He last played on February 1st before suffering a concussion so the assignment to the minors will give him some time to get back to form before likely being recalled for the stretch run.

As for Dickinson, he has been out since suffering a lower-body injury on February 5th so his placement on IR should come as no surprise.  Assuming it’s back-dated, he’ll have already missed enough time and thus can be activated as soon as he’s cleared.  The 29-year-old hasn’t been able to duplicate his breakout performance from last season which saw him score 22 goals but he has 16 points in 53 games in just under 16 minutes a night of playing time.

With these roster moves, Chicago now has two open roster spots and only the minimum number of healthy forwards available.  With that in mind, it wouldn’t be surprising to see a recall or two from them in the near future.

AHL| Chicago Blackhawks| Injury| Transactions Jason Dickinson| Louis Crevier

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