Navigating the Salary Cap is probably one of the more important tasks for any general manager to have. Teams that can avert 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 see struggles and front office changes.
PHR will look at every NHL team and give a thorough look at their cap situation heading into the 2018-19 season. This will focus more on those players who are integral parts of the roster versus those who may find themselves shuttling between the AHL and NHL. All cap figures are courtesy of CapFriendly.
Florida Panthers
Current Cap Hit: $77,573,332 (under the $79.5MM Upper Limit)
Entry-Level Contracts
F Henrik Borgstrom (two years, $925K)
F Denis Malgin (one year, $690K)
D Ian McCoshen (one year, $925K)
Potential Bonuses:
Borgstrom: $850K
McCoshen: $200K
Total: $1.05MM
Borgstrom followed up a strong freshman college campaign with an even better sophomore year and the Panthers decided to sign him for the stretch run last season, burning the first year of his entry-level deal in the process. While he played a sparing role in their push for the playoffs, he should be a regular in their bottom six to start the year. 2019-20 should be a breakthrough season for him if all goes well and that will be the one that determines whether or not he gets a long-term pact or a bridge deal. Malgin surprised many by making the team two years ago and has spent the majority of his time in the NHL since then. He’s still waiver-exempt though which could have him shuffling back and forth once again (he’ll battle Borgstrom to stay up) but he has done enough to warrant a decent raise on his next contract.
McCoshen was the seventh defender for most of last season and as a result, he spent a lot of time as a healthy scratch. With no turnover on their back end, he’s likely to be in that role once again which means a short-term contract at a rate close to what he’s making now is likely on the horizon.
One Year Remaining, Non-Entry-Level
F Troy Brouwer ($850K, UFA)
F Micheal Haley ($825K, UFA)
G Michael Hutchinson ($1.3MM, UFA)
F Derek MacKenzie ($1.375MM, UFA)
F Jamie McGinn ($3.33MM, UFA)
D Alexander Petrovic ($1.95MM, UFA)
F Frank Vatrano ($925K, RFA)
D MacKenzie Weegar ($900K, RFA)
McGinn was brought in last summer largely to offset salary in the Jason Demers trade. He will play in their bottom six once again and then will be looking at a notable pay cut on his next deal. MacKenzie, their captain, has been a fixture on their fourth line but with them being as tight to the cap as they are and the fact he’ll turn 38 next June, it wouldn’t be surprising to see them opt for a cheaper, younger player next summer. Vatrano made an immediate impact after being acquired near the trade deadline last season. If he picks up where he left off, he could wind up doubling his current cap hit without much difficulty.
Brouwer was brought in after being bought out by Calgary earlier this month. It’s a no-risk deal for Florida – if he can lock down a regular spot, that alone will make it worth the money and if he can still produce a little bit, they’ll have a nice bargain. Haley is one of the few pure enforcers left around the league and with the little demand there is for those players, it’s hard to see him getting much of a raise on his next deal.
Petrovic has been a trade candidate for a little while now, especially after his role was reduced under Bob Boughner last season. He opted to sign for just $100K over his qualifying offer but it will be hard for him to get another raise on the open market if he remains in a depth role. Weegar has worked his way into a regular spot in the lineup but is also a player on the fringes. If he can up his average ice time by a few minutes, he’ll have a good case for next summer with arbitration eligibility; otherwise, his next deal should be close to this one.
Hutchinson projects to be the third-stringer that will most likely start in the minors but given how much he’s making to play that role, he’s at least worth a mention here. If he does clear waivers and gets assigned to the AHL, his cap hit will drop to just $275K.
Two Years Remaining
F Evgeni Dadonov ($4MM, UFA)
F Mike Hoffman ($5.188MM, UFA)
F Jared McCann ($1.25MM, RFA)
D Mark Pysyk ($2.733MM, UFA)
Dadonov’s contract was viewed as a significant risk last summer. While he had produced in the KHL, he had struggled considerably in his first NHL stint. Instead, he rewarded Florida’s faith in him by finishing fourth on the team in scoring with 65 points. All of a sudden, his deal went from a risk to a considerable bargain. Hoffman was brought in on the cheap to strengthen their winger depth. He has averaged 59 points over the last three years and if he comes somewhat close to that in Florida, he’ll be worth the money. McCann hasn’t emerged into a second line player like the Panthers hoped so he’ll get two more years to try to do so on his bridge deal. Even if that doesn’t happen, he could double his current AAV with arbitration eligibility if he repeats his numbers from last season.
Pysyk is a role player but has played well enough to hold down a spot on the second pairing more often than not. For a few hundred thousand under the league average salary, that’s decent value even if he isn’t the flashiest of players.
Three Years Remaining
F Nick Bjugstad ($4.1MM, UFA)
G James Reimer ($3.4MM, UFA)
F Colton Sceviour ($1.2MM, UFA)
Bjugstad’s second crack at playing the wing resulted in a career year in points with 49. That said, his value on the open market would be higher if he was shifted back to the middle, something that doesn’t appear to be in the cards, barring injury. Sceviour projects to once again be more of a role player but he has been a consistent producer in that spot in recent years, collecting between 23 and 26 points over the last four seasons.
Reimer’s contract was a stunner a couple of years ago as backup goalies never get five years. However, with the way the backup goalie market has gone up lately, his AAV isn’t all that much higher than some of the players who signed this summer and a case can be made that Reimer’s track record is better than some of those other backups. Of course, it’s quite possible – if not likely – that this deal really set the market for number two netminders to get a big raise. With health concerns surrounding Roberto Luongo, the Panthers at least have a stable option to turn to in Reimer whose deal doesn’t look like quite the premium it was when it was first signed.
Four Or More Years Remaining
F Aleksander Barkov ($5.9MM through 2021-22)
D Aaron Ekblad ($7.5MM through 2024-25)
F Jonathan Huberdeau ($5.9MM through 2022-23)
G Roberto Luongo ($4.533MM through 2021-22)
D Mike Matheson ($4.875MM 2025-26)
F Vincent Trocheck ($4.75MM through 2021-22)
D Keith Yandle ($6.35MM through 2022-23)
Barkov was able to stay healthy for most of the year and turned in his best performance by far, setting career highs offensively while averaging the second most ice time per game of any forward in the league. He may not get the attention that other top centers do but he is a legitimate front line player. Huberdeau also had his best season by a significant margin and should continue to be a fixture on their top line at an AAV that’s at the lower end for players in that role. Trocheck may be the biggest bargain of the group. He played like a number one center last year (and despite Barkov’s high ATOI, Trocheck as a second liner still had the sixth highest ATOI among NHL forwards) and is getting paid like an average number two or high-end number three. The Panthers quietly have one of the top center groups in the league at a pretty cheap rate overall.
Ekblad’s extension raised some eyebrows and while he improved offensively last season compared to his previous year, he has yet to really take a big step forward in that department that the team was clearly projecting when they signed him. He’s a top pairing player but this deal is still a bit on the pricey side for now. Yandle was one of the more prolific offensive blueliners in the league which is what they brought him in to be. Considering he turns 32 next weekend, the back year or two of the deal could be a bit painful but if he produces like this for a few more years, they’ll be okay with the drop off. Matheson’s contract came out of the blue early last season but it’s more defensible now as he has clearly established himself in their top four and still has some room to take on a bigger role if needed. It’s not a bargain by any stretch at this point but it’s not the overpayment some were suggesting it was last October either.
Luongo has said all the right things about playing out his contract but he’s owed just $7MM in actual salary over the final four years of his deal. He also has had issues staying healthy the last couple of seasons so it’s fair to say his long-term future is actually uncertain. If he retires, Vancouver will be hit hard on salary recapture while the Panthers are still on the hook for a smaller amount for a couple more years until his total cap charge exceeds actual salary paid. Accordingly, retirement isn’t likely even if he doesn’t plan to play for four more years.
Buyouts
F Jussi Jokinen ($1.33MM in 2018-19)
Retained Salary Transactions
D Jason Demers ($563K through 2020-21)
Still To Sign
None
Best Value: Trocheck
Worst Value: McGinn
(Excluding entry-level contracts)
Looking Ahead
Florida is going to be tighter to the Upper Limit than they’re typically accustomed to for the upcoming season and for the foreseeable future with nearly $50MM on the books for 2020-21 already. The good news is that no one is really in line for a big-ticket contract over the next few years so they should still be able to retain some flexibility moving forward. If ownership is willing to spend near the cap each year, the Panthers should be able to keep this core together without too much trouble.
Photo courtesy of USA Today Sports Images.