The Richest Contracts In NHL History
Friday was a very busy day for Jamie Benn. First, he underwent surgery to repair an injured core muscle that leaves his availability for Team Canada at the World Cup in question. Then the good news for him came in the form of an eight year, $76MM extension that makes him the highest paid player in team history. It’s one of the richest deals in league history but falls just short of the top-10 of all time, at least in part. Here’s a closer look at the priciest NHL deals ever.
1) Alex Ovechkin (13 years, $124MM) – Following his entry-level deal, Ovechkin essentially signed a two-pronged extension, one for six years at $9MM per season and then another at seven years and $10MM per year. While you can’t call his contract a bargain, he has been one of the NHL’s top players for many years and is expected to continue to do so for a long time to come.
2) Shea Weber (14 years, $110MM) – Offer sheets have been few and far between in recent years but Weber was the most prominent to receive one as the Flyers inked him to a heavily frontloaded one in the summer of 2012. Interestingly enough, offer sheets cannot contain any trade restrictions which likely played a role in Weber’s trade to the Canadiens last month.
3) Sidney Crosby (12 years, $104.4MM) – Prior to the current CBA which set a term limit of eight years on any contract, Crosby inked a highly frontloaded deal to stay with the Penguins until he’s 38. The extra money up front was enough to keep Crosby at an $8.7MM cap hit, matching his sweater number.
4) Ilya Kovalchuk (15 years, $100MM) – New Jersey’s second attempt at a Kovalchuk deal in the summer in 2010 was enough to avoid another cap circumvention penalty. That’s really the only good news that came from it as just three years later, Kovalchuk ‘retired’ to return to play in the KHL. The Devils are dealing with a salary cap recapture penalty of $250K until 2024-25.
5) Alexei Yashin (10 years, $87.5MM) – This was an outright disaster for the Islanders, who inked Yashin to this deal back in 2001. He failed to come close to expectations and wound up being bought out with four years left on the deal at a cost of over $17.6MM. On top of that, the Isles traded Zdeno Chara and the draft pick that yielded Jason Spezza as part of the package to land Yashin.
6) Vincent Lecavalier (11 years, $85MM) – Tampa Bay was hoping they had a fair deal with their franchise player at the time when they signed him to this deal back in 2009. However, like Yashin, he struggled under the weight of the new deal while injuries took a toll as well. The Lightning bought him out in 2013 and are in the midst of paying him over $32.6MM not to play for them through 2026-27. Lecavalier retired earlier this offseason.
7/8) Patrick Kane and Jonathan Toews (8 years, $84MM) – Chicago inked their two superstars to identical contracts two years ago, a year before each were eligible for unrestricted free agency. The Blackhawks continue to find ways to stay under the cap for now but that could become more of a challenge if the salary cap continues to stay close to where it is now as the years progress.
9) Anze Kopitar (8 years, $80MM) – Back in January, the Kings reached this deal with their new captain to avoid the risk of losing him to free agency this summer. Kopitar has been Los Angeles’ most consistent forward for many years now and should remain their franchise forward for many years to come.
10) Jaromir Jagr (7 years, $77MM) – Washington signed Jagr back in 2001 to what was the richest deal in league history at that time. However, the lockout in 2004-05 introduced a 24% rollback just two years into the contract which cost Jagr over $21.5MM in salary. Jagr, now 44, is still going strong in the NHL and signed a one year, $4MM guaranteed deal with Florida in May. He could also earn another $1.515M in games played and award bonuses.
If you take Jagr’s deal off because of the subsequent rollback, Benn’s new $76MM contract as well as Evgeni Malkin’s current identical pact with the Penguins become tenth on the all-time list.
Are NHL Super Teams Possible?
Puck Daddy’s Ryan Lambert writes that the idea of an NHL super team in the mold of the new NBA craze is simply unattainable due to the economics and setup of the league. Lambert shows that while an NBA team can sign a young, future hall of fame player who can immediately impact a team, hockey does not have the same luxury. Lambert uses Sidney Crosby as an example. Should Crosby end up in Detroit, his impact would be felt, but would not guarantee Detroit as a Cup contender. Instead, it would take other pieces to solidify such a dominating force.
The setup of the sports are different as well. Lambert shows that a Pittsburgh team comprised of Crosby, Evgeni Malkin, Phil Kessel and Kris Letang struggled at times to get past teams that were not nearly as deep with talent. Lambert even went as as far to show “death lineups” of players who dominated while on the same side. Though they wore the same jerseys, their impact was different because in hockey, it’s rare that all of those players will appear on the ice at the exact same time. Of those six death lineups, five won a Cup. Only the 2012-13 Bruins, who lost in the Stanley Cup Final to the Blackhawks (also another death lineup), fell short.
Lambert doesn’t discount that having eight high end, perennial all-star caliber players could heavily favor a team. It’s just that the restrictive nature of the salary cap prevents it from happening. At best, Lambert writes, a team can have four or five high end players at a time.
Perhaps the bigger issue revolves around finances and marketing.
The financial structure of the league is significantly different than the NBA. Lambert shows that the league revenues have remained flat, and shows a gate revenue that is all but maxed out. The NBA, on the other hand, has seen a significant increase in revenue and also enjoy lucrative television deals. Additionally, the Canadian dollar, according to a Globe and Mail report, may have cost the NHL nearly $200MM in revenue. Though the numbers are from 2014, Fox Sports wrote up a report, along with graphics, that show the stark discrepancy in revenue between the NHL and other major sports.
Where Lambert really hits the point home is how the sport is marketed. It’s no secret that hockey is a niche sport. As parity has reigned during the salary cap era, the differences between a top team and a bottom feeder, while sometimes large, still afford the ability for an upset to occur.
Whether it’s fair or unfair, the lesser known teams in a Stanley Cup Final could be horrendous for the league as well. The idea of a Tampa Bay-San Jose Final this year would have wreaked havoc on ratings. Even though both teams boast high caliber players, they are both “non-traditional” markets that outside of their respective area, would generate little interest. Contrast that with a possible Pittsburgh-Chicago Final and it underscores the issue with the NHL: lack of familiarity in non-established markets.
As Lambert pointed out, Steph Curry jerseys are everywhere and his presence on television is a must see event. Ovechkin? Crosby? McDavid? Toews? Sure, hockey fans know them. But ask the average sports fan where Conor McDavid plays, and you might get a blank stare. Some might struggle to even say who he is.
Until revenues explode and familiarity is bred, superteams, whether they are a good or bad thing, are just not possible with the structure of today’s NHL.
Snapshots: Blackhawks, Avalanche, Canucks
Chicago Blackhawks general manager Stan Bowman shrugged at Evgeni Malkin rumors reports Chris Kuc of the Chicago Tribune. Bowman touched on a number of subject while speaking to the media on a conference call. Bowman confirmed that while he has been in talks with Andrew Shaw‘s agent, no progress has been made. A source revealed to the Tribune yesterday that both Shaw and possibly Marcus Kruger could be moved if need be. Regarding the Malkin rumors, Bowman indicated he wouldn’t comment on individual player rumors. The noise regarding Shaw and Kruger’s availability only intensified the speculation that Chicago was truly investigating a trade for Malkin. Speculation, Bowman insists, is just that and that discussions will be ongoing during a time where general managers are working in close quarters.
Other news around the NHL:
- The Denver Post provides insight as to what to expect when the Avalanche select at 10th overall during tomorrow’s draft. Possibilities at forward include Alexander Nylander, Michael McLeod, Tyson Jost Clayton Keller, Max Jones, or Logan Brown. On defense, the Post lists Olli Juolevi, Mikhail Sergachev, and Jakob Chychrun as possibilities. Director of Amateur Scouting Alan Hepple was quoted as saying that they don’t believe any goalies are worthy of a Top 10 pick.
- Ed Willes of The Province writes that Milan Lucic has to be at the top of Vancouver’s wish list. Yesterday, Lucic and the Kings broke off negotiations, enabling Lucic to hit the open market. While the winger is expected to have a number of teams after him, the former Vancouver Giant indicated that he was keeping his options open once July 1 hits.
Snapshots: Malkin, Vesey, Columbus, Trade Talk
Surgery will not be necessary for Penguins forward Evgeni Malkin writes the Pittsburgh Post-Gazette’s Seth Rorabaugh. An MRI revealed that an unspecified injury on March 11 would not require surgery to Malkin’s elbow. Malkin, who has been the subject of trade rumors, played through the injury since March and only missed one postseason game as a result.
In other NHL news:
- CSN New England’s Joe Haggerty reports that despite having his rights traded to Buffalo, Hobey Baker Trophy winner Jimmy Vesey shouldn’t be counted out of signing with Boston. The Massachusetts native was drafted in the third round by Nashville in 2012, but never signed with the Preds. His rights were traded to Buffalo this past week, and although he had Buffalo on his shortlist, many analysts are convinced Vesey will reach free agency on August 15. Haggerty stressed that the Vesey camp has been difficult to predict so anything is possible. But reading between the lines, and listening to his agent, it sounds as if Vesey will take a thanks, but no thanks approach to Buffalo’s overtures.
- Columbus might be looking to move up in the draft writes Craig Hagerman. The Blue Jackets currently own the #3 overall pick in the 2016 NHL Draft, but are interested in jumping to one of the top 2 spots according to Columbus Dispatch writer Aaron Portzline. Portzline points out that the asking price would still be significant should the Jackets climb in the draft, but it wouldn’t be as insane as last year’s attempts when Connor McDavid was the expected (and eventual) #1 pick.
- Pioneer Press writer Chad Graff indicates that with the expansion draft now a reality, trade talk will ramp up during the draft. Due to limitations of the players that can be protected, Graff writes that GMs are trying to offload players they could lose for nothing. Additionally, Graff quotes Minnesota general manager Chuck Fletcher as saying the Las Vegas team will be more competitive out of the gate than any previous expansion team due to the league’s new financial structure.
Snapshots: Kopitar, Bryzgalov, Malkin
According to the Los Angeles Kings team website, Anze Kopitar is set to become their next captain. Yahoo Sports also tweeted that the 28-year-old center was next in line after Dustin Brown.
Despite being the longest tenured captain in Kings’ history, Sports Illustrated’s Allan Muir reported that Brown had fallen out of favor with Kings brass as his production decreased. Muir also speculated that Kopitar would be named the next captain.
The LA Daily News’ Mark Whicker writes that Kopitar’s scoring prowess as well as status within the organization is what secured him as the next captain. Whicker adds that Brown can continue to show the leadership that helped guide the Kings to their first two Stanley Cups in franchise history as the transition is made.
More from the hockey world:
- Former NHL goaltender Ilya Bryzgalov has announced his intent to come back to the NHL according to the NHLPA website. Bryzgalov last played for the Anaheim Ducks during the 2014-2015 season. The season’s long break apparently ignited the competitive fire in the 35-year-old goalie. Pro Hockey Talk’s Mike Halford writes that it may be a longshot for a comeback.
- Evgeni Malkin may need elbow surgery writes the Pittsburgh Post Gazette’s Jenn Menendez. Malkin is scheduled for an MRI tomorrow to examine the extent of the damage. Penguins General Manager Jim Rutherford indicated the injury was serious enough, but admitted that the severity of the injury was still unknown. Malkin had 18 points (6-12) in 23 playoff games.