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Extension Retrospective: Alex Ovechkin

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It’s the third anniversary of the five-year, $47.5MM extension signed by Alex Ovechkin with the Washington Capitals in 2021. On the wrong side of 30 for a professional hockey player, Ovechkin has proven to be an above-average signing on a high-priced deal.

At an average annual value of $9.5MM, Ovechkin has been a point-per-game presence in his chase for Wayne Gretzky’s goal record of 894 goals throughout his career. Since starting his new contract in the 2021-22 NHL season, Ovechkin has scored 123 goals and 230 points in 229 games. Now, sitting just 41 goals behind the record with two years left to go on his current deal, Ovechkin should be able to cross the all-time barrier.

The major question surrounding Ovechkin’s legacy is his ability to win. The goal-scoring legend has one Cup ring under his belt from the 2018 Stanley Cup playoffs but has failed to reach beyond that with the Washington Capitals. There has been some speculation that the team is more focused on Ovechkin’s individual metrics than the organization’s desire to win. The Capitals were able to navigate around Ovechkin’s contract this summer with several moves this offseason, which put them in a much more competitive spot than they were a year ago.

Ovechkin’s contract shouldn’t get in the way of any future spending for the Capitals — especially after the team made significant additions this offseason. Washington has made the playoffs in 15 of the last 17 seasons and should be able to help Ovechkin pursue the all-time goal record set by Gretzky and qualify for the playoffs in 2024-25.

NHL Teams Facing Fall Cap Crunches

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There’s still plenty of time for NHL teams to sort out their active rosters and salary cap pictures this summer. After all, teams can exceed the $88MM upper limit by up to 10% during the offseason, and training camps are still nearly two months away.

Still, this year’s early July rush means that all the notable contracts for this season, at least in terms of salary cap impact, have likely already been handed out. It’s left a handful of teams with projected rosters that sit over the cap or, in one very peculiar case, right at it.

These teams must use a mix of long-term injured reserve placements, trades, and waivers to become cap-compliant before opening night. Per PuckPedia, here are the teams currently pacing to boast a projected cap hit above $88MM.

Washington Capitals

($98.27MM projected cap hit, $10.27MM above upper limit)

The Capitals have been one of the league’s most active teams this summer, making a pair of impact additions up front with Pierre-Luc Dubois and Andrew Mangiapane. They also reshaped their blue line, shipping out serviceable veteran Nick Jensen as part of a package to the Senators to pick up the younger, higher-upside Jakob Chychrun while also replacing Jensen’s shutdown role in free agency with the signing of Matt Roy.

They also went for cost-effectiveness with their goaltending duo, shipping out Darcy Kuemper and his $5.25MM cap hit to the Kings in the Dubois trade before acquiring serviceable tandem netminder Logan Thompson from the Golden Knights, who carries a cap hit of just $767K.

These moves have still left them with a handful of bloated deals for their veterans. But the biggest one of them all won’t be an issue. 36-year-old Nicklas Bäckström is entering the final season of his five-year, $46MM deal with a $9.2MM cap hit, but he’s not expected to play again due to lingering hip issues.

While many teams will look to avoid using LTIR to be cap-compliant to start the season, the Caps won’t be one of them. Bäckström will remain there as he did last season, but placing him on LTIR won’t be enough on its own to bring Washington’s total projected cap hit back under $88MM.

They’d still need to clear a little over $1MM in space, which begs the question of T.J. Oshie’s health. The 37-year-old winger is also entering the final season of his contract at a $5.75MM cap hit, and a wide variety of injuries limited him to 52 games last season. As of earlier this month, Oshie said he hasn’t found a long-term solution to his recurring back issues that would allow him to comfortably play in 2024-25.

If nothing changes between now and September, Oshie could also land on LTIR, making them cap-compliant for opening night. But Washington would need to be reasonably confident that he’ll miss the entire campaign to avoid making any other cap-shedding moves, as they’d need to have space to activate him off LTIR if he becomes healthy enough to return to play.

Vegas Golden Knights

($91.64MM projected cap hit, $3.64MM above upper limit)

Unlike the Capitals, the Golden Knights were conservative in their offseason moves. Their cap crunch forced them to walk away from key offensive contributors Jonathan Marchessault and Chandler Stephenson, among others, and their UFA pickups were limited to reclamation project-type pickups such as Victor Olofsson and Ilya Samsonov.

But like Washington, LTIR is Vegas’ only clear path to cap compliance in September. The status of 33-year-old netminder Robin Lehner remains a relative mystery as he enters the final season of his contract with a $5MM cap hit. He hasn’t played the last two seasons after undergoing hip surgery and hasn’t been seen with the team during that time.

General manager Kelly McCrimmon said in May that it’s likely Lehner will return to LTIR this fall. This would give the Knights about $1.36MM in space in an LTIR pool with a full 23-man roster, as projected by PuckPedia.

Philadelphia Flyers

($88.83MM projected cap hit, $830K above upper limit)

LTIR is a good safeguard for teams who need it to be cap-compliant, but it’s not ideal. Teams who utilize it don’t accrue cap space throughout the season, significantly limiting their flexibility come deadline day.

The Flyers have one LTIR-eligible contract in defenseman Ryan Ellis ($6.25MM cap hit through 2027). They also have Ryan Johansen signed at a $4MM cap hit next season, and his playing status is in doubt due to a hip injury that surfaced after they acquired him from the Avalanche at last year’s deadline. Unfortunately for them, if Johansen remains injured, they also can’t send him to the minors to knock $1.15MM off his cap hit. They attempted to do so last year, but it was reversed by the league after his injury came to light.

But notably, they don’t have any league-minimum contracts projected on their active roster to start the campaign, per PuckPedia. Their cheapest one is Tyson Foerster’s entry-level contract, which boasts a cap hit of $863K. Thus, just one AHL assignment would be enough to make them cap-compliant without placing either Ellis or Johansen on LTIR. There aren’t any obvious candidates, though, as Foerster is coming off a 20-goal campaign and was one of their top two-way forwards last season.

The trade of a depth forward, such as 25-year-old pivot Ryan Poehling ($1.9MM cap hit through 2026), could be something to watch for if general manager Daniel Brière decides he wants to stay out of LTIR.

Edmonton Oilers

($88.35MM projected cap hit, $354K above upper limit)

Unlike the other teams on this list, the Oilers still have some offseason business to handle. RFAs Philip Broberg and Dylan Holloway need new deals, meaning this projected cap hit is artificially low.

Also unlike the others, Edmonton doesn’t have an LTIR-bound contract next season. Considering PuckPedia’s projection above uses a roster size of 21, warranting them only one extra skater, a cap-clearing trade is coming for Edmonton sometime before the puck drops in October.

The most obvious candidate to move is defenseman Cody Ceci, who’s on an expiring contract with a $3.25MM cap hit. It would cost fewer assets to ship out than oft-injured winger Evander Kane, who’s locked in at a $5.125MM price tag for two more years. And with Ceci averaging north of 20 minutes per game for the last three seasons in Edmonton, they might be able to dump him for future considerations without attaching a draft pick to get out of his deal.

Others to watch

  • The Islanders are currently at the $88MM upper limit after settling on a one-year, $1MM contract with Oliver Wahlstrom yesterday, PuckPedia projects. That figure comes using a roster size of 22, forcing international free agent signing Maxim Tsyplakov and his $950K cap hit on an entry-level deal to the minors.
  • The Canucks are within just $16K of the cap after signing Daniel Sprong to a one-year, $975K contract last weekend. But that figure comes with a full 23-player roster projection, giving them a decent amount of flexibility in the case of short-term injuries. They can also place the final season of defenseman Tucker Poolman’s $2.5MM cap hit contract on LTIR if necessary.
  • The Predators are within $600K of the cap with a bare minimum 20-player roster and still have RFAs Juuso Pärssinen and Philip Tomasino to sign. After their big UFA spending spree, they’ll likely move out one of their depth defenders to open up space for an expanded roster, potentially 26-year-old Dante Fabbro (signed at $2.5MM through this season).
  • The Lightning have $730K in projected cap space with one open roster spot. That’s tight, but with room for two healthy extras, they’ll probably start the season with no changes to their projected roster.
  • The same can be said about the defending champion Panthers, who have $767K in space with a roster size of 22.

AHL Hershey Re-Signs Matthew Strome To Two-Year Deal

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  • Coming off back-to-back Calder Cup championships, the AHL’s Hershey Bears have retained a core part of their club. The Capitals’ primary affiliate has re-signed left winger Matthew Strome to a two-year deal, per a team announcement. The brother of Washington center Dylan Strome and Ducks forward Ryan Strome had a career-best 20 points in 50 games with the Bears last season and scored the overtime winner in the series-clinching Game 6 of the Calder Cup Final against Coachella Valley. He was a fourth-round pick of the Flyers in 2017 but hasn’t been under an NHL contract since his entry-level deal expired in 2022 after not receiving a qualifying offer.

Evgeny Kuznetsov Undecided On KHL Amid NHL Interest

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Former Carolina Hurricanes forward Evgeny Kuznetsov is still deciding his next step after passing through waivers and becoming a free agent. His agent, Shumi Babayev, shared with Olsya Usova of Russia’s RB Sport that Kuznetsov hasn’t ruled out a new NHL contract. Babayev shared that 15 NHL clubs were still showing interest, adding, “[Kuznetsov] just wants to play hockey and be trusted. He still has the ability to play for many years to come. Kuznetsov is in good physical shape… If there was interest in those teams that count on him and let him show his best qualities, he would also consider them.

Kuznetsov’s storied career with the Washington Capitals came to a stall this season, leading to a Trade Deadline move to the Carolina Hurricanes. But that didn’t seem to inspire much, with Kuznetsov managing just 13 points across 30 games with Carolina, combining the regular season and playoffs. A request for another change of scenery has led Kuznetsov to free agency, and while he is reportedly hearing out NHL offers, previous reports have him set on a move to the KHL. Kuznetsov would be returning to an established career at Russia’s top-flight, having already appeared in 210 games and scored 124 points with Chelyabinsk Traktor between 2009 and 2014.

His illustrious KHL scoring led directly to top-end production with the Capitals. Kuznetsov is a veteran of four 70-point seasons, carving out a strong role as the gut punch behind Nicklas Backstrom and Alex Ovechkin’s one-two. That trio reached a peak in the 2017-18 season, carrying Washington to its first Stanley Cup in tandem with Braden Holtby’s shutdown goaltending. It was a career-year in every respect for Kuznetsov, who finished with 27 goals and 83 points in 79 games. He’s flirted with that production a few more times since the Cup win, including notching 72 points in 2019 and 78 in 2022. But he’s struggled to achieve the consistency he had at his peak – proving to be a major flaw as his other intangibles have started to decline.

But Kuznetsov is proving persistent, with his agent urging that the forward believes he has more to give. He’s still 32 years old and carries the invaluable experience of 743 career regular season games – and 97 playoff games. Babayev shared that Kuznetsov’s team will hear out pitches, but a KHL move still feels like the right next step. He reasoned, “Most likely, he is moving towards playing in the KHL. The man wants to play hockey and have fun, be useful and win. There are many factors here.”

It’s rare to see such a top producer on the open market so late into July. What’s more, Kuznetsov isn’t likely to command much cap after a contract termination in Carolina. But it seems NHL teams will need to have a pitch that really wows if they want to reel in the former point-per-game scorer.

Afternoon Notes: Hyland, Giroux, Grzelcyk

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The Hershey Bears have signed Washington Capitals draft pick Brett Hyland to an AHL contract for the upcoming season (Twitter link). The 21-year-old was drafted in the seventh round of the 2023 NHL entry draft (200th overall) and joined the Bears on an amateur tryout this past April.

The Edmonton Alberta native spent parts of five seasons in the WHL with the Brandon Wheat Kings after being taken 24th overall in the 2018 WHL draft. He tallied decent offensive numbers in his final few seasons with the Wheat Kings and found his goal-scoring in his final year, netting 32 goals in 66 games.

Hyland will be joining a Bears team that has won back-to-back Calder Cup championships.

In other afternoon notes:

  • Newly acquired Pittsburgh Penguins defenseman Matt Grzelcyk believes he will be in the mix to play in the Penguins top four defensive group next season (as per Seth Rorabaugh of Pittsburgh Tribune-Review). Grzelcyk told the media that injuries severely limited his play last season as evidenced by his dramatic drop in offensive production and being a healthy scratch for the final stretch of Boston Bruins playoff games. The 30-year-old had just two goals and nine assists in 63 games last season after posting four consecutive seasons with 20 or more points. The Penguins signed the Charlestown, Massachusetts native to a one-year $2.75MM contract on July 1st and given the struggles of Ryan Graves, it is very possible that Grzelcyk could be playing on one of the Penguins’ top two defensive pairings with either Kris Letang or Erik Karlsson.
  • Ottawa Senators forward Claude Giroux joined the Coming In Hot Podcast and talked about his future with the Senators beyond the upcoming season. Giroux noted that he hasn’t spoken with the team or his family about a contract extension in Ottawa and hasn’t thought about it at this time. Giroux has one year left on the three-year deal he signed in 2022 and added that his focus is on having a strong season next year and helping Ottawa reach the playoffs for the first time since 2017. Giroux isn’t saying much but given the Senators’ lack of success, it makes sense for him to wait and see how the next year plays out before deciding to commit to the team long-term. Giroux is 36 years old and has yet to win a Stanley Cup, and while Ottawa is his home city, the chase for a championship could be something he considers with his next contract.

Ilya Protas Signs In OHL, Hershey Signs Six To AHL Deals

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  • Capitals prospect Ilya Protas has signed with OHL Windsor for the upcoming season, per a team announcement. Protas, whose brother is a regular in Washington, was a third-round pick last month, going 75th overall.  The 18-year-old, who signed his entry-level deal with the Caps earlier this month was the third-overall selection in the CHL Import Draft and the top selection from an OHL-based club following a strong showing with USHL Des Moines.  In 61 games with the Buccaneers last season, Protas had 14 goals and 37 assists.
  • Still with Washington, the Capitals farm team in Hershey was busy today as the team announced six signings, all on one-year contracts. Joining the Bears are forwards Grant Cruikshank, Austin Magera, Micah Miller, Justin Nachbaur, and Tyler Weiss, along with defenseman Jayden Lee.  The five forwards played professionally last year – primarily at the ECHL level – while Lee is turning pro after a five-year stint at Quinnipiac.

Capitals Likely To Be Patient With Andrew Mangiapane

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The Columbus Blue Jackets have reportedly talked with restricted free agent forward Kirill Marchenko about both a short-term and long-term contract (as per Aaron Portzline of The Athletic).  Marchenko is pushing for a longer-term deal, but with Blue Jackets general manager Don Waddell only in his second month on the job, it appears he is doing his due diligence before considering a longer pact with the 23-year-old.

Marchenko just completed his second NHL season and topped 20 goals once again. The former second-round pick posted 21 goals and four assists in his rookie season in 59 games, placing him 10th in Calder Trophy voting. This past season the native of Barnaul, Russia found his passing game as he finished the season with 23 goals and 19 assists in 78 games.

In other Eastern Conference notes:

  • Aaron Portzline of The Athletic writes that the Columbus Blue Jackets have begun negotiations on an extension with youngster Kent Johnson. The Blue Jackets have been busy searching for a new coach and had prioritized that over a Johnson extension as the 21-year-old didn’t have arbitration rights and figured to be a simple contract negotiation after a disappointing season saw him post just six goals and 10 assists in 42 games. Johnson is a former fifth overall pick and will likely be looking for a short-term deal to try and boost his stock before his next deal.
  • Sammi Silber of The Hockey News believes that the Washington Capitals will wait to see how newly acquired forward Andrew Mangiapane fits into the team’s lineup before they make any decisions about his future. The Capitals acquired the 28-year-old from the Calgary Flames on June 27th and is two years removed from a 35-goal season. The Toronto, Ontario native once looked like an emerging goal scorer, but has just 31 goals over the past two seasons.

Capitals Expected To Loan Leon Muggli To Zug In Switzerland Next Season

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  • Earlier in the week, the Capitals agreed to terms on an entry-level deal with defenseman Leon Muggli. However, he won’t be playing in Washington’s system right away as his team in Switzerland – EV Zug – announced that they’re in discussions with the Caps to have the 18-year-old loaned back to them for the upcoming season.  Muggli has two years left on his deal with Zug and played a regular role for them in 2023-24, recording a dozen points in 42 regular season games.  Assuming the loan goes through, his contract will slide and will still have three years left on it heading into 2025-26.

Capitals Sign Leon Muggli To Entry-Level Deal

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7/11: Washington has confirmed the signing according to a team announcement.

7/10: The Capitals have been active in recent days when it comes to signing their prospects.  The latest to receive a contract is Leon Muggli as PuckPedia reports (Twitter link) that they’ve signed the defenseman to a three-year, entry-level contract.  The deal will carry a cap hit of $941K and an AAV of $975K; the difference being $102.5K of games-played bonuses in the agreement’s first year.

The 18-year-old was a second-round pick by Washington last month, going 54th overall.  Muggli spent most of the season with EV Zug in Switzerland’s top division where he had three goals and nine assists in 42 games; his 12 points were the most ever by a defenseman aged 17 or younger in league history.  Muggli also suited up for the Swiss internationally at the World Under-18 Championship as well as the World Juniors.

It’s worth noting that Muggli still has two years left on his deal in Switzerland.  At this point, it makes the most sense for him to remain with Zug for those seasons, allowing him to play a regular role while staying at home.  Assuming that happens, Muggli’s contract is eligible to slide twice and still have three years remaining on it heading into the 2026-27 campaign as long as he doesn’t play in ten or more NHL contests in either season.

Capitals Loan Ludwig Persson To Liiga’s Jukurit

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For the second season in a row, the Capitals have loaned 2022 third-round pick Ludwig Persson to Finland. The 20-year-old forward will suit up for Jukurit in the top-level Liiga this year, the team announced today.

Persson, 20, has yet to play a game in the Washington organization despite signing his entry-level contract nearly two years ago. The Gothenburg, Sweden native has taken a tour of European leagues instead. The Caps first loaned him to BIK Karlskoga of the Swedish second-tier HockeyAllsvenskan, where he was a decent depth contributor in his first full year of professional hockey with 15 points in 45 games.

things changed for the better last year after the Capitals loaned Persson to IPK, which plays in Mestis, Finland’s second-tier pro league. Persson quickly became a star for the Iisalmi-based club, leading them in scoring with 55 points (10 goals, 45 assists) in 48 games. He added 19 points in 19 playoff games as IPK took home its first Mestis championship since being promoted from the third-tier Suomi-sarja in 2016.

Clearly ready for increased competition, Washington will have Persson try his luck in a top-level Euro league for the first time since a lone appearance with Frölunda HC of the Swedish Hockey League in 2022-23. He’ll join a Jukurit team that boasted a 30-20-3-7 record last season, its second-best since being promoted from Mestis in 2016.

It could be Persson’s last season in Europe before arriving in North America with AHL Hershey. While Persson’s entry-level contract had slid the past two seasons since he failed to play in at least 10 NHL games in each campaign, he’s no longer eligible for a slide. His deal will go into effect beginning with 2024-25 and will cost $814,999 against the cap if in the NHL through 2026-27, reduced from its initial $878.3K since he’s had $190K worth of signing bonuses paid out during the slide years.

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