Pittsburgh Penguins Acquire Reilly Smith
Just days after winning the Stanley Cup, the Vegas Golden Knights are moving on from original expansion draft acquisition Reilly Smith. He’s been dealt to the Pittsburgh Penguins for a 2024 third-round pick, one the Penguins acquired from Vegas just a few months ago in exchange for center Teddy Blueger.
To say this move is a shock to most fans is an understatement. While cap-clearing moves have become commonplace in recent history, especially in Vegas, Smith had a spectacular postseason run for the Knights with four goals and 14 points in 22 games. At the time of the trade, he was second in franchise history in goals (124) and third in points (286), joined in the top three by longtime linemates Jonathan Marchessault and William Karlsson.
Smith, 32, has two seasons remaining on his contract at a $5MM cap hit. Of note, this is the first trade completed by Kyle Dubas as interim general manager of the Penguins.
Parting ways with that $5MM, as tough as it may be, gives Vegas significant flexibility into an offseason clouded by uncertainty over the playing future of goaltender Robin Lehner, who missed the entire 2022-23 season recovering from double hip surgery and is under contract, as Smith is, for $5MM per season until 2025. With netminder Adin Hill expected to sign a two-year extension in the neighborhood of $4.9MM per season, clearing Smith’s cap hit leaves the Knights with about $3.5-$4MM in space should Lehner be healthy next season.
In Smith, Pittsburgh may not be getting any younger, but they are getting a spectacularly consistent winger with good ability on both the power play and penalty kill. A well-rounded talent, his 26 goals this season were one short of his career high, set with Vegas in the 2019-20 season. He could very well slot in on Pittsburgh’s second line with Evgeni Malkin and Rickard Rakell.
With the Smith acquisition, it seems improbable that Pittsburgh will extend Jason Zucker, who held the top-six spot in the lineup Smith is expected to replace. The 31-year-old will be one of the better options on the UFA market among left wingers after recording 27 goals and 48 points in 78 games this year.
What exactly Vegas does with its newfound cap space remains to be seen. If they learn Lehner could be an LTIR candidate next season in the near future, they’d likely have enough flexibility to get a deal done to retain winger Ivan Barbashev. There’s no telling how long it will take to glean clarity into Lehner’s playing future, though, and Vegas will be forced to operate under the expectation they won’t have his LTIR relief until proven otherwise. If that’s the case, they could still sign a middle-six winger on the free agent market who’d command around the $2MM mark.
It’s still a bittersweet day for Knights fans, who have now lost fan favorites Smith, Marc-Andre Fleury, and Max Pacioretty to similar salary-dump moves in each of the last three offseasons.
ESPN’s Kevin Weekes was first to report the trade.
East Notes: Petry, Varlamov, Devils UFAs
It’s hard to claim Pittsburgh Penguins defenseman Jeff Petry had a disappointing season. After being acquired from the Montreal Canadiens in a swap for defenseman Mike Matheson, Petry improved on his offensive totals from the season prior, recording 31 points in 61 games, and he still managed to average over 22 minutes per game. His defensive impacts were also in line with what we’ve come to expect from the veteran defender.
However, the Penguins were hoping for a resurgence to his 2020-21 form, which saw him finish 13th in Norris Trophy voting. It didn’t happen, and with interim general manager Kyle Dubas now at the helm, Petry finds himself on the trade block again after just one season in Pittsburgh, confirms The Athletic’s Rob Rossi. The market for right-shot defenders is generally strong, but with Petry locked in at a $6.25MM cap hit until 2025 and a potentially significant decline coming at any moment, Rossi says there aren’t many quality offers out there for his services.
More from the Eastern Conference rumor cycle today:
- Expect veteran netminder Semyon Varlamov to end up back on Long Island, says the Fourth Period’s David Pagnotta. The 35-year-old will likely sign a two-year deal, during which he’ll reprise his backup role to countryman Ilya Sorokin. After posting a save percentage north of .910 for four straight seasons, Varlamov would have been one of the better goaltending options available on the free agent market, especially for a team looking to solidify their backup position.
- The New Jersey Devils don’t have a ton of cap space after announcing a max-length extension for Timo Meier, and as expected, they won’t be making any other major re-signings before free agency opens on Saturday. Defenseman Ryan Graves and forwards Tomas Tatar and Miles Wood are going to test the open market, general manager Tom Fitzgerald confirmed today. Per CapFriendly, the team has around $10.2MM in space but needs to re-sign a quartet of restricted free agents and potentially add a goalie to complement Vitek Vanecek.
Free Agent Notes: Lucic, Halak, Domi/Glendening
Veteran grinder Milan Lucic still has some hockey left in the tank and will be looking for a new home in 2023-24. While reports had connected him to playing for his hometown Vancouver Canucks, it now appears he’ll be joining another nostalgic franchise for him, per CHEK’s Rick Dhaliwal – the Boston Bruins.
Coming off a monster seven-year, $42MM deal, Lucic won’t command much on the open market and isn’t suited for anything above a fourth-line role, especially for a team with playoff aspirations. Boston is in need of cheap forward depth, but it’s fair to question the use of precious cap space on a veteran who can provide little offense, especially with hard-nosed Trent Frederic already occupying the token bottom-six grinder role. It would be a nice career bookend for Lucic, though, who won a Stanley Cup in Boston in 2011 and had 342 points in 566 games there between 2007 and 2015.
More tidbits before the free agent market opens on Saturday:
- One of the longest-tenured netminders in the league is looking to extend his career in 2023-24, but it could be with a new team. Player agent Allan Walsh said today his client, Jaroslav Halak, will hit the unrestricted free agent market on July 1 and won’t re-sign with the New York Rangers before then. Halak, 38, is now sorely planted in “serviceable backup” territory, but there are certainly worse options for the No. 2 spot on your depth chart. The veteran of 17 NHL seasons posted a 10-9-5 record, .903 save percentage, and one shutout in 24 starts (and one relief appearance) with the Rangers this season.
- The Dallas Stars don’t have a lot of cap flexibility this offseason, and it was expected they’d only be able to re-sign one or two depth forwards hitting the open market. That’s holding true, as after the Stars signed Evgenii Dadonov to a two-year extension yesterday, The Fourth Period’s David Pagnotta reports both Max Domi and Luke Glendening will hit the open market. The Stars have $5.1MM in projected cap space, per CapFriendly, and still need an extension for pending restricted free agent Ty Dellandrea.
Dallas Stars Extend Evgenii Dadonov
The Dallas Stars are bringing back a good piece of forward depth, re-signing Evgenii Dadonov to a two-year contract extension through the 2024-25 season. The deal, worth $4.5MM, carries an average annual value and cap hit of $2.25MM.
Dadonov, 34, played a crucial depth scoring role for the Stars after a late-season trade from the Montreal Canadiens. He notched 15 points in 23 regular-season games and 10 points in 16 playoff games after a rough go of things with the Habs, finishing his tenure there with just 18 points (and just four goals) in 50 games.
Stars general manager Jim Nill expressed his satisfaction with an extension getting done:
Re-signing Evgenii was high on our priority list. He was a key player for us down the stretch, and he elevated his game on the big stage during the playoffs. We’re happy to get a deal done that works for both sides.
It was, unfortunately, a tough end to the season for Dadonov, who missed the final three games of Dallas’ Western Conference Final loss due to a lower-body injury sustained early in Game 3. He’ll get a chance for two more deep playoff runs with the Stars and head coach Pete DeBoer.
Dadonov’s NHL journey spans nine seasons, during which he has accumulated 131 goals and 167 assists for 298 points in 486 regular-season games. He has suited up for five teams, including the Stars, Canadiens, Vegas Golden Knights, Ottawa Senators, and Florida Panthers. He’ll hit the 500-game milestone this season, a remarkable feat for a player who also suited up for six seasons and over 300 games in the KHL.
With Dadonov under contract, Dallas’ forward corps for next season already appears close to set. The team still has $5.1MM in projected cap space, per CapFriendly, but they need a new contract for pending RFA Ty Dellandrea. They’ll also need to replace or re-sign Max Domi, Luke Glendening, and Joel Kiviranta, although youngsters Logan Stankoven and Mavrik Bourque could provide cost-effective solutions in those depth roles.
Los Angeles Kings To Acquire, Extend Pierre-Luc Dubois
Perhaps the first true blockbuster deal of the offseason has finally materialized. TSN’s Darren Dreger reports the Los Angeles Kings are acquiring center Pierre-Luc Dubois from the Winnipeg Jets, who receive a significant return in Alex Iafallo, Gabriel Vilardi, Rasmus Kupari, and a second-round draft pick in 2024, originally belonging to the Montreal Canadiens. Per NorthStar Bets’ Chris Johnston, Dubois is signing an eight-year extension (technically with Winnipeg before the trade) worth $8.5MM per season.
Dubois arrived in Winnipeg over two years ago in a star-for-star trade that saw Patrik Laine head to the Columbus Blue Jackets. The two players were selected third and second overall, respectively, in the 2016 NHL Entry Draft. It looked like a rather disappointing trade for both sides at the time – Dubois had just 20 points in 41 games down the stretch with the Jets in 2020-21 and played a decidedly middle-six role, barely averaging over 15 minutes per game.
Things took a dramatic turn for the better over the following two seasons, though. Fresh off back-to-back 60-point seasons for the first time in his career, Dubois is now entering his prime and much closer to the player everyone thought he could be. He won’t impress anyone defensively, but he’s a very high-end play driver and is a good weapon on the power play.
It’s a fresh start for Dubois on the West Coast. He’s long been posturing to get himself traded to a larger market, although most had assumed until recent weeks that it would be the Montreal Canadiens. With Winnipeg looking to retool on the fly, though, the Kings’ package of NHL-ready talent was a much more appealing return.
That being said, this is a lot to give up (and an awfully rich extension) for Dubois, who’s a good top-six center but not a bonafide first-line pivot. Vilardi, the 11th overall pick in 2017, finally broke out this season in a big way after multiple serious injuries derailed his development. The 23-year-old notched 41 points in 63 games, played a great possession game, and could very well replace Dubois’ role in the Jets lineup on his own. With the addition of Iafallo, who’s a very strong middle-six two-way winger, it seems those two on their own might have been enough value to land Dubois. He had 36 points in 59 games last year, on pace for a career-high of 50 in a full season.
Add in Kupari, who doesn’t have a terribly high ceiling but is an established NHLer who appeared in 66 regular-season games and six playoff games this year, and Winnipeg’s got three fresh pieces to help kickstart a significant retool. The 2024 second-round pick is also a very nice addition for the Jets – it finds its way to them via the Canadiens and Coyotes, switching hands in the Christian Dvorak and Sean Durzi trades.
Photo courtesy of USA Today Sports Images
The Athletic’s Murat Ates was first to report the package was in place.
San Jose Sharks Expected To Acquire Mackenzie Blackwood
The San Jose Sharks have reportedly acquired goaltender Mackenzie Blackwood from the New Jersey Devils, per Kevin Weekes of ESPN. The Sharks are sending a sixth-round pick in an undisclosed year to the Devils for the netminder, which checks an item off the Devils’ long offseason checklist.
Once a highly-regarded up-and-comer, things have gone spectacularly off the rails for Blackwood in recent seasons, mainly due to injury troubles. Selected 42nd overall in 2015, Blackwood posted a 22-14-8 record in 43 starts during his rookie season in 2019-20 and finished sixth in Calder Trophy voting. He’s started just 79 games in the three seasons since then, achieving just a .897 save percentage and a 33-33-10 record. For a team looking to contend for the Cup next season, it’s simply not good enough – especially for the $3.36MM qualifying offer he was due as a pending restricted free agent.
The Sharks, who are in desperate need of a netminder, get their fix with another reclamation project. They’ll have no issue accommodating whatever they’ll end up signing Blackwood to, entering the offseason with over $14MM in projected cap space (CapFriendly).
For now, he’ll form a tandem in the Bay Area with Kaapo Kahkonen, who’s under contract at a $2.75MM cap hit in 2023-24 and posted similarly poor numbers this past season. Both are 26 years old, and the Sharks will need to work with both closely to restore their career trajectories.
Blackwood’s still a netminder with plenty of NHL experience, though, and a sixth-round pick is certainly worth the gamble on the netminder. With his play sharply declining, though, there didn’t seem to be a ton of interest on the trade market, so New Jersey had to settle.
Latest On Travis Sanheim
The Philadelphia Flyers will be one of the hottest names in trade talks all offseason long, and the second domino fell earlier today with Kevin Hayes getting shipped to St. Louis. One name supposed to be included in that trade was defenseman Travis Sanheim, who remains a Flyer thanks to Blues defenseman Torey Krug‘s no-trade clause eliminating all the ancillary parts of the proposed deal.
It remains clear, though, that Sanheim is a highly sought-after asset – he was expected to fetch Krug and a first-round pick from St. Louis (either 25th or 29th overall) in return. Teams are still calling on him, namely the Toronto Maple Leafs and Winnipeg Jets, says The Fourth Period’s David Pagnotta.
Sanheim, a former first-round pick (17th overall) in the 2014 NHL Draft, is Philadelphia’s most competent all-around defenseman and has been for the past few seasons. His stock took a small hit in 2022-23, seeing his offense dip to 23 points in 81 games and his defensive play falter at times, and it certainly wasn’t the best timing with an eight-year, $50MM extension with trade protection set to kick in on July 1. It seems at least a few teams are attributing that to the team around him, though, and they believe the 27-year-old is still a high-end top-four defender.
Despite having many holes to fill among their forward group, the Maple Leafs seem to keep popping up in conversations surrounding marquee defenders on the trade market. While they were already linked to Erik Karlsson earlier today, acquiring Sanheim would be a more financially sensible and palatable move for their needs. Sanheim would slot behind Morgan Rielly on the team’s depth chart of left-shot defenders, likely kicking Jake McCabe over to the right side and keeping 39-year-old Mark Giordano in a bottom-pairing role. Toronto’s been reported to have their first-round pick, 28th overall, on the block for more immediate boosts to their lineup.
The Winnipeg Jets are scouring the trade market for talent, looking to retool on the fly and keep their team competitive despite the impending departures (via trade or buyout) of Blake Wheeler, Connor Hellebuyck, and Pierre-Luc Dubois. There doesn’t seem to be a lot of roster room for Sanheim with the Jets, so a potential trade could involve the final season of Brenden Dillon‘s contract at a $3.9MM cap hit heading to the Flyers. The 32-year-old Jets defender does not carry trade protection.
Montreal Canadiens Acquire Alex Newhook
Rumors had been swirling the past few days regarding the Montreal Canadiens wanting to get their hands on a young forward. They’ve done just that, making a trade with the Colorado Avalanche to acquire the rights to promising young center Alex Newhook, parting ways with their 31st and 37th overall picks in the 2023 NHL Draft, along with defenseman Gianni Fairbrother.
Already a Stanley Cup champion, the St. John’s, Newfoundland-born Newhook recorded 14 goals and 16 assists in 82 regular-season games for the Avalanche in 2022-23. They’re nice totals, but Colorado was expecting (hoping?) for him to take over the second-line center spot – a job he lost weeks into the season to J.T. Compher. After recording just one assist in seven playoff games in a first-round loss against the Seattle Kraken, the Avalanche evidently felt it was time to cut ties and get two decent draft picks in a loaded 2023 class.
A first-round pick of the Avalanche in the 2019 NHL Draft (16th overall), the 5-foot-10, 190-pound center has accumulated 27 goals and 39 assists in 159 career games. He recorded four assists in 12 playoff games during Colorado’s run to the 2022 Stanley Cup.
For Montreal, this is awfully reminiscent of last year’s Kirby Dach trade with the Chicago Blackhawks. They’re hoping to strike gold twice after Dach emerged as a legit top-six threat for the Habs in 2022-23. In order to do that, though, they’ll need to get Newhook signed to a new contract – he’s a pending restricted free agent. It shouldn’t be much of an issue with Carey Price‘s $10.5MM cap hit destined for long-term injured reserve yet again in 2023-24. NorthStar Bets’ Chris Johnston says the two sides don’t have an extension in place yet.
It did take a little more value from Montreal’s end to acquire Newhook than it did Dach, though. The late first and early second-round picks in this draft are arguably equivalent to late first-round picks in last year’s, although the 22-year-old Fairbrother is a bit of a wild card after missing the entire 2022-23 season with a knee injury. Montreal had used the 77th overall pick on him in 2019.
Multiple Teams Engaging In Erik Karlsson Trade Talks
An expectedly hot trade market could soon see a rather Earth-shattering trade. Newly-crowned Norris Trophy winner Erik Karlsson of the San Jose Sharks has been on the trade block for quite some time, and he’s made it known he’d like to get dealt to a contender.
Now, we have some clarity on some teams EK65 could suit up for next season. The Toronto Maple Leafs, Carolina Hurricanes, and Seattle Kraken have reportedly initiated discussions with the Sharks regarding the possibility of acquiring the star defenseman, says Pierre LeBrun of The Athletic. LeBrun also indicates, though, that Karlsson has not yet provided Sharks general manager Mike Grier with a list of preferred destinations, leaving the trade negotiations as an “open canvas.”
Karlsson boasts a massive $11.5MM cap hit through 2027 and has long been considered one of the most dynamic defensemen in the league. However, injuries had plagued the Swedish defenseman in recent seasons, dampening his on-ice impact. 2022-23 saw him shake off most of the rust, though, becoming the first defenseman to record 100 points in a season since Brian Leetch in 1991-92. Nevertheless, his defensive deficiencies combined with the concern for re-injury will likely involve the Sharks, and potentially a third party, retaining massive amounts of his salary.
The Maple Leafs are definitely the team who would need the most help via salary retention to get a deal done. They are slated to have around $14.75MM in cap space with defenseman Jake Muzzin headed for long-term injured reserve, but they need to fill at least five roster spots at forward and get a new contract signed for netminder Ilya Samsonov. A trade, however unlikely it may seem, could include T.J. Brodie, who’s locked in at a $5MM cap hit next season and is a UFA in 2024. Karlsson would essentially replace his spot in the lineup.
Few teams would complement Karlsson’s puck-moving style as well as Carolina. This is likely a fallback option for them if they can’t reach an extension with Brett Pesce, although it’s hard to imagine two players at further ends of the defense spectrum. One would have to wonder about the necessity of acquiring Karlsson for the ‘Canes, though, as a former teammate of Karlsson’s, Brent Burns, is already under contract through 2025, and they’re still working on acquiring Anthony DeAngelo from the Philadelphia Flyers (which, legally, can’t be completed for another few weeks for cap circumvention purposes).
As for the Kraken, the budding franchise has apparently wasted no time in trying to solidify themselves as a championship contender after winning their first playoff series this spring. They’ve got a bevy of talented forwards and a true four-line attack, but their biggest roster hole lies with a second-pairing right-shot defenseman behind shutdown stalwart Adam Larsson. They do have the cap room to make it work – their only notable expenditure this offseason will be re-signing blueliner Vince Dunn, which could cost them around $7MM per season. It still would leave them with about $13MM in cap space and very few other roster holes to fill, making this a very doable task for the Kraken with 35-50% salary retention.
More to come…
St. Louis Blues Acquire Kevin Hayes
The wait is over, and it’s a bit of a letdown. The long-winded trade between the Philadelphia Flyers and St. Louis Blues is complete, and center Kevin Hayes will be heading to the Blues for a 2024 sixth-round pick, the teams announced.
Daily Faceoff’s Frank Seravalli reports the Flyers, as expected, will be retaining half of Hayes’ salary for the life of his contract. For the next three seasons, both the Flyers and Blues will be on the hook for $3.57MM in cap space for Hayes.
Fans of both teams were expecting a much larger deal to come through, but with Blues defenseman Torey Krug reportedly opting not to waive his no-trade clause, the additional pieces in the trade, expected to be Flyers defenseman Travis Sanheim and one of St. Louis’ late first-round picks in this week’s draft, were removed.
While most would agree Hayes was overpaid on his deal, earning him more than $7MM, a 50 percent discount is an extremely appealing acquisition for the retooling Blues. He’s still a capable middle-six center, and his acquisition will alleviate Pavel Buchnevich, allowing him to return to his natural spot on the wing after shifting to center at the end of 2022-23.
St. Louis will be Hayes’ fourth team in his nine-year, 634-game NHL career. He’s had consistent offensive production throughout his career, routinely scoring between 40 and 55 points (at least in full seasons), but he was given far too lofty expectations when he signed in Philadelphia.
The messaging is clear here from the Flyers’ side: a rebuild is here, and it’s massive. Opting to retain a decent chunk of change on Hayes for three seasons – with essentially no compensation – signals they don’t anticipate spending to the cap ceiling anytime soon.
While moving on from Hayes doesn’t free up cap space that the Flyers need to use, it does free up some needed roster spots down the middle of the ice. Both Morgan Frost and Noah Cates are in line for more ice time after strong campaigns in 2022-23, and with Sean Couturier slated to return to play next season, Hayes could have pushed one (or both) of Cates and Frost into a bottom-six role.
Hayes’ 54 points in 81 games last season would have ranked fifth on the Blues. He’ll likely slot into a third-line center spot there behind Robert Thomas and Brayden Schenn, although he could overtake Schenn on the depth chart if things go well.
ESPN’s Kevin Weekes was first to report the trade.
Photo courtesy of USA Today Sports Images.