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Pittsburgh Penguins Extend Kris Letang

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The Pittsburgh Penguins will almost certainly be the only team Kris Letang ever plays for. The team announced a six-year, $36.6MM contract extension for the star defenseman, keeping him away from unrestricted free agency and likely taking him through retirement. General manager Ron Hextall released the following statement:

Kris epitomizes what it means to be a Pittsburgh Penguin. The role he plays on our team is irreplaceable, he is a leader in our locker room, and has made countless contributions to the organization over the last 15-plus years, which includes three Stanley Cup Championships. We are thrilled to make him a Penguin for life.

Letang, 35, will now carry a $6.1MM cap hit through the 2027-28 season, keeping him the Penguins’ highest-paid defenseman. Still, that number is much lower on a per-year basis than what he could have landed on the open market, or even than the $7.25MM he has carried for each of the last eight years.

The risk is obviously that Letang is already in his mid-thirties and could at any point, see a drastic decline in his performance. That hasn’t happened yet, as he actually set a career-high with 68 points this season, finishing seventh in Norris Trophy voting. For his career, Letang now has 650 points in 941 games, meaning he’ll reach the 1,000-game mark (and potentially the 700-point mark) if he stays healthy for the upcoming campaign.

Perhaps more importantly, this deal will not qualify for the lessened 35+ contract restrictions that were added in the 2020 CBA update. Pierre LeBrun of The Athletic reports the salary breakdown will be as follows:

  • 2022-23: $8.0MM
  • 2023-24: $8.0MM
  • 2024-25: $6.2MM
  • 2025-26: $4.8MM
  • 2026-27: $4.8MM
  • 2027-28: $4.8MM

That front-loaded nature means that the full cap hit will be applied to the Penguins even if Letang retires before finishing the deal. While it gives the team some added flexibility in the coming years, it could very well be an anchor down the road.

The argument of course for the Penguins is that by then, Sidney Crosby will not be as effective (if he’s even still playing) and the team will no longer be trying to compete for the Stanley Cup. At that point, it doesn’t really matter if there is a large cap charge for a declining Letang, while the team goes through the inevitable stage of rebuilding. For now, this gives them the best chance at contending in 2022-23, the focus for Hextall and the new ownership group.

West Notes: Kaprizov, Keith, Jets Prospects

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Concerns continue to rise about the availability of Russian players to NHL teams next season. One player who’s come into focus today due to a variety of conflicting reports is Kirill Kaprizov, who Minnesota Wild general manager Bill Guerin confirmed today is still in Russia despite rumors stating he had returned to the United States. In response to reports this morning that Kaprizov is currently wanted in Russia for buying a false military ID card five years ago, Guerin said the following:

We’re not going to push the panic button or anything like that. We’re just trying to gather information right now and find out if this is even credible.

Kaprizov is one of the multiple players whose situations are in limbo, exacerbated by the fact their KHL rights are held by CSKA Moscow, a Russian army-owned team. Russo notes that in the past, CSKA players have been exempt from military service, but this is an informal and non-codified rule. In addition, Kaprizov’s exemption from mandatory military service via a studentship in a Russian organization expired at the end of June. Very little is confirmed about the situation, but it’s a significant development that bears watching over the course of the offseason as it pertains to Kaprizov’s availability to the Wild next season.

  • The Edmonton Oilers will get some clarity soon on the playing future of defenseman Duncan Keith, who could potentially decide to retire with one season remaining on his contract carrying a $5.54MM cap hit. General manager Ken Holland noted that he’d spoken to Keith twice in the past few weeks and that he’s requested an answer by this Saturday. That gives the Oilers a brief window of time ahead of free agency to work out replacement plans for Keith if he retires. The 38-year-old defenseman would not inflict a cap penalty on the Oilers if he opts to call it a career.
  • Winnipeg Jets general manager Kevin Cheveldayoff gave injury updates today on a pair of important Jets prospects. Cole Perfetti, who suffered an upper-body injury in mid-February, has just started skating again and is not cleared to participate in the 2022 World Junior Championship for Team Canada. Additionally, 2021 first-rounder Chaz Lucius, who underwent ankle surgery after suffering a late-season injury with the University of Minnesota, won’t participate for the United States.

Latest On John Klingberg

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The Dallas Stars are looking to be active this offseason after bringing Peter DeBoer in as their new head coach, and multiple reports suggest Dallas is full-steam ahead on trying to stay in contention with this core. However, it seems they’ll now be doing that without defenseman John Klingberg, who Daily Faceoff’s Frank Seravalli reports is heading to the free-agent market without “an avenue forward at the moment to keep him in Dallas.”

With the Pittsburgh Penguins all but certainly reaching an agreement to retain Kris Letang, Klingberg is undoubtedly the highest-quality defenseman for bidders looking to add this offseason. There’s some solid depth in the form of players like Ben Chiarot, Josh Manson, Nick Leddy, and Nikita Zadorov, but none have the ability to score 45-plus points like Klingberg.

He did have a bit of a rough 2021-22 campaign, though, likely limiting any contract he signs from exceeding the $7-8MM mark annually. While he did have a respectable 47 points in 71 games, he had the worst defensive season of his career with a -28 rating and a 49.7% Corsi for at even strength. It was his first season under the 50% Corsi mark since 2016-17.

Dallas has Miro Heiskanen ready to assume his role at the top of the depth chart, and it seems they’ll be able to reallocate Klingberg’s previous $4.25MM cap hit to improve their depth at all positions. The Stars have a projected $18.5MM in cap room per CapFriendly, but new contracts are also in order for Jason Robertson and Jake Oettinger. Even without Klingberg back in the fold, they’ll likely only have about $5-7MM worth of space to spend in free agency.

Klingberg will have a fair amount of suitors come July 13.

Pittsburgh Penguins Expect To Sign Kris Letang

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There wasn’t much hesitation in Ron Hextall today as he met with the media, explaining to reporters including Chris Johnston of TSN that he would be “surprised” if they didn’t sign Kris Letang to an extension. Hextall hopes to have it done by the time they leave Montreal, where the hockey world is congregating for tomorrow’s draft.

On Evgeni Malkin, the team’s other franchise icon closing in on unrestricted free agency, Hextall said they are “still working” but didn’t share any other details.

Letang, 35, is still an extremely effective player and is actually coming off the best offensive season of his career. With 68 points in 78 games, racking up a career-best 171 hits, and still averaging close to 26 minutes a night, he finished seventh in Norris Trophy voting.

The three-time Stanley Cup champion is arguably more important to the Penguins than Malkin, at least in terms of this current championship window, as there is no internal option to fill the hole that Letang’s departure would leave. The team would have to look outside the organization, and players of his caliber obviously don’t hit the open market very often.

That’s also why a contract for Letang could still have a big number attached to it, meaning a multi-year extension carries quite a bit of risk for the Penguins. The team will be married to this aging core, meaning if he or Sidney Crosby takes a step back in effectiveness, any thought of contending for the Stanley Cup would likely go out the window.

Still, that’s likely the case even if Letang left in free agency, as the Penguins’ results are really tied to Crosby’s career at this point. Pushing in for a player you know and love–and also one who has spent his entire career in Pittsburgh–always did seem like the prudent option, even if it will mean committing lots of money to an aging talent.

Photo courtesy of USA Today Sports Images

Offseason Notes: Chychrun, White, Dallas

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It’s been a while since we’ve heard Jakob Chychrun’s name atop trade rumors, especially when considering how he was viewed as one of the hottest commodities ahead of the Trade Deadline. It’s not often an under-25 defenseman with top-pairing pedigree becomes available, but the Arizona Coyotes decided not to move him just yet. That could change, however, as the Columbus Dispatch’s Brian Hedger reports that the Blue Jackets and Coyotes are talking about a deal. While he couldn’t offer Chychrun’s name specifically, he also reminds that Blue Jackets general manager Jarmo Kekalainen has said that the team could move their 12th overall pick at the 2022 draft in exchange for a young NHL player with term.

Chychrun certainly fits that bill, signed at just $4.6MM through 2025. It also matches up with the rumblings that Columbus is looking to add aggressively on defense, as multiple reports suggested they were in discussions with the Tampa Bay Lightning about landing Ryan McDonagh. If Arizona acquired the 12th overall selection, it would give them a jaw-dropping four first-round picks in addition to their five second-round picks.

  • There’s significant interest in soon-to-be free agent Colin White after he was placed on waivers for the purpose of a buyout today by the Ottawa Senators. TVA’s Renaud Lavoie reports that up to 14 NHL teams have shown interest in White over the past few months, which could lead to a significant bidding war for his services once free agency opens. TSN’s Darren Dreger specifically names the Montreal Canadiens as a team that could be a fit, as general manager Kent Hughes was his agent prior to getting hired in Montreal.
  • The Fourth Period’s David Pagnotta says the Dallas Stars are looking to add a significant punch at forward this offseason, specifically to add a jump to a line with Jamie Benn and Tyler Seguin. Dallas will reportedly be active on both the trade and free-agent markets, looking to be aggressive and squeeze out whatever this core has left in them to try and win a championship. Neither Benn nor Seguin, who are making above $9MM per season each, cracked the 50-point mark last year.

New York Rangers Extend Julien Gauthier

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It’s certainly not the free agent news fans were hoping for in New York, but the Rangers have finished at least one negotiation. Julien Gauthier has signed a new one-year contract extension for the 2022-23 season, avoiding restricted free agency this summer. CapFriendly reported earlier that the deal is worth $800K.

Gauthier, 24, still hasn’t achieved much at the NHL level but did play in 49 games for the Rangers this season. The 2016 first-round pick has just 18 points in 96 career games, not quite what the Carolina Hurricanes had in mind when he was selected 21st overall or what the Rangers believed they were getting in a 2020 trade.

A mix of size and speed that is difficult to find, Gauthier possesses many of the attributes needed to have success at the NHL level. It just hasn’t been put together to this point, though he might get a regular chance to change that this season. With so many Rangers forwards scheduled for unrestricted free agency–Andrew Copp, Greg McKegg, Tyler Motte, Kevin Rooney, Ryan Strome, and Frank Vatrano are all without contracts–there could very well be room for Gauthier in the bottom six.

Even if the team moves to try and extend some of those names, they’ll need inexpensive options at the bottom of the roster. There’s also a notable difference in Gauthier’s status this year: he is no longer waiver-exempt. That means if the team wants to send him to the minor leagues, all 31 other teams would have a chance to claim him and keep him in the NHL.

Latest on Johnny Gaudreau, Matthew Tkachuk

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There’s a significant sense around the league that teams are rushing to get their salary cap situations cleared up before the start of free agency next week. Moves like the Tampa Bay Lightning trading Ryan McDonagh to the Nashville Predators for spare change and the Minnesota Wild moving early on a Kevin Fiala deal are evidence of that.

Now, another team is joining that list of really trying to make headlines in the near future. ESPN’s Kevin Weekes reports that the Calgary Flames are making “every effort” now not only to re-sign top pending unrestricted free agent forward Johnny Gaudreau but also restricted free agent Matthew Tkachuk.

While most of the public talk has centered around Gaudreau’s status, it makes sense that general manager Brad Treliving would want to get these deals done in a short window. Playing on the same line, Gaudreau and Tkachuk helped propel each other to career seasons. The Flames are likely hoping that keeping the two together will keep their level of play from declining after this season.

Finances are also a huge part of this equation too, though. Gaudreau and Tkachuk are surely bound to take up a gigantic chunk of Calgary’s offseason spending limit, likely at least $16MM of it. With a long list of other players to re-sign and/or spots to fill via free agency, Calgary needs a clear picture of how much cash they’ll be able to devote to players like Andrew Mangiapane and Oliver Kylington while still fielding a cap-compliant squad.

With Tkachuk’s value through the roof after his 40-goal, 100-point season and Gaudreau likely able to net eight figures on the open market, Treliving faces his toughest challenge yet as GM in Calgary in order to keep this year’s Pacific Division champions at the top of the Western Conference.

Evening Notes: Sharks GM, Fleury, Paliafito

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When Doug Wilson stepped away from his post as GM of the San Jose Sharks nearly three months ago, many assumed the organization would take its time in finding a new GM, but may not have expected the process to take three months. One reason the team may be waiting would be to find a candidate similar to Wilson, one who the organization was able to rely on for nearly 20 years, icing a competitive team almost every season of his tenure. Another would be their trust in interim GM Joe Will, an experienced executive who could guide the front office as it prepares for the upcoming offseason.

But, the decision may not have to wait much longer, writes The Athletic’s Pierre LeBrun. According to LeBrun, an announcement on the new GM is expected to come as soon as tomorrow, and the belief is that the Sharks will name Mike Grier as the club’s next General Manager, though LeBrun adds that this has not been confirmed by anyone in the Sharks organization. Grier was among the many people thought to be interviewing for the coveted position and like Wilson is also a former Sharks player. After hanging up his skates, Grier has been rising up the ranks behind the scenes, with a GM position seemingly a fit at some point.

  • LeBrun also wrote earlier on the weekend’s offseason rumblings, including the status of star goaltender and soon to be free agent Marc-Andre Fleury. The veteran and his wife were to meet with agent Allan Walsh today in Montreal to discuss the plan with regards to his upcoming free agency, with Fleury’s current team, the Minnesota Wild, in the mix. In addition to the Wild, LeBrun speculates that the Toronto Maple Leafs could be suitors for Fleury, pointing to the goaltender’s willingness to head to Toronto at the trade deadline this year before the supposed trade fell apart. LeBrun adds that Fleury will be able to be as picky as he wishes, and could look at a number of contenders, listing the Colorado Avalanche as an intriguing possibility as well, though he adds Colorado would like to keep incumbent goaltender Darcy Kuemper.
  • Sportsnet’s Elliotte Friedman reports that scout Jim Paliafito, formerly of the Toronto Maple Leafs, was hired by the New York Islanders. Paliafito, Friedman writes, is known for his expertise with the European free agent market. One of the most notable free agents Paliafito helped the Maple Leafs recruit was undrafted forward Ilya Mikheyev, who scored 21 goals in just 53 games for Toronto this season.

Latest On Claude Giroux

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It’s hard to make a bigger impact as a trade deadline addition than Claude Giroux did for the Florida Panthers, registering 23 points in 18 games down the stretch and adding another eight in ten playoff matches. The veteran forward has proven he can still hang with elite offensive players even as he enters his mid-thirties, and should he reach free agency, there might be a few new ones trying to convince him to come north.

The Edmonton Oilers, reports Pierre LeBrun of The Athletic, are “lurking” and hope to have a chance to sign the veteran forward if he fails to reach an extension with Florida. It also likely would only be possible if the Oilers can’t re-sign Evander Kane, though, with his uncertain future tied to a grievance hearing that is still unscheduled, Edmonton may be forced to make a tough decision on that front.

Giroux, 34, recorded 900 points over a 1,000-game career with the Philadelphia Flyers before heading to Sunrise this year and has long been an elite play-driving forward. With the versatility to play both center and wing, the idea of pairing him with Connor McDavid or Leon Draisaitl (or both) will certainly be exciting for Oilers fans.

Still, a multi-year contract for a player of his age comes with plenty of risks, even if he did play well this season. The Oilers can’t afford to hand out deals that end up backfiring, as they look to capitalize on the elite play of McDavid and Draisaitl over the next few years. A player like Giroux might help them get closer to contention but if his game takes a step back, it could prove costly.

Mikhail Sergachev Changes Agents

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The Tampa Bay Lightning cleared out cap space moving forward by selling off Ryan McDonagh, and now one of the biggest options on their to-do list is signing Mikhail Sergachev to a long-term extension. Heading into the final year of his current deal, the 24-year-old will be eligible to sign an extension this summer and will now be doing it with new representation.

Sergachev has joined Dan Milstein of Gold Star Hockey, according to Darren Dreger of TSN. Colleague Chris Johnston notes that the young defenseman is likely to sign an extension in the coming weeks.

While an agent change can sometimes bring a worry to a front office, the Lightning group is quite familiar with Milstein. He also represents Nikita Kucherov and Andrei Vasilevskiy, two players that Tampa Bay had no trouble locking up. In fact, some might say that both Russian superstars gave the Lightning a discount of sorts–something that is a bit offset by the lack of state income tax–when they signed their current contracts, both for $9.5MM per season.

Kucherov signed an eight-year, $76MM contract just a few days after he became eligible in 2018, and Vasilevskiy took just a few weeks before signing an identical one (at least in years and total dollars) the following summer.

With McDonagh now in Nashville, there will be even more responsibility heaped on Sergachev (and fellow extension candidate Erik Cernak) in the coming years. Coming off a three-year bridge deal that carried a cap hit of $4.8MM, the young defenseman has a huge amount of leverage in any negotiation, and should see a monster number on his next deal. Not only does he sit 27th in scoring among all defensemen since he entered the league–ahead of names like Oliver Ekman-Larsson and Darnell Nurse–but his current contract is set to pay out $7.2MM this season. That means a matching qualifying offer would be necessary just to keep him in 2023-24, a season which would also be his last before unrestricted free agency.

It would be difficult to create better conditions for a massive long-term extension, another reason why the team needed to clear money off the back end this summer.

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