The Washington Capitals have signed netminder Clay Stevenson to a three-year, $775k AAV contract extension.
According to the team release, the financial structure of the contract is as follows:
2024-25: two-way, $775k NHL salary, $200k AHL Salary
2025-26: one-way, $775k salary
2026-27: one-way, $775k salary
This contract provides Stevenson, 24, with a significant amount of financial security as he enters his mid-twenties. The six-foot-four undrafted goaltender played one season of college hockey at Dartmouth, where he was named to the ECAC Third All-Star team and All-Rookie team, before joining the pro ranks with the Capitals organization.
The Capitals signed Stevenson to a two-year entry-level contract and then stashed him with their ECHL affiliate, the South Carolina Stingrays. He had a strong 2022-23 in South Carolina, posting a .916 save percentage in 36 games played. Stevenson also got into three AHL games last year, posting a 3-0-0 record and .924 save percentage.
That strong form in his debut pro year meant the Capitals could go into 2023-24 with confidence that Stevenson could be part of a strong tandem with their AHL affiliate, the Hershey Bears.
He’s done more than form a strong tandem, though, he’s surged to the best start of any goalie in the AHL and has firmly supplanted Calder Cup-winning goalie Hunter Shepard as the team’s most reliable option, at least at this early point in the season.
In 13 AHL games, Stevenson has a 1.70 goals-against-average and a stellar .934 save percentage. He’s looked utterly dominant at times, and he has already posted four shutouts in his relatively small sample of games played.
By signing him to this contract extension, the Capitals have accomplished a few things. First and foremost, they now have assured cost certainty for Stevenson for the next three seasons after this one.
Should he continue to play like one of the top goalies in the AHL, Stevenson could very well become the Capitals’ number-two goalie by the time Charlie Lindgren hits unrestricted free agency in the summer of 2025. He’s slated to cost the bare minimum cap hit for the next three seasons, meaning if he can reach the NHL he’ll likely provide the Capitals with a solid bargain.
So given how many positives there are in this extension for Washington from a salary cap perspective, it’s fair to question why Stevenson, such a fast-rising goalie, would lock himself into such an affordable deal for the next three years after this one.
Just as the Capitals have gotten financial certainty, so has Stevenson. Although his NHL cap hit on his entry-level deal was $855k, Stevenson has not yet made the NHL. His salary in the minors has been $80k, meaning a $200k minors salary as soon as next season and then $775k for the following two years, regardless of what level he plays at, is an attractive financial package.
For as strong as Stevenson has played so far, his resume of AHL success consists of just 16 total games. While Stevenson is surely confident that he’ll continue being a strong AHL netminder, sustaining his push towards NHL call-up consideration, it’s also worth noting that sports can be extremely fickle.
By signing this contract, Stevenson financially protects himself in the case that he suffers an injury or some unforeseen steep decline in form. Could he have risked things, signed only a one-year extension, and then been in a strong position to cash in if he sustained league-best statistics for a full AHL campaign? Probably, but that’s an immense risk to take.
And in any case, if Stevenson can continue his rise he’ll nonetheless be in a position to cash in when he’s still in his twenties, which is far from old for a goaltender.