Thatcher Demko Signs Five-Year Extension
April 8: Doubling up on their announcement of forward Tanner Pearson‘s extension, the Canucks have now confirmed the terms of their new deal with Demko as well. In the team’s release, GM Jim Benning raved about his stellar young keeper: “He’s taken a big step in his development this year, displaying a strong work ethic and composure in his game. At every level of play Thatcher has excelled, from college to the AHL and now as a starter in the NHL. We are excited to have Thatcher be a key contributor to our long-term success.”
March 31: The Vancouver Canucks have locked up one of their key restricted free agents ahead of a busy summer. Thatcher Demko has signed a five-year extension worth $25MM according to Elliotte Friedman of Sportsnet. Demko was set to become an RFA at the end of the season and would have been arbitration-eligible.
After Demko was given an opportunity to prove himself on the biggest stage last summer, posting a .985 save percentage in four postseason appearances, the Canucks decided to let Jacob Markstrom leave in free agency and sign with the Calgary Flames. Braden Holtby was brought in as a veteran complement to the young netminder, but with this new deal, Vancouver is clearly putting their faith in the 25-year-old Demko.
A five-year term buys out three years of unrestricted free agency for Demko, but the $5MM average annual value is certainly a nice raise over the $1.05MM he carried for the last two seasons. The deal puts him ahead of Holtby’s $4.3MM and ties up a good chunk of the Canucks cap in goaltending, but it is worth it if Demko can continue to grow into the starting role.
After a few shaky outings to begin the season, Demko has put up a .937 save percentage in 11 March games, winning eight of them. He’s faced an average of 35 shots a night during that stretch, which shows just how much the Canucks have relied on him as they try to compete in the North Division. For a club that won’t have much room to make changes in the summer, that performance will be key to any chance the Canucks have of contending in the short-term.
That $9.3MM total for Demko and Holtby will come into the spotlight as the Canucks try to sign Quinn Hughes and Elias Pettersson this offseason. When Holtby signed the contract, many speculated that he could be bait for the Seattle Kraken—an experienced, Stanley Cup-winning goaltender on an expiring deal, similar to Marc-Andre Fleury for the Vegas Golden Knights. The problem of course is Holtby’s performance, which has been downright dreadful at times this season and last. The 31-year-old has an .894 save percentage in 12 appearances this year and when added to the .897 he put up last year for the Washington Capitals, tell the story of a goaltender on the way out of the NHL, not one headed to lead an expansion franchise.
If the Canucks do hold onto Holtby, there isn’t a ton of room for Hughes and Pettersson. The team has several defensive holes to fix in the summer and a forward group that has already had trouble scoring at times. Demko is performing at a high level and appears to be the no-doubt starter, but signing a long-term deal comes at an increased cap hit and less flexibility for the Canucks.
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Vancouver Canucks Sign Tanner Pearson To Three-Year Extension
5:15pm: The Canucks have now officially confirmed the signing, keeping Pearson under contract through the the 2023-24 season at a $3.25MM AAV. No other contract terms were reported, but Drance’s report has been reiterated my multiple other sources.
4:15pm: The Vancouver Canucks have maintained for the entire season that they would like to sign pending unrestricted free agent Tanner Pearson to an extension and that finally appears to be close to coming true. Though no formal announcement has been made yet, Thomas Drance of The Athletic has filled in all the details. The three-year contract extension will carry an average annual value of $3.25MM and is backloaded in terms of salary structure. The deal will also include a full no-trade clause in 2021-22 and a seven-team no-trade clause in 2022-23.
Pearson, 28, could have been a deadline chip had the Canucks not been able to work out an extension before Monday. Instead, he’ll stay with Vancouver despite some very noticeable struggles this season, earning a multi-year extension on his strong play in 2019-20. The former Los Angeles Kings forward scored 21 goals and 45 points for the Canucks last season and was a force in the playoffs, recording another four goals and eight points in 17 games.
This season hasn’t gone anywhere close to that, however, as Pearson has just six goals and 11 points in 33 games. Even his physicality has declined, with only 40 hits delivered in that time and his usual powerplay production has been almost non-existent.
Still, the Canucks obviously believe they can get the old Pearson back. Vancouver GM Jim Benning has been notorious for handing out multi-year deals to bottom-six players, but there’s no doubt that Pearson can be more than that when playing his best. The worry now will be how they go about signing their other big tickets, as both Quinn Hughes and Elias Pettersson need new deals. Vancouver has more than $64MM already committed to next season without them, not leaving a ton of wiggle room if they demand hefty raises like other restricted free agent stars have the last few years.
Elliotte Friedman of Sportsnet was first to report that the deal was coming together.
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New York Islanders Acquire Kyle Palmieri, Travis Zajac
The first major deal of the 2021 NHL Trade Deadline has landed, and while it is a big move, it should not come as much of a shock. The New York Islanders, seeking a replacement for the scoring and leadership lost by captain Anders Lee‘s season-ending injury, have added both in a trade with the Devils, acquiring veteran forwards Kyle Palmieri and Travis Zajac. The trade, as first reported by The Athletic’s Arthur Staple, marks the second season in a row that the Isles have acquired a career-Devil from their cross-town rivals, as Zajac will reunite with long-time teammate Andy Greene in New York. Both Palmieri and Zajac are immediately available to the Islanders due to their nearby locale and are expected to join the team tomorrow.
As one can imagine, the trade return for the Devils is substantial, even in a buyer’s market. In exchange for their two core forwards and 50% retention on both salaries, New Jersey receives the Islanders’ 2021 first-round pick, a conditional 2022 fourth-round pick, and young forwards A.J. Greer and Mason Jobst. The conditions one the second pick is as follows: if New York reaches the Stanley Cup Final this season, the fourth-rounder becomes a third-rounder and the Devils can choose if they would like it to be in the 2022 or 2023 draft.
This trade obviously has the fingerprints of Islanders GM Lou Lamoriello all over it. The veteran executive was the GM of the Devils when Zajac was drafted in 2004. He tried to re-acquire the two-way center last season, but Zajac would not waive his No-Movement Clause. This time around, with his contract set to expire, Zajac is willing to finally move on from the Devils in pursuit of a Stanley Cup, especially when he’ll be joined by some familiar faces. After giving up a second-round pick for Greene last year, Lamoriello did not hesitate to go back to the well in New Jersey and offer up a first for Zajac and Palmieri. He also may have played to the home crowd somewhat, adding a Long Island native in Palmieri. The 78-year-old GM is all in this year, and making the fans happy along the way.
Just what are the Islanders getting in this deal? For starters, they are adding over 1,600 NHL games of experience to the lineup, an element that can’t be understated for a contender. It certainly will help to make up for the loss of Lee in the leadership department. Offensively, neither Palmieri nor Zajac have been at their best this season, but they are still top-five scorers for the Devils with 15 goals and 35 points between them. Palmieri was considered one of the top targets on the market even in a down season and playing with any of the Islander’s three top-notch centers, especially Mathew Barzal, should help his scoring to improve. Zajac is the perfect fit for head coach Barry Trotz‘ conservative system as a smart, measured, two-way forward. Where exactly he fits in the lineup on a deep roster remains to be seen. The Islanders will have to figure out what works best with their many possible line combinations, but for now Palmieri and Zajac will bump Oliver Wahlstrom and Kieffer Bellows from the active roster. An underrated part of this trade from the Islanders standpoint is the retained salary. With only half of Palmieri’s and Zajac’s contracts contributing to the cap payroll, the Devils are still left with about $3MM in Long-Term Injured Reserve space, enough room to make another acquisition if they so choose.
As for the Devils, they land a coveted first-round pick – an asset that is expected to be hard to come by for sellers this season. GM Tom Fitzgerald knew that the Islanders had no second-rounder to spare because he had already acquired last season in the Greene deal, so knew a first-rounder would have to be in play if the Islanders wanted Palmieri. Adding Zajac and retaining salary certainly helped the cause, but in the big picture it is well worth it to add another top prospect to the New Jersey rebuild. As for the players in the package, they aren’t flashy names or long-term building blocks, but could be nice depth additions if the Devils decide to hold on to them. Jobst has yet to get going in the pros with 15 points in 50 AHL games, but was a Hobey Baker candidate at Ohio State and scored at will in his college career. Undersized and already 27 years old, Jobst isn’t exactly a prospect and is on an expiring contract, but could be a good depth forward if New Jersey gives him a chance to translate his game to the top level. Greer, 24, was a second-round pick of the Colorado Avalanche in 2015 and already has 37 NHL games and over 200 AHL games to his credit. Greer plays with size and energy but has also shown a scoring touch in the minors, making him a valuable substitute who can contribute in any role. The impending RFA has not proven himself to be an NHL regular just yet, but should have an opportunity with New Jersey down the stretch to prove he is worth a new contract and an extended look.
Taylor Hall Held Out As Trade Talks Escalate
Deja vu all over again. The Buffalo Sabres will hold Taylor Hall out of tonight’s game, interim head coach Don Granato told reporters including John Vogl of The Athletic. Hall should be used to this after going through the same process in December 2019 with the New Jersey Devils when trade talks had heated up with the Arizona Coyotes. The pending free agent forward will be dealt before Monday’s deadline after a brutal season in Buffalo. Darren Dreger of TSN reported yesterday that there is a sense trade talks were escalating, though nothing has been officially announced yet.
Coincidentally, it’s the Devils that the Sabres are set to play tonight and they’re holding out their own deadline asset in Kyle Palmieri. Arguably the two most sought after rentals at the deadline, they’ll have to watch their struggling teams do battle and hope the next stop is a more competitive one. The Sabres are now 8-23-6 on the season and have scored just 82 goals in 37 games, while the Devils aren’t that much better at 13-17-6 with 88 tallies in 36 games.
Hall specifically has been terrible for the Sabres, scoring just two goals on the season. Just one of those has come at even strength and his assists have even dried up of late. In his last 13 games, Hall has just three points and has generated just 24 shots on goal despite averaging more than 17 minutes of ice time. Still, it’s that 2017-18 Hart Trophy season that makes Hall such an intriguing factor at the trade deadline as teams will try to unlock that MVP-level ability.
Of course, it’s hard to see that season as anything other than an outlier at this point. Hall is now 29 and is on his 11th NHL season. Only twice has he recorded more than 65 points and only once has he broken the 30-goal mark. A huge reason for that is injuries, but his predilection for missing games is also something that should be considered when spending assets to acquire him at the deadline.
Still, with strong possession numbers for the Sabres this season and such obvious one-on-one skill, Hall is an enticing package for contenders. Buffalo’s asking price so far has started with a first-round pick, and though it may be difficult to secure that, Sabres GM Kevyn Adams will do everything in his power to maximize the return. It seems likely that Buffalo will retain half of Hall’s $8MM cap hit to bring more teams into the conversation, but it’s not entirely up to them on where he ends up. Hall has a full no-movement clause and can block a trade to any team in the league. That means the Sabres must work with him to find a fitting landing spot in the coming days.
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Kyle Palmieri Held Out In Anticipation Of Trade
Last season when the New Jersey Devils were getting closer to a trade of Taylor Hall, they kept the winger out of the lineup to ensure he didn’t suffer an injury. The Devils will do it again as Kyle Palmieri will not dress tonight due to “precautionary reasons.” Palmieri’s agency Bartlett Hockey confirms that the move is made “in anticipation of a trade” in the coming days.
Just last night, Pierre LeBrun of The Athletic tweeted that Palmieri and the Devils were trying to hammer out a last-minute extension, but that things were trending toward a trade of the veteran winger. That seems to be the decision now with just over a week before the trade deadline and Palmieri heading to unrestricted free agency at the end of the year.
The 30-year-old winger has 17 points in 34 games this season and has recorded at least 24 goals in each of the last five years. That kind of consistent offensive production will be very attractive to contenders in need of a boost in the top-six, as long as they can fit in his salary. Palmieri carries a $4.65MM cap hit, though the Devils could retain up to half of that to maximize the return.
Of note, Palmieri also has an eight-team no-trade clause (which James Mirtle of The Athletic believes includes the Toronto Maple Leafs) and could have some say in the upcoming discussions.
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Buffalo Sabres Trade Eric Staal To Montreal Canadiens
The Buffalo Sabres are working the phones today, after suffering another loss to the Pittsburgh Penguins last night. Earlier in the day, Darren Dreger of TSN reported that Sabres GM Kevyn Adams has spoken to multiple teams about a Taylor Hall trade and now has dealt Eric Staal to the Montreal Canadiens. The Sabres will receive a 2021 third-round pick and a 2021 fifth-round pick for the veteran center. Buffalo will also retain $1.625MM (50%) of Staal’s salary and cap hit.
Adams received an up-close and personal look at the Sabres last night, moving behind the bench while interim head coach Don Granato isolated due to COVID protocols. What he saw was another listless effort from his squad, losing 4-0 to the Pittsburgh Penguins. The Sabres have now lost 16 straight games and have been shutout more times than they’ve won on the season.
Like everyone else in Buffalo, Staal has been a shadow of his former self this season, recording just three goals and ten points in 32 games. The 36-year-old seemed to be battling father time quite admirably last season, scoring 19 goals and 47 points in just 66 games for the Minnesota Wild. That was the fourth strong season in a row for Staal in Minnesota, but an offseason trade brought him to Buffalo where he has struggled to get anything going. Chemistry never formed with Hall and at times, Staal has been used as a bottom-six player for the Sabres. His average ice time of 15:34 on the year is the lowest in his entire career and the results have followed.
Still, there’s no doubt he was an intriguing option to teams looking to bolster their center group for the stretch run. With a cap hit of just $3.25MM that expires at the end of the year, the financial commitment by an acquiring team would be small. Getting 1,272 regular season games of experience, not to mention a Stanley Cup championship (where he easily could have been awarded the Conn Smythe), would be an attractive option for any contender if the price is right.
For the Sabres, trading Staal is a no-brainer given how poorly the season has gone, and the recent decision by the Canadian government to reduce the quarantine for incoming players only increased their market. Staal does have a 10-team no-trade clause, but failing to get something in return for him would have been a serious misstep by the Buffalo front office.
Still, two mid-round picks for a player of Staal’s stature may speak to the state of the market right now. There aren’t many teams in the league that are looking to add money at the deadline and the Sabres obviously felt they weren’t going to get a better offer.
For the Canadiens, a third and a fifth is basically nothing, given how many other draft picks they already have. The team had hoarded 14 picks for the 2021 event, including three third and three fifths. It will be the Montreal picks that are going to Buffalo, not those they have acquired from other teams.
Even with the salary retention, Staal’s presence in Montreal squeezes the Canadiens right up against the cap ceiling. Pushing Paul Byron‘s contract to the taxi squad will allow them to complete the move, given he is still eligible after clearing waivers, but it will be a tight dance for the rest of the year. Montreal GM Marc Bergevin had been repeatedly explaining that his cap situation would limit their deadline maneuvering, but it certainly didn’t stop them from landing one of the best rentals on the market.
Frank Seravalli of TSN was first to report that a deal with Montreal was close.
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Los Angeles Kings Sign Matt Roy To Three-Year Extension
The Los Angeles Kings announced they have signed defenseman Matt Roy to a significant raise as the team has extended him for three more years. The deal is worth $9.45MM with a $3.15MM AAV. Roy was going to be a restricted free agent at the end of this season.
The terms of the deal (via TSN’s Pierre LeBrun):
2021-22: $2MM
2022-23: $3.25MM
2023-24: $4.2MM
The 26-year-old was making just $700K this year, the last year of his two-year bridge deal he signed in 2019. By signing a three-year pact, the Kings bought out two UFA years, hence the significant raise.
Roy is the ultimate success story.
Drafted in the seventh round in the 2015 draft after his freshman year at Michigan Tech, Roy had two more positive seasons in college before signing with the Kings at the end of the 2017. He played two seasons with the Ontario Reign in the AHL before earning a promotion to Los Angeles late in 2019. He played 25 games for the Kings that year and earned himself a full-time role immediately. Roy finished last season with four goals and 18 points, but more importantly carried a plus-16 rating on a weak L.A. team. This year, Roy has seven assists in 24 games along with a plus-two rating, while averaging 19:16 in ice time, third among Kings’ defensemen behind Drew Doughty and Michael Anderson.
Anders Lee To Undergo Season-Ending Surgery
The decision has been made on Anders Lee, who will undergo ACL surgery this week and is out for the rest of the season. The New York Islanders captain got tangled with New Jersey Devils forward Pavel Zacha in a game last week and had to be helped off the ice.
It shouldn’t shock to find out that Lee is done for the year, but it certainly will spark some discussion on where the Islanders go from here. While Mathew Barzal might be the team’s most dynamic offensive player, there’s no question that Lee is New York’s most effective goal-scorer. His 12 tallies are still tied for the team lead even three games into his absence and he has a 40-goal campaign in his past. The 30-year-old was signed to a seven-year, $49MM deal in 2019 because of that goal-scoring, making him the most expensive player on the team at the time (his $7MM cap hit has since been matched by Barzal).
That cap hit is the news here though, as Lee was already placed on long-term injured reserve and without any risk of him returning this season, the Islanders can now use the added space for a deadline upgrade. New York was already well into LTIR thanks to Johnny Boychuk‘s early retirement due to injury, meaning there is really no penalty for the team spending even more now that Lee is on the shelf. With more than $5.5MM in space, the Islanders could acquire quite an asset for their playoff run.
Immediately, the team will be linked to a player like Kyle Palmieri given GM Lou Lamoriello’s familiarity with him. In yesterday’s 31 Thoughts column by Elliotte Friedman of Sportsnet, the insider mentioned that the New Jersey Devils have “begun conversations” about Palmieri’s future, implying that a trade could be coming. Friedman even lists the Islanders as a potential landing spot.
It won’t be just Palmieri though. Every rental forward on the market could be linked to the Islanders, especially after Lamoriello admitted to reporters including Arthur Staple of The Athletic that they were looking for scoring wingers even before Lee’s injury. Taylor Hall is still sitting in Buffalo as well, and the coach that drew him to the club in free agency was fired this morning. Other options with more term include Rickard Rakell, Zach Parise, and even perhaps someone like Jake Debrusk.
No matter what it does for the Islanders at the deadline, it’s hard to see Lee’s season end in this way. He is expected to be ready for the 2021-22 campaign.
Buffalo Sabres Fire Ralph Krueger
After another loss last night took it to 12 in a row, the Buffalo Sabres finally did what everyone expected. Ralph Krueger has been relieved of his duties as head coach. The Sabres lost 3-2 to the New Jersey Devils and sit dead last in the NHL at 6-18-4. They have been shutout as many times as they’ve won and there appears to be a clear lack of effort from some of the players.
The Sabres will have Don Granato as interim head coach and he will be joined by assistants Matt Ellis and Dan Girardi. The search for a new head coach begins immediately, though GM Kevyn Adams would not put a timeline on it.
Amazingly, as John Vogl of The Athletic explains, players in Buffalo and those who had previously played for Krueger have expressed how much they loved playing for him. That love didn’t come through on the ice this season for the Sabres and the team was forced to make a change, though whether it will actually result in a better effort is still up for debate.
The Sabres will still be on the hook for the rest of Krueger’s contract unless another NHL team wishes to hire him. Many have speculated that is why the team took so long to make the change with finances so tight during this season. Hired at the start of the 2019-20 season, Krueger’s time in Buffalo will end with a 36-49-12 record and not even a sniff of the postseason.
St. Louis Blues Extend Jordan Binnington
The St. Louis Blues have agreed to an extension with goaltender Jordan Binnington, signing him to a six-year deal worth a total of $36MM. Binnington was set to become an unrestricted free agent at the end of the season when his current two-year, $8.8MM deal expired. Pierre LeBrun and Jeremy Rutherford of The Athletic provide the full breakdown:
- 2021-22: $4MM salary + full no-trade clause
- 2022-23: $6MM salary + full no-trade clause
- 2023-24: $7.5MM salary + full no-trade clause
- 2024-25: $7.5MM salary + 18-team no-trade clause
- 2025-26: $6.5MM salary + 14-team no-trade clause
- 2026-27: $4.5MM salary + 10-team no-trade clause
Binnington, 27, was a huge part of the Blues first Stanley Cup in 2019, taking over the crease partway through the season and posting a .927 save percentage as a rookie. That was good enough for second in Calder, fifth in Vezina, and 10th in Hart voting, but his postseason performance was even more spectacular. Binnington started all 26 games the Blues played and stopped 32 of 33 shots in the deciding game seven.
He earned himself that $8.8MM contract with his play in 2019, but this contract comes after another 69 regular season appearances. In those, Binnington has posted a .911 save percentage, not quite up to the level he showed as a rookie. In last year’s postseason bubble he was not good, losing all five games he played with an .851.
It’s those more recent numbers that will raise a few eyebrows among hockey fans, but the Blues obviously believe Binnington can be their starter long-term. A six-year deal will take him through his age-33 season at a hefty cap hit.
This is the same contract that Jacob Markstrom signed in free agency this season, but the Calgary Flames goaltender is several years older than Binnington. There’s no doubt that the St. Louis netminder can provide plenty of excess value on a contract like this, but it also certainly is no guarantee to age well if his game doesn’t improve quickly.
This deal also will impact those to come. Names like Frederik Andersen, Philipp Grubauer, and Petr Mrazek are all unrestricted free agents this offseason and still young enough to land long-term deals like this one.
For St. Louis though, this at least secures the position for the time being. Ville Husso is also signed for next season at a reasonable amount, but the other goaltenders in the system are still very young and unproven. There’s no question now, it’s Binnington’s net in St. Louis.
David Pagnotta of The Fourth Period was first to report the deal.
More to come…