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Five Key Stories: 10/28/24 – 11/3/24

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As we approach the one-month mark of the 2024-25 season, we saw some activity pick up around the NHL with a couple of trades and a notable contract extension.  Those are among the topics recapped in our key stories.

Scorers On The Shelf: Three teams lost key offensive contributors to injuries over the past few days.  Edmonton will be without star center Connor McDavid for two to three weeks with an ankle injury.  The defending Western Conference champs have been slow out of the gate against this season and missing a high-end scorer won’t help on that front.  Meanwhile, Colorado will miss Ross Colton for six to eight weeks due to a broken foot.  Not known as a key goal-getter (he only has reached 20 goals once before), Colton was off to a strong start on that front, leading the Avs with eight tallies before the injury.  Lastly, offense has been hard to come by for the Islanders this season and it will be harder now with Mathew Barzal landing on LTIR with an upper-body injury.  The forward is expected to miss four to six weeks.

Liljegren To Sharks: With Timothy Liljegren barely playing this season and Toronto needing to open up some cap space, it was only a matter of time before he was on the move.  That swap came this week with the Maple Leafs moving him to San Jose in exchange for a 2025 third-round pick, a 2026 sixth-rounder, and defenseman Matt Benning (who they’re already looking to flip elsewhere).  Liljegren was a first-round pick by Toronto in 2017 but spent a lot of his time with the team in a third-pairing role.  Still just 25, it’s a low-cost pickup for the Sharks who will get to see how he fares in a new environment with potentially a bigger role as they look to reshape their back end in their rebuild.

Five For McCabe: The Liljegren trade wasn’t the only move Toronto made with their back end.  The Maple Leafs also signed defenseman Jake McCabe to a five-year extension worth $23.5MM.  However, thanks to some deferred money in the second and third years of the deal, the cap hit will check in at $4.51MM instead of the $4.7MM face value per season.  The 31-year-old is a veteran of 12 NHL seasons and is in his third season with Toronto after being acquired in 2022 from Chicago with the Blackhawks paying down half of his $4MM contract.  McCabe has emerged as a key cog in Toronto’s top four defensively and this price tag for someone in that role is a fair one while giving him some long-term stability as he’ll be 36 when this deal ends.

Utah Adds A Blueliner: With Utah HC missing both John Marino and Sean Durzi due to long-term injuries, they wanted to add some help on the back end.  They did just that, acquiring Olli Maatta from Detroit in exchange for a 2025 third-round pick (from the Rangers, previously acquired).  The 30-year-old has nearly 700 career games of NHL experience under his belt and while he’s not known for his offensive skill-set, he’s capable of logging some minutes in a shutdown role and will be asked to do just that to try to help stabilize things.  Maatta is in the final year of his contract, one that carries a $3MM cap charge with Utah picking up the full cost of that, giving the Red Wings some extra cap flexibility for potential in-season trade activity.

Toropchenko Gets A Raise: Rather than wait to see what contract might await him in restricted free agency, Blues winger Alexey Toropchenko opted to sign early, inking a one-year, $1.7MM extension.  The deal gives the 25-year-old a $450K raise while also walking him directly to unrestricted free agency in 2026.  Toropchenko has reached the double-digit goal mark in the last two seasons and averaged more than two hits per game last season.  For a useful bottom-six contributor, this is certainly a reasonable price for St. Louis, especially since Toropchenko would have had arbitration eligibility this summer.

Photo courtesy of USA Today Sports Images.

Salary Cap Deep Dive: Edmonton Oilers

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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 will look at every NHL team and give 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 Pacific Division, next up is the Flames.

Edmonton Oilers

Current Cap Hit: $88,224,659 (above the $88MM Upper Limit)

Entry-Level Contracts

None on the active roster.

Signed Through 2024-25, Non-Entry-Level

D Evan Bouchard ($3.9MM, RFA)
F Connor Brown ($1MM, UFA)
D Travis Dermott ($775K, UFA)
D Ty Emberson ($950K, RFA)
F Corey Perry ($1.15MM, UFA)
F Derek Ryan ($900K, UFA)
F Jeff Skinner ($3MM, UFA)

Potential Bonuses
Perry: $250K

Skinner was somewhat of a surprising late entrant to the market after Buffalo elected to buy him out.  He found what should be a good landing spot for a pillow deal, as long as he can stay in the top six.  If he does, he could push past $4MM on a multi-year deal, closer to $5MM if he’s able to reach the 50-point mark.  Perry fit in well after joining the team midseason, earning this agreement to stick around.  At 39, it’s safe to say he’ll be going year-to-year from here on out.  Bonus-wise, he’ll make $150K at the 15-game mark while $50K depends on Edmonton winning at least two playoff rounds and playing at least half the playoff games.  The other $50K is if Edmonton makes it to the Stanley Cup Final while playing in half the games.

Brown’s cost this season is a bit misleading as the Oilers are also eating the $3.225MM in bonuses he earned last year.  But for what he’s making in salary this year, he provides good value as a depth player who showed in the playoffs that he can be a key piece.  Ryan has seen his role and production decline in recent years and he’ll be 38 before the end of 2024.  This is a roster spot they’ll need to keep cheap so it’s possible they ask him to stay on a small cut in pay.  If not, he could be a candidate for a PTO next summer.

Former GM Ken Holland really only had one option with Bouchard last summer, they had to do a bridge deal to fit within their cap structure at the time and no offer sheet materialized while he wasn’t arbitration-eligible.  The result is that Bouchard spent last season on a below-market deal and it’s the same thing this season.  However, the pendulum is about to swing the other way in a big way.  Bouchard had a breakout effort last season, averaging just over a point per game and did even better in the playoffs.  His qualifying offer will be $4.3MM next summer but it’s widely expected he’ll double that and then some, especially if the sides are able to work out a long-term deal.

Emberson was picked up from San Jose as part of the Cody Ceci deal, one that netted Edmonton some cap savings and an intriguing blueliner.  Now 24, he only made his NHL debut last season and he’ll need to get into 50 games this year for the Oilers to retain his RFA rights.  It’s possible arbitration eligibility makes him a non-tender option but failing that, a small raise into the $1.3MM range could be doable.  Dermott had to go the PTO route this year and if he stays in a reserve role, it’s quite likely he’ll stay at the minimum moving forward.

Signed Through 2025-26

F Viktor Arvidsson ($4MM, UFA)
D Mattias Ekholm ($6MM, UFA)*
F Adam Henrique ($3MM, UFA)
F Evander Kane ($5.125MM, UFA)
D Brett Kulak ($2.75MM, UFA)
F Connor McDavid ($12.5MM, UFA)
G Calvin Pickard ($1MM, UFA)
F Vasily Podkolzin ($1MM, UFA)
G Stuart Skinner ($2.6MM, UFA)
D Troy Stecher ($787.5K, UFA)

*-Nashville is retaining an additional $250K of Ekholm’s contract.

McDavid’s next contract is one that has been speculated about for several years now and discussion on that front will only pick up with him becoming extension-eligible this summer.  His current contract was a record-breaker at the time for the highest AAV.  His next one will set a new benchmark on that front and possibly could overtake Alex Ovechkin for the richest deal in league history ($124MM total over 13 years) despite the maximum length now only being eight seasons.  That would bring the cap hit to $15.5MM and while that’s a very high price tag, McDavid has led the NHL in scoring in five of the last eight years.  If Edmonton doesn’t give that type of money to him, someone will.

Kane has been effective when healthy since joining the Oilers, playing a legitimate top-six role.  Considering he’s a power forward (those players often cost a premium), the cap charge is reasonable, as long as he’s in the lineup.  He’s on LTIR right now, allowing Edmonton to exceed the cap for the time being.  Arvidsson was Edmonton’s biggest commitment in free agency, a move that came as a bit of a surprise as the veteran was a candidate for a one-year pillow deal to try to rebuild his value after an injury-riddled 2023-24 campaign.  Instead, the Oilers got him at a bit of a below-market rate assuming he’s able to produce at the second-line level he has before.  He hasn’t done that early on but they’re probably not worried about that at this point.

Henrique was expected to just be a rental pickup for Edmonton but they were able to get him to take less than he was being offered elsewhere to stick around.  Given his track record, it’s a good value contract as long as he can at least hold down a spot on the third line.  That said, that role will also hinder his open-market value two years from now.  Podkolzin was brought in to essentially fill Dylan Holloway’s roster spot following his offer sheet in St. Louis.  At this point of his career, he’s unlikely to live up to his draft billing (tenth overall in 2019) but if he can emerge as a regular in the bottom six, Edmonton will get good value from the contract and acquisition if nothing else.  He’ll be arbitration-eligible when this deal expires and depth pieces with that eligibility tend to be non-tender candidates.  On a cap-strapped team like the Oilers, they’ll need to keep this roster spot around this price tag whether it’s Podkolzin or someone else.

Ekholm has been a terrific addition to their back end since being acquired near the 2022 trade deadline.  He has helped stabilize things defensively while also showing more in the offensive zone than he did with Nashville.  That said, he’ll be 36 when his current deal expires; players that age don’t tend to get significant raises.  Instead, it wouldn’t be surprising if a three or four-year deal around this price point was the end result.

Kulak has seemingly been on speculative thin ice for a couple of years now with their cap crunch but he has remained each time.  As a third-pairing blueliner, this contract is a bit on the expensive side but with them being comfortable moving him into the top four when injuries arise, it has held up okay so far.  It wouldn’t be shocking to see him land another deal in this range (both term and price) in 2026.  Stecher has been a serviceable depth defender for several years now but as long as he’s still in more of a limited role, his price tag should continue to be around the league minimum.

It would be fair to say that Skinner has been hit or miss while on this contract with not a lot in between.  Nevertheless, at the price point of a decent backup, his overall success rate has been better than that despite a slow start this season so they’ve received good value so far.  If he can improve and play more consistently, it’s possible that he could double this price point but if he continues to be on the extreme ends of hot or cold, it’d be hard to see enough of a market emerge for him to get starter money.  Pickard had primarily been a third-string option until partway through last year which is why his contract was still quite low for a backup.  If he holds that down and is somewhat consistent, he could also possibly double this price point although Edmonton would be hard-pressed to pay that much for their second goalie.

Signed Through 2026-27

F Mattias Janmark ($1.45MM, UFA)

Janmark struggled considerably during the regular season and it looked as if they’d be moving on from him.  However, he wound up playing a key supporting role during their playoff run, giving him a boost in value heading to the open market which allowed him to get a small raise, some job security, and even some trade protection.  Assuming he stays in the same role as he has been lately, it’s hard to foresee him getting much more than this three years from now.

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Maple Leafs Looking To Move Matt Benning

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Earlier this week, the Maple Leafs acquired veteran blueliner Matt Benning as part of the return in the trade that saw blueliner Timothy Liljegren move to San Jose.  However, it doesn’t appear as if he’s in Toronto’s plans.  Sportsnet’s Elliotte Friedman reports (video link) that teams around the league know that Benning is available as the Maple Leafs look to “do right” by the defender.

Essentially, Benning was picked up in the swap as a salary offset more than a piece that they were looking to add from a depth perspective.  He is signed through next season at a $1.25MM AAV.

The 30-year-old has played in seven games this season, all coming prior to the swap.  He had a limited role in those outings, averaging just 13:02 per game.  While that ATOI is a career low, the role he had with the Sharks largely lines up with his usage over his nine-year NHL career, spanning 464 games.

Right now, Toronto can get away with carrying Benning along with Philippe Myers as extra blueliners on their 23-man roster.  They’re also cap-compliant with them on there thanks to a rather sizable LTIR pool.

However, that LTIR pool should be shrinking rather soon.  Connor Dewar and Jani Hakanpaa are both on a conditioning assignment with AHL Toronto and if there aren’t any issues, they will be getting activated in the near future.  Accordingly, the Maple Leafs will have to shed a bit of money to remain compliant on the cap and also open up two roster spots for them.

Speculatively, those two spots will be opened up by clearing Benning and Myers off the roster, moves that would also keep them compliant within their LTIR pool.  With that in mind, if Toronto is going to find another NHL home for Benning, they’ll need to do so sooner than later.  Otherwise, he (and likely Myers) could find themselves on the waiver wire in the near future.  But with other teams knowing the crunch in terms of timeline to get this done, any return the Maple Leafs might get will probably be very limited overall.

Canucks’ Nils Aman Clears Waivers, Assigned To AHL

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11/3: Aman has cleared waivers and been assigned to the AHL, per a team release.

11/2: With Dakota Joshua nearing a return to the lineup, the Canucks need to open up a roster spot for him.  It appears that Nils Aman will be the one losing his spot as the team announced (Twitter link) that they’ve placed him on waivers for the purpose of assigning him to AHL Abbotsford.

The 24-year-old has taken an interesting route to the NHL.  Originally drafted in the sixth round by Colorado in 2020, Aman didn’t sign with them and then signed with Vancouver two years later.  After a short stint in the minors to start 2022-23, he was up with the big club the rest of the way, getting into 68 games.  Aman also spent time in the AHL last season, collecting 15 points in as many games while also getting into 43 NHL contests, tallying four goals and three assists while his waiver exemption expired.

He signed a two-year, $1.65MM extension in late November, ensuring that he’d remain a low-cost option for Vancouver for a little while longer.  However, Aman has only played in four of their first nine games this season, although he does have a pair of assists but it evidently wasn’t enough to keep his roster spot secure.

As far as waiver placements go, this is one of the more intriguing ones.  Aman already has 115 career NHL games (and 25 points) under his belt and with a cap hit only $50K above the league minimum, he’s a player most teams could afford if they’re looking to either add a depth piece or shake up the back end of their forward group so he’s far from a guarantee to clear.

Interestingly, this isn’t a move that Vancouver necessarily had to make.  They’ve been sending two players back and forth from Abbotsford in recent days with one of them being winger Arshdeep Bains.  The Canucks could have simply elected to send Bains down when Joshua returns to create the roster spot.  Instead, it appears Bains will have a bit more of an opportunity to try to secure a full-time spot in the lineup.

Snapshots: Ersson, Becher, Tokarski

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Flyers goaltender Samuel Ersson suffered an injury in the first period of today’s game against Boston and did not return.  Following the game, the team clarified (Twitter link) that the netminder sustained a lower-body injury.  It has been a tough year between the pipes for the Flyers who came into this game with a combined save percentage of just .863 (including empty-netters allowed), the lowest in the Eastern Conference.  However, Ersson has had a reasonable start to his year, putting up a 2.72 GAA with a .897 SV% heading into today’s action.  Aleksei Kolosov came on in relief while Ivan Fedotov, who has struggled mightily in his limited NHL action so far, is also on the active roster should Ersson miss any more time.

Elsewhere around the hockey world:

  • Red Wings prospect Ondrej Becher has signed an ATO agreement with AHL Grand Rapids, per a team release. Detroit took the 20-year-old in the third round of the draft back in June following a dominant showing with WHL Prince George that saw him score 32 goals and 64 assists in 58 games last season, good for 13th in league scoring.  While he remains eligible to spend an overage year at the junior level, it appears the Red Wings would prefer to see how he fares in the pros first but the tryout agreement suggests that they’re open to the idea of sending him back to junior if things don’t go well.
  • With the Hurricanes needing Spencer Martin due to Fredrik Andersen’s injury, their AHL affiliate in Chicago has made a move, announcing (Twitter link) that they’ve signed veteran goalie Dustin Tokarski to a PTO agreement. The 35-year-old was in Ottawa’s training camp on a tryout but wasn’t signed.  He spent last season with AHL Rochester, posting a 3.32 GAA and a .890 SV% in 24 games and is a veteran of more than 400 appearances at that level over 14 seasons along with 80 NHL contests.  The PTO agreement can last for up to 25 games.

West Notes: Joshua, Seguin, Montour

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Canucks forward Dakota Joshua participated in a full practice on Friday as he gets closer to returning from testicular cancer, relays Sportsnet’s Iain MacIntyre.  The 28-year-old went from a depth player earlier in his career to a key part of Vancouver’s bottom-six forward group while setting career highs in goals (18), assists (14), points (32), and hits (235) in 63 games last season.  That helped him earn a four-year, $13MM extension back in June to avoid free agency.  Despite being LTIR-eligible, Vancouver never moved Joshua there so they won’t have to worry about having to get cap-compliant when he’s able to return which should happen sometime over the next few days.  With Nils Aman on waivers today, it appears they’re getting ready to open up the spot for Joshua to return.

More from the Western Conference:

  • Stars center Tyler Seguin was scratched from the second and final Global Series game today; the team announced (Twitter link) that he’s listed as day-to-day with a lower-body injury. The 32-year-old is off to a good start to his season, notching five goals and four assists in seven games.  However, this is already the second time he has missed time to a lower-body issue after missing three games last month as well which could be cause for concern if it’s a problem that might linger for Seguin.
  • After missing Thursday’s game in Toronto for the birth of his second child, Kraken defenseman Brandon Montour has returned to the team and will play tonight versus Ottawa, notes team broadcaster Piper Shaw (Twitter link). The 30-year-old is in his first season with Seattle after signing a seven-year, $50MM contract on the opening day of free agency.  He has fared quite well with his new team so far, picking up four goals and five assists in his first ten games while recording a hat-trick on Tuesday against Montreal.  Since Montour was never removed from the active roster, no corresponding move is necessary for him to return.

Rangers Activate Jimmy Vesey Off LTIR, Assign Matt Rempe To AHL

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The Rangers will welcome back Jimmy Vesey to their lineup tomorrow against the Islanders after he spent the first few weeks of the season on LTIR.  In a corresponding move, the team announced (Twitter link) that winger Matt Rempe has been re-assigned to AHL Hartford.

Vesey was injured partway through training camp, sustaining a lower-body injury that has kept him out of all ten games the Rangers have played so far.  With the 31-year-old basically being a full participant in practice for the past week, it comes as no surprise that he was activated as soon as he was eligible.

Vesey was a solid depth scorer for New York last season, notching 13 goals and 13 assists in 80 games despite averaging just 12:23 per game, a career low.  He’s playing in the second and final season of a two-year, $1.6MM contract, a deal that has proven to be a team-friendly one thus far.

His return means that Rempe’s second stint with the Rangers this season was rather short-lived.  New York sent him to Hartford last week, recalling him just four days later after a pair of outings with the Wolf Pack.  The 22-year-old has played in just three games this season with New York and has been held off the scoresheet while averaging just 5:26 per game.  Given that he’s waiver-exempt, it makes sense for him to go to Hartford and play more of a regular role with them for the time being.

Golden Knights Recall Akira Schmid

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Vegas hasn’t had particularly strong goaltending in the early going this season with starter Adin Hill struggling, in particular.  Now, they’ve added a third netminder to their roster as the team announced (Twitter link) that they’ve recalled Akira Schmid from AHL Henderson.

The Golden Knights acquired the 24-year-old from New Jersey at the draft along with winger Alexander Holtz in exchange for center Paul Cotter and a 2025 third-round pick.  Schmid was then non-tendered by Vegas to avoid giving him arbitration eligibility but he quickly signed a two-year, $1.75MM contract to stick around with his new team.

Schmid made quite an impact with New Jersey in 2022-23, playing to a 2.13 GAA and a .922 SV% in 18 games, even seeing some action in the playoffs.  However, he didn’t have anywhere near the level of success last season, posting a 3.15 GAA with a .895 SV% in 19 outings and was eventually assigned to the minors when Jake Allen and Kaapo Kahkonen were acquired at the trade deadline.

While it originally looked like Schmid might be the backup to Hill when he was acquired, Vegas went out and signed Ilya Samsonov in free agency which put an end to any thought of that.  Instead, the Golden Knights utilized his waiver exemption to get him to the Silver Knights.  However, he has struggled with them in the early going this season, putting up a 3.56 GAA and a SV% of just .885 in his first six outings.  Notably, Schmid is eight NHL appearances away from being waiver-eligible.  SinBin.Vegas notes (Twitter link) that Samsonov is not on the ice for practice today which is what led to Schmid’s promotion.

Vegas had an open spot on its active roster so no corresponding move needed to be made to add Schmid.

Blue Jackets Open To Taking On An Expensive Contract

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Back in August when the Blue Jackets moved Patrik Laine to Montreal, Blue Jackets GM Don Waddell acknowledged that teams were already making inquiries about their willingness to take on an expensive contract.  At the time, he cautioned that while they had ample cap space, they weren’t necessarily willing to use it right away to absorb a big-ticket deal.

It appears they’re more open to doing so now.  Daily Faceoff’s Frank Seravalli reports (video link) that Waddell has let teams know that he’s willing to take on a big contract alongside some additional assets.  That shouldn’t necessarily be construed as them looking to add short-term help to build off a surprising 5-4-1 start as speculatively, the assets they’d be acquiring with the contract would be the priority.

However, it appears they have a limit on how long of a contract they’re willing to take on.  At this point, Seravalli notes that the inquiries thus far have been about their willingness to add a longer-term term deal in the three-to-five-year range.  Generally speaking, those types of cap dumps have been either expiring deals or ones with only one year remaining.  For now, at least, it appears adding someone signed for that long isn’t in their plans.

With a long list of injuries to start the season, the Blue Jackets were able to open the season above the $65MM Lower Limit of the salary cap with them needing to carry more than 23 players.  However, despite that, they’re projected to finish the year less than $2MM above that mark, per PuckPedia.  As some of their injured players return and their replacements are sent down, they’ll dip closer to the minimum.  If they do wind up selling before the trade deadline, they could conceivably drop below that amount as things stand.

With that in mind, it certainly makes sense for Waddell to be exploring the options that are out there in terms of taking on an unwanted contract in a move that would likely upgrade their current roster and give them extra assets for the future.  But for now, it appears their preference is to add the type of expensive short-term contract that other teams aren’t willing to pay to move off of just yet.

Islanders Place Mathew Barzal On LTIR, Announce Several Roster Moves

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The Islanders had some injuries in last night’s victory over Buffalo and it has necessitated some roster moves.  The team announced (Twitter link) that blueliners Grant Hutton and Samuel Bolduc were recalled from AHL Bridgeport.  To make room on the roster and to keep the team cap-compliant, Adam Pelech was placed on injured reserve while Mathew Barzal was placed on LTIR.  Meanwhile, blueliners Mike Reilly and Alexander Romanov are listed as day-to-day with upper-body injuries.

Barzal recently sustained an upper-body injury that caused him to leave the team’s current road trip for more evaluation.  That testing has revealed that he’ll miss the next four to six weeks, making him LTIR-eligible as he’ll clearly miss the next ten games and 24 days.  Last year, the 27-year-old recorded his first 80-point season since his rookie campaign but he hasn’t been able to maintain that level of production in the early going this season, notching just two goals and three assists in his first ten outings.  Nonetheless, his absence will still be a significant one for a team that’s already one of the lowest-scoring teams in the NHL through the first month of the season.

Pelech, meanwhile, was injured versus the Sabres and will carry the same timeline as Barzal for his upper-body injury.  With Barzal and his $9.15MM AAV landing on LTIR, there’s no need for them to move Pelech there at this time despite being eligible as they’ll have ample spending room using Barzal’s money.  It’s now the third straight year that the 30-year-old will miss significant time due to injury, hardly the ideal spot for one of New York’s most important blueliners.  Pelech is averaging over 20 minutes per game in the early going, a mark he has reached in each of the last five seasons.  He has four assists, 12 blocks, and 17 hits in 11 outings so far.

As for the recalls, Hutton is in the third and final season of a one-way deal that pays $775K per season.  Despite the NHL salary, he has spent the bulk of this deal in the minors, suiting up just twice with the big club over the past two years.  This season, the 29-year-old has two assists in nine AHL contests.  Bolduc, on the other hand, is more familiar to the coaching staff as he played in 34 games with New York last season but still went unclaimed on waivers last month.  He’s making $800K this season on a one-way deal and has five points in his first nine AHL games of the season.

Reilly was also injured against Buffalo and was in enough distress that a stretcher was brought out.  While he was able to exit the ice with some help without the stretcher, he obviously didn’t return to the game.  Romanov was also banged up in that one but was able to return.  With the recalls, New York now has six healthy defenders on the roster which suggests they’re hopeful that either Reilly or Romanov will be able to return in short order.

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