Salary Cap Deep Dive: Vegas Golden Knights
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, last up is the Golden Knights.
Vegas Golden Knights
Current Cap Hit: $87,344,447 (under the $88MM Upper Limit)
Entry-Level Contracts
F Alexander Holtz (one year, $894K)
Potential Bonuses
Holtz: $850K
Holtz was acquired from New Jersey over the offseason in the hopes that a change of scenery would help him reach some of the potential that made him the seventh overall pick in 2020. That hasn’t come to fruition so far as his role and production have been as limited as they were with the Devils. It’s still too early to give up on him but he’s heading for a short-term bridge deal that shouldn’t cost too much more than his entry-level deal does. At this point, his bonuses are unlikely to be reached.
Signed Through 2024-25, Non-Entry-Level
D Nic Hague ($2.294MM, RFA)
G Adin Hill ($4.9MM, UFA)
F Victor Olofsson ($1.075MM, UFA)
F Tanner Pearson ($775K, UFA)
G Ilya Samsonov ($1.8MM, UFA)
F Cole Schwindt ($800K, RFA)
Olofsson didn’t have a great platform year with Buffalo last season, leading to this deal where he hoped that a strong showing with Vegas could give him a stronger market next summer. Injuries have limited him thus far but he still has seven goals in 14 games. If he can stay close to that level, he should be able to get closer to the $3MM or $4MM mark albeit likely on another short-term agreement.
Schwindt was claimed off waivers at the start of the season and has held down a spot on the fourth line for most of the year. He’s arbitration-eligible which could work against him as this is a roster spot that Vegas will want to keep close to the minimum. If Schwindt is open to a short-term deal around this price point, that could be enough to keep him around. Pearson converted a preseason PTO into a minimum salary deal. While he has fit in well in a limited role, it’s hard to see him landing much more than this next offseason.
Hague has been a fourth or fifth defender for most of his career although his role and playing time have been reduced this season. That’s not ideal as he’s heading toward having to be qualified at $2.7MM with arbitration rights that could push the cost closer to $4MM per season. If he stays in more of a sixth role, he could become a non-tender candidate.
With Logan Thompson being moved to Washington, Hill became the undisputed starter, a good spot to be in considering it’s a contract year. That said, his play has been a bit inconsistent which will make it difficult for him to command much more than he’s making now. That said, he should be able to get something around this price point on a longer-term agreement than the two-year pact he’s playing on. Samsonov had a rough year with Toronto in 2023-24 resulting in Samsonov looking for a place to try to rebuild his value. He has performed a little better than a year ago but certainly not to the point where teams will be looking at him as a starter. That said, a strong second half could allow him to approach the $3MM to $3.5MM mark as a backup who can play starters minutes when needed.
Signed Through 2025-26
F Pavel Dorofeyev ($1.835MM, RFA)
F Jack Eichel ($10MM, UFA)
D Ben Hutton ($975K, UFA)
D Kaedan Korczak ($825K, RFA)
Eichel has become the number one center that Vegas was hoping he’d be when they acquired him in 2021. That said, he never has really had high-end point production before this season which might limit his market value to a point. A small raise should still be expected on a max-term agreement but unless he can get to that 100-point threshold, he might be hard-pressed to beat someone like Vancouver’s Elias Pettersson ($11.6MM) barring a big jump in the salary cap by then. Dorofeyev impressed in limited action last season and is producing at a better rate so far this year, making him a strong value piece on his bridge deal. He’ll have arbitration rights in 2026 and if he continues to score at the pace he’s on, he could jump past $5MM per season on his next contract.
Hutton has been a capable depth defender for several years now which has helped earn him some stability with Vegas. But these types of pieces generally stay low-cost and it would be surprising to see Hutton land any sort of notable raise on this deal, especially as teams will want to keep the back-of-the-roster spots as close to the minimum as possible. Korczak is in a similar situation, although he’s young enough (23) to still change those fortunes. If he stays in a depth role, he’s in the same boat as Hutton and his arbitration eligibility could work against him. If he locks down a full-time spot, he could push for something more in the $1.5MM range.
Signed Through 2026-27
F William Karlsson ($5.9MM, UFA)
D Alex Pietrangelo ($8.8MM, UFA)
F Nicolas Roy ($3MM, UFA)
F Mark Stone ($9.5MM, UFA)
When healthy, Stone is a legitimate top-line two-way threat, one that’s a key part of this lineup. Of course, staying healthy has been a challenge for him over the years as he has missed significant time due to injuries over the past several years. That will hurt him when it comes time for his next deal, as will the fact he’ll be 35 at that time. Even in what should be a more favorable cap environment by then, Stone will likely be heading for a pay cut. It wouldn’t be shocking to see a longer-term deal with an eye on getting the cap hit lower, similar to what Pittsburgh did with Kris Letang and Evgeni Malkin in the past (though Stone’s price tag should come above theirs).
Karlsson has been a solid second option down the middle throughout most of his tenure with Vegas and the price tag for those players has shot up over the years. That said, he’ll be 34 which means there’s a good chance his next contract is his last one. Assuming it’s a longer-term one to keep the AAV down, it’s possible Karlsson’s price tag stays in this range. Roy has held the third center role for the bulk of his time with the Golden Knights and has been above-average on the production side for the last few seasons. It’s already a below-market deal and if he stays in that 40-point range, his next contract should start with a four.
In his prime, Pietrangelo was a high-end two-way threat from the back end. However, he turns 35 next month and his production and ice time have dropped in recent years. When he started in Vegas, Pietrangelo was worth this price tag, if not more. But as the offensive numbers go down and he slips a bit more on the depth chart (or they at least try to manage his minutes a bit more), the perception of this deal will flip to an above-market one, an outcome that shouldn’t come as much surprise as that was the expectation at the time it was signed. Having said that, he’s still playing a big enough role to give Vegas a decent return and that should continue for at least a little while longer.
Big Hype Prospects: Hagens, McKenna, Reber, Hynninen
The top flight of the World Junior Championships kicks off on Thursday. This year brings a wealth of strong international teams to Ottawa, Canada to face off against a loaded Team Canada roster. The last two tournaments hosted in Canada have both ended in a Canadian gold medal. The red-and-white will look to repeat those results this year, adding to their record-setting 20 titles. Team USA will look to curb that by becoming the first country other than Canada to win back-to-back golds since Russia in 2002 and 2003. With so much on the line, we’ll borrow a page from MLB Trade Rumors‘ Big Hype Prospect series to bring you four must-watch players this tournament.
Four Big Hype Prospects
James Hagens, C, Boston College (NCAA Hockey East, 2025 NHL Draft)
16 GP – 5 G – 15 A – 20 P – 4 PIM – +15 +/-
This year’s World Juniors will be headlined by 2025 NHL Draft talent. Nearly every team has a top prospect to showcase. Canada seems set to award Matthew Schaefer and Porter Martone – strong candidates for first-overall – with strong lineup roles. Sweden is bringing electric scorer Victor Eklund, younger brother of 2021 seventh-overall pick William Eklund. Even Slovakia is joining in, bringing Tomas Pobezal after a dazzling start to his second pro season. But of the many draft prospects looking to stake their claim, it seems Team USA star James Hagens has the most to prove.
Hagens has been electric for the BC Eagles this season. He’s seamlessly filled the hole between Gabe Perreault and Ryan Leonard that William Smith vacated in his move to the NHL. It took Hagens a small while to find his footing, but he’s fired on all cylinders as of late – with four goals and nine points in his last seven games. He’s been dynamic in all regards, but now faces the battle of proving his case for first-overall against a loaded Canadian offense. Hagens ended his last international stint – last season’s World U18 Championships – with a record-breaking 22 points in just seven games. But the wind seems against him, especially after the dazzling showing that Schaefer and Martone had at the CHL/NTDP matchup. Hagens may need to bring generational offense to this tournament as well if he wants to hang onto the top-of-the-draft hype he’s built over the last few seasons.
Gavin McKenna, F, Medicine Hat Tigers (WHL, 2026 NHL Draft)
30 GP – 19 G – 41 A – 60 P – 8 PIM – +24 +/-
It’s not every year that looming draft talents make up so much of the World Juniors’ starring cast. This year, hockey fans get an even richer scene, with superstar 2026-prospect Gavin McKenna set to support the host city. Where Hagens set the U18-Championship scoring record last Spring, McKenna set the tournament record for players playing up a year – with 20 points in seven games. He’s another truly dynamic star, with an incredible ability to create space and beat goalies with speed and poise. McKenna, who turned 17 last week, has had to earn his way into Canada’s lineup during pre-tournament action. He started as the extra forward, then went without any scoring in back-to-back games when he received hardy minutes. But with a goal in Canada’s final pre-tourney matchup against Czechia, McKenna made it clear that he’s ready for a productive tournament. Canada features a lot of exciting offensive ability this year. Calum Ritchie brings near-pro-level playmaking, while Berkly Catton, Bradly Nadeau, and Easton Cowan have earned plenty of NHL hype. But it will be McKenna that paves his road ahead with this tournament – as he looks to join the ranks of Canadian legends Connor Bedard, John Tavares, and Sidney Crosby with a dazzling World Junior showing in his age-17 season.
Jamiro Reber, C/LW, HV71 (SHL, 2025 NHL Draft Overager)
25 GP – 7 G – 7 A – 14 P – 2 PIM – -5 +/-
Representing central Europe in the upcoming NHL Draft will be a shared task, but 18-year-old Jamiro Reber should carry plenty of attention early on. He’s been a surprise showing in Sweden’s SHL, working his way into HV71’s middle-six after starting the year in the U20 league. He’s a stout, two-way forward who’s earned his keep with his ability to work with his linemates and finish plays in front. But now, he’ll join Team Switzerland in an uphill battle at this tournament. Reber has just one point in seven international friendlies with Switzerland’s U20 team this season – matching his scoring in five World Junior games last season. The pair of showings line up with Reber’s tendency to score less internationally – when he’s leaned on as a star play-driver. This tournament will be the chance to buck that trend on the heels of a red-hot start to his pro career – and how he takes to the role could be a big sway in Switzerland’s success.
Topian Hynninen, C/LW, Jukurit (Liiga, 2025 NHL Draft Overager)
32 GP – 7 G – 17 A – 24 P – 2 PIM – 0 +/-
While Reber represents central Europe, Topias Hynninen will look to bring the attention of NHL scouts back to Scandinavia. The flashy forward was also overlooked in last year’s draft after netting a measly nine points in 43 games as a Liiga rookie. That lack of scoring landed him off of the World Junior roster, despite three points in five World U-18 games in 2023. But Hynninen has taken to the year of learning well. He’s launched himself into Jukurit’s top-six and scored 24 points in 32 games along the way – tied for second-most on the team. He’s shown talent all over the ice, using fast and tireless skating, gritty hitting, and heads-up offense to gel with his linemates at even-strength and on the man-advantage. Hynninen has already scored six points in seven games with Team Finland this season, and could be set for a smash tournament after a year-long absence from any notable tournaments. He’s shown an ability to either drive play himself from the middle-lane, or support his linemates from the flanks – and could be called upon for both as Finland fights for their place in a crowded top-end. He’ll be heavy-utilized, and a strong tournament could land him a high selection at next year’s Draft.
Penguins Place Owen Pickering On IR, Reassign Nate Clurman
12/25: Nate Clurman has been returned to the minor leagues, per the AHL transaction log. Clurman didn’t play in any games on this call-up, taking him through another brief call-up without playing his NHL debut. He’ll return to a middling role in the minor leagues.
12/23: The Pittsburgh Penguins have placed top prospect Owen Pickering on injured reserve with an upper-body injury. Pickering left the team’s Saturday game against New Jersey at the end of the second period. He didn’t appear to suffer a noticeable injury but did take a hard hit against the boards from Devils forward Paul Cotter a few shifts before leaving. Regardless, Pickering will now miss at least one week, and three games, of action; though he’s helped along by the team’s brief holiday break. To fill his hole, Pittsburgh has awarded defenseman Nate Clurman with just the second call-up of his pro career. The first came last week and didn’t result in Clurman playing any games.
He has just two points in the first 14 NHL games of his career but has performed well enough defensively to work his way up to a top-pair role next to Penguins star Kris Letang. The rookie averaged 19:19 in ice time in five games prior to his injury, and even earned minutes on both special teams despite posting no scoring and a -5. He’s playing to his M.O., keeping opponents out of the low slot and letting his forwards do the heavy lifting – a role he honed with 12 games, one goal, and a +5 to start the AHL season. The performance may not be flashy, but it’s a strong start for the 20-year-old Pickering, who’s in just his first professional season after spending the last four years with the WHL’s Swift Current Broncos. Pickering was much more involved at Swift Current, serving as the club’s captain in his final two seasons and totaling 133 points in 205 career games.
Pickering will be quickly replaced by the mix of Ryan Shea and Pierre-Olivier Joseph, the latter rejoining the Penguins via trade last week. Neither player has proven very productive in their NHL minutes. Shea stands as Pittsburgh’s lowest scorer, still searching for his first point after 26 games this season. Joseph at least managed two assists in 23 games with the St. Louis Blues prior to his trade, though he complimented it with 23 penalty minutes and a -7. Clurman will move into the role of extra defender behind the duo. He has five points, 10 penalty minutes, and a +6 in 18 games with Wilkes-Barre/Scranton this season, surprisingly enough to tie for fourth on the team’s blue-line in scoring. Clurman is a career minor-leaguer in his first year with the Penguins, after spending the last four seasons with the Colorado Avalanche organization, who drafted him in the 2016 sixth-round. He’s totaled 26 points in five seasons and 128 games in the AHL.
Blackhawks Assign Brett Seney To Canadian National Team
According to the AHL transactions page, the Chicago Blackhawks have reassigned Brett Seney, the captain of their AHL affiliate, to the Canadian National Team for the upcoming Spengler Cup. It will be the first time Seney has suited up for Team Canada in international play throughout his professional career.
Seney is in his eighth professional season and third with the Blackhawks organization. The New Jersey Devils drafted him with the 157th overall pick of the 2015 NHL Draft. He made his professional debut with the team’s AHL affiliate, the Binghampton Devils, toward the end of the 2017-18 season.
Before turning to the professional ranks, Seney amassed a solid career with the NCAA’s Merrimack College scoring 42 goals and 115 points in 139 games. That level of offensive consistency has translated well to the AHL where Seney has collected 97 goals and 274 points in 345 games.
Unfortunately for Seney, his talent hasn’t translated well to the NHL. He scored five goals and 13 points in 51 games for the Devils in his rookie campaign during the 2018-19 season while averaging 10:20 of ice time per game. He saw his role significantly reduced during the Covid-shortened 2019-20 season as Seney only suited up in two games for the rebuilding New Jersey franchise.
He spent one more year in the Devils organization before signing a one-year deal with the Toronto Maple Leafs in 2021. Seney led the team’s AHL affiliate, the Toronto Marlies in scoring that year leading to three straight one-year contracts with the Blackhawks.
Sharks Expected To Begin Extension Talks With Mikael Granlund In January
When Mikael Granlund took a two-year, $10MM deal with San Jose in 2023, the thought was that he’d try to use the opportunity to play a prominent role and turn it into a more lucrative contract down the road. With how things have gone for him so far, he may have made the right choice.
It appears that we may soon see what type of bigger deal the veteran could earn. David Pagnotta of The Fourth Period recently reported (video link) that San Jose and Granlund’s camp are expected to begin discussions about a possible contract extension next month.
Last season, the 32-year-old led the Sharks in points, tallying 12 goals and 48 assists despite only playing in 69 of 82 games. Granlund was the team leader in ice time among forwards, logging a career-best 20:58 per night which certainly helped contribute to the uptick in production. But with San Jose adding Macklin Celebrini and William Smith to their group of middlemen for this season, many assumed Granlund would have a smaller role.
That hasn’t been the case, however. Granlund’s ice time has actually ticked up slightly this season and he’s already just one goal shy of equaling his output from last season while chipping in with 22 assists. As a result, he’s once again the team leader in scoring with 33 points, six ahead of William Eklund. Clearly, there’s room for Granlund to still play a prominent role beyond this season.
But how much would an extension cost? While Granlund has a history of up-and-down production which hurts his market value, it’s fair to say he has earned a fair-size raise if he’s going to remain in this type of role. Numbers-wise, he could push for more than $6MM on another multi-year agreement.
There are two other factors to consider here, however. First, Sharks GM Mike Grier needs to weigh the value of re-signing him against the potential trade value he’d carry by the March 7th trade deadline. While San Jose doesn’t have any salary retention slots remaining, Granlund would be one of the top middlemen available and should land them a quality return. Is it worth not getting that return to keep him in the fold?
The other factor is Granlund’s role. With the Sharks, he’s a number one center. That isn’t going to be the case on many other teams who would view him as a second or even a third option. Accordingly, their offers in free agency are likely going to reflect that. With that in mind, it stands to reason that the richest offer he’s going to receive is from the Sharks. Does he go that way and remain with a rebuilding team or consider taking less to play in more of a winning environment?
With talks expected to start in a few weeks, Granlund still has ample time to ponder the answer to that question but with the Sharks fully knowing that he’s one of their top trade chips if a deal can’t be reached, they’re probably going to want an answer sooner rather than later.
Photo courtesy of Imagn Images.
Rangers Believed To Be Shopping Jimmy Vesey
While Chris Kreider and the since-traded Jacob Trouba were the headliners among the available for trade memo that went to teams last month, it appears those two Rangers weren’t the only ones on there. Arthur Staple of The Athletic reports (subscription link) that veteran winger Jimmy Vesey is also being shopped around and has been for the last month.
Last season, Vesey had a solid showing, putting up 13 goals and 13 assists in 80 games despite only averaging 12:23 per game. For a depth scorer, that’s not a bad level of output and it was his best point total since the 2018-19 campaign, the last year of his first stint with New York. At a price tag that was only $25K above the league minimum, that was a solid value deal for them.
However, the second year of that agreement hasn’t gone as well. Vesey has been limited to just 19 appearances out of 34 thus far, some due to a lower-body injury but other missed games were as a healthy scratch. Production has been harder to come by for the 31-year-old as he has just three goals and one assist so far while his playing time is down under ten minutes a night now with his playing time shorthanded down by more than 75% compared to a year ago.
This is the final year of Vesey’s contract and he’ll be eligible for unrestricted free agency this summer. With his early-season struggles, his trade value has almost certainly taken a hit to the point where their likeliest return would be a later-round draft pick or a similar low-cost depth player. That said, GM Chris Drury appears to be intent on shaking up his roster and it would appear that it’s not just the prominent veteran that are available but some of the end-of-roster pieces as well.
Red Wings Assign William Lagesson And William Wallinder To AHL
As we’ve seen several teams do already, the Red Wings have sent a pair of players down now that we’re at the holiday break. Late last night, the team announced (Twitter link) that they re-assigned defensemen William Lagesson and William Wallinder to AHL Grand Rapids.
Lagesson has been shuffled back and forth in recent days but did get into two games with Detroit this week. He was held off the scoresheet while averaging just shy of 16 minutes a night. In his first season with the Red Wings, he has spent most of the year with the Griffins, picking up eight points in 20 games. With Simon Edvinsson recently landing on IR, there’s a good chance that Lagesson will be recalled after the break but for a few days at least, they’ll pause his waiver exemption clock.
As for Wallinder, he was the corresponding recall on Monday when Edvinsson was moved to injured reserve but he didn’t suit up against St. Louis. The 22-year-old is in the second year of his entry-level deal and is off to a solid start with the Griffins this season. Wallinder has eight points in 19 games in 2024-25 after putting up 19 in 65 contests in his rookie year last season. Waivers aren’t a consideration for him but the move will allow Detroit to bank a bit more cap space for a few days before deciding about bringing him back up or not.
With these assignments, the Red Wings now have two open spots on their active roster.
Vancouver Canucks Assign Three Players To AHL
Like every team in the National Hockey League, the Vancouver Canucks have played their final game before the short holiday break. Per the AHL transactions page, the Canucks have papered down forwards Phillip Di Giuseppe, Max Sasson, and Linus Karlsson bringing their roster down a minimum of 18 skaters and two goalies.
The roster moves will give Vancouver a relatively large window of salary cap relief despite all three players earning below $900K on their current contracts. The Canucks don’t play until Saturday when they take on the Seattle Kraken meaning all three players will likely be recalled then.
The veteran Di Giuseppe played in three games for Vancouver during his recent call-up from December 17th to today, tallying two assists and 12 hits while averaging 12:39 of ice time. He’ll likely spend more time on the Canucks roster for the rest of the season after returning from an injury earlier in the year. Di Giuseppe is in the final season of a two-year, $1.55MM agreement signed with Vancouver and can bring quality defensive play toward the bottom of the lineup.
Sasson, the second forward included in today’s transaction, is starting to rack up playing time in the NHL. The former Western Michigan University standout has scored one goal and five points in 12 games for the Canucks this season and has seen his ice time climb to or near 13 minutes in three of his last four games. There’s a legitimate chance his playing days in the AHL are over for the foreseeable future unless Vancouver makes a notable outside addition to their bottom six.
Karlsson also sustained an early-season injury keeping him out of the lineup for both Vancouver and the Abbotsford Canucks for much of the 2024-25 regular season. He’s gotten off to a hot start in Abbotsford scoring five goals and six points in seven games but he failed to find the scoresheet during his pair of contests in the NHL. He’s an interesting offensive weapon Vancouver could toy with toward the bottom of their forward grouping given that Karlsson is only a year removed from scoring 23 goals and 60 points in 60 AHL games.
Kings Reassign Andre Lee
Dec. 24: Lee has been returned to Ontario, per a club announcement. He won’t count against the cap during their holiday break. His appearance on Sunday against the Capitals was his first during this recall, recording a shot on goal in 9:13 of ice time.
Dec. 13: The Kings made a roster move on Friday to add a bit more depth up front. The team announced (Twitter link) that they’ve recalled winger Andre Lee from AHL Ontario on an emergency basis. Mayor’s Manor reports that winger Trevor Moore’s availability for tomorrow’s game against the Rangers is in question, necessitating this move.
The 24-year-old has gotten into 16 games so far this season with Los Angeles in his first taste of NHL action. That said, his playing time has largely been limited as he’s logging just 9:26 per game. Offensively, Lee has been limited to recording two assists although he’s also averaging just over two hits per contest.
After spending more than a month on an NHL roster to start the season, Lee was sent down in mid-November but he has been recalled multiple times since then. As a result, he has only played in four games with the Reign, picking up a goal and an assist after picking up 13 points in 36 games with them last season.
With the recall, the Kings are now at the maximum of 23 players on their active roster.
NL’s SC Rapperswil-Jona Lakers Sign Julius Honka
Former top Stars prospect Julius Honka is staying in Switzerland, with the National League’s SC Rapperswil-Jona Lakers announcing they’ve secured a two-year commitment from the defender beginning next season.
Honka hasn’t played in North America since 2021, and after spending two seasons with Luleå HF of the Swedish Hockey League, he arrived in Switzerland in 2023. The Lakers will mark Honka’s fourth NL team in three seasons after splitting the 2023-24 campaign between SC Bern and Genève-Servette HC and signing for 2024-25 with HC Davos. They didn’t say whether Honka’s deal has an NHL out-clause, but regardless, it’s a sign that he won’t be pursuing NHL opportunities next summer after a resurgence in his game.
Honka, who Dallas drafted 14th overall a decade ago, has 20 points and a +3 rating in 33 games with Davos, putting him fifth among NL defenders. It’s not unexpected production, either. Since being cut loose by the Stars in 2021, Honka has been a top two-way threat in the European circuit. He led the SHL in goals from a defenseman with 10 in 46 games with Luleå in 2021-22, and he led the Champions Hockey League with a +14 rating with the Swedish club the following year.
The Finnish native’s brief NHL career only spanned three seasons, accumulating 87 appearances with the Stars from 2016-17 to 2018-19. He averaged a minimal 13:57 per game and recorded two goals and 11 assists for 13 points with a -7 rating. While he was frequently criticized for a lack of physicality and defensive awareness individually, the Stars always controlled possession better at even strength with Honka on the ice than without him. He also recorded 113 points in 218 AHL games during his time in the Stars organization with a -24 rating.
This year’s Rapperswil-Jona roster is home to former NHLers Pontus Åberg, Tanner Fritz, Philip Holm, Nicklas Jensen, Jacob Larsson, and Victor Rask.