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Salary Cap Deep Dive: Pittsburgh Penguins

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Navigating the salary cap is one of the more important tasks for any GM.  Teams that can avoid 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 for the 2023-24 season.  This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL.  All cap figures are courtesy of CapFriendly.

Pittsburgh Penguins

Current Cap Hit: $84,629,281 (over the $83.5MM Upper Limit)

Entry-Level Contracts

None on the active roster.

Signed Through 2023-24, Non-Entry-Level

F Jeff Carter ($3.125MM, UFA)
F Jake Guentzel ($6MM, UFA)
F Jansen Harkins ($850K, UFA)
D Pierre-Olivier Joseph ($850K, RFA)
G Alex Nedeljkovic ($1.5MM, UFA)
D Chad Ruhwedel ($800K, UFA)

Guentzel’s situation is well-known at this point.  There haven’t been any substantive discussions about a new deal but the 29-year-old is set to be one of the top forwards available in free agency this summer and will be eyeing a multi-million-dollar raise on a long-term agreement.  That will still be the case whether it’s Pittsburgh or someone else giving it to him.  Whoever has him on their roster after the trade deadline will be the only team that can offer the max-term eight-year deal; everyone else will be limited to seven.

Carter did well in his first year and a bit with the Penguins, earning this extension as a reward.  But on this contract, he has struggled considerably, especially this season.  Now 39, it’s fair to wonder if this will be his final year.  If it’s not, he’ll be looking at a deal worth close to the league minimum with perhaps some small incentives.  Harkins came over in October as a waiver claim before clearing waivers less than three weeks later.  Despite that, he has spent most of the season in the NHL on the fourth line.  That gives him a chance at securing another one-way contract but it’s also likely to be at or very close to the $775K minimum salary.

Joseph has battled injuries this season and hasn’t played a lot when he’s healthy.  While his qualifying offer is for just under $900K, tendering it would give him arbitration eligibility.  With over 100 NHL games under his belt, the potential award could be more than what Pittsburgh would want to pay him.  If they can reach a deal beforehand, it should come in close to the $1MM mark.  Ruhwedel has been a serviceable depth piece for several years now and being a right-shot player certainly helps his value.  Another one-way contract close to this one should be doable.

After a particularly rough showing last season with Detroit, Nedeljkovic has bounced back quite nicely with his best performance since his breakout stretch in 2020-21.  If teams feel this level of play is sustainable, then he could conceivably double this on the open market.  But with the year-to-year volatility, something closer to the $2.75MM range may be more realistic.

Signed Through 2024-25

F Sidney Crosby ($8.7MM, UFA)
F Lars Eller ($2.45MM, UFA)
D John Ludvig ($775K, RFA)
F Matt Nieto ($900K, UFA)
F Drew O’Connor ($925K, UFA)
D Marcus Pettersson ($4.025MM, UFA)
F Jesse Puljujarvi ($800K, UFA)
F Reilly Smith ($5MM, UFA)

Crosby has been a Penguin for his entire 19-year NHL career and while some have openly speculated about him being traded, that doesn’t seem like a probable outcome at this point.  He will have just turned 38 when the 2025-26 season gets underway so another multi-year agreement (between two and four years) isn’t entirely unrealistic.  For Pittsburgh, the longer the term of the offer, the lower the cap hit would be, similar to some of the other deals their long-term veterans have received.  Considering how he has performed this season, there’s a chance that his next contract could carry the same cap charge as this one and the one that preceded it.

Smith came over from Vegas in a cap-dumping move but he’s still a capable middle-six player.  However, this price point is on the high side for someone in that role based on his usage with the Penguins.  If he winds up being in the 40-point range (compared to the 56 he had in his final year with the Golden Knights), Smith may need to take a small pay cut heading into his age-34 campaign in 2025.  Eller is still a serviceable third-line center for now but he’ll be 36 when his next contract starts.  Assuming he slows down a bit more, he’ll likely have to go year-to-year with a price tag a bit below this one.

O’Connor had been more of a role player until this season where he’s averaging nearly 15 minutes a night while setting career highs offensively.  If that usage and production hold next season, he could at least double his current price tag on his next deal.  Nieto has battled injuries this year but, when healthy, has been a regular on the fourth line, a role he is used to holding.  This has been his price range for the last two contracts and it’s unlikely that will change on his next one.  Puljujarvi’s market was recently set with the winger finally signing earlier this month.  Unless he can establish himself as a top-nine regular, he’ll continue to be on the fringes, keeping his price tag close to the minimum.

Pettersson had a couple of rough seasons but turned things around last year and has been even better in 2023-24, showing he can still be a top-half defender on a depth chart.  However, his lack of offensive output most years will limit his earnings upside.  Still, another long-term agreement and at least a small raise should be doable, an outcome that would have been surprising just a couple of years ago.  Ludvig was a waiver claim but an early-season concussion has limited him thus far.  If he can stick around as even a seventh defenseman, however, he could land at least a mild raise a couple of years from now.

Signed Through 2025-26

F Noel Acciari ($2MM, UFA)
F Evgeni Malkin ($6.1MM, UFA)

Malkin has certainly slowed down this season but at 37, that’s to be expected.  He’s still producing at a top-six rate so for now, they’re getting a good return.  As he ages, however, the value of this contract will drop.  Similar to the Crosby discussion, that’s the trade-off for getting an AAV that’s lower than what his market value would have been otherwise.  Acciari has shown flashes of third-line production over the year (he even had a 20-goal campaign) but is best utilized as a fourth liner with some extra faceoff utility.  This contract is a bit pricey for someone with that profile but it’s not a significant overpayment either.

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East Notes: Forsling, Peeke, Iskhakov

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Panthers defenseman Gustav Forsling is one of Florida’s prominent pending unrestricted free agents.  The 27-year-old has gone from being a waiver claim in 2021 to a top-three defender and his price tag is set to jump considerably from his current $2.667MM AAV.  Keeping him, blueliner Brandon Montour, and forward Sam Reinhart will be difficult to do but Forsling told Jordan McPherson of the Miami Herald that he has made it known that he wants to remain with Florida.  However, discussions on a new deal have been minimal so far.  Forsling has 22 points in 50 games so far this season while averaging over 22 minutes a night, putting him in a position to more than double his current cap hit.

Elsewhere in the Eastern Conference:

  • Daily Faceoff’s Frank Seravalli wonders if the Blue Jackets might look at buying out defenseman Andrew Peeke this summer. Columbus has been shopping a blueliner for most of the season (Peeke and Adam Boqvist have been the players believed to be available) but has yet to find a suitable trade, likely because both blueliners have cap hits at or above $2.6MM.  Peeke struggled last season and has been a frequent healthy scratch this year (playing just 20 times), providing a weak return on a $2.75MM price so far.  He has two years left on his deal and if Columbus was to buy him out, they’d eat a $917K dead cap charge for the next four seasons.
  • Dan Milstein, the agent for Islanders prospect Ruslan Iskhakov, told Stefan Rosner of The Hockey News that contrary to speculation from earlier this week that had him linked to the KHL, the forward has yet to engage in discussions for next season. The 23-year-old is in his second AHL season and has been quite productive, collecting 34 points in 44 games this season after putting up 51 points in his rookie campaign in 2022-23 but is still looking for his first NHL opportunity.  Iskhakov is set to become a restricted agent with arbitration eligibility this summer.

Montreal Canadiens Recall Joshua Roy

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The Montreal Canadiens have recalled forward Joshua Roy from the AHL’s Laval Rocket. This move comes in response to Rafaël Harvey-Pinard leaving Saturday’s game after awkwardly bending his leg in a collision with teammate Joel Armia. Harvey-Pinard previously missed seven weeks of the season with a lower-body injury, limiting him to just 23 games this year.

This is just the second recall of Roy’s career, with the first coming on January 12th. Roy was with the NHL club for 12 days before being reassigned to Laval. He played in his first six NHL games in that stretch, recording one goal, one assist, one penalty, and a -2. Roy has also managed 32 points across 40 AHL games, ranking second on Laval in scoring behind Brandon Gignac, who is also currently called up to the NHL lineup.

Harvey-Pinard’s injury adds to a list of absentees in Montreal, with the team also missing Christian Dvorak and Kirby Dach due to injury. Brendan Gallagher is also out of the lineup for three more games, serving the latter end of the first suspension of his career. That leaves Montreal with no extra forwards to fill in for Harvey-Pinard, meaning the 20-year-old Roy should slot immediately into the lineup.

Montreal drafted Roy in the fifth round of the 2021 NHL Draft. He’s one of just two players to be selected after 2021’s Third Round to have already made his NHL debut; the other being Tampa Bay Lightning defenseman Emil Martinsen Lilleberg, who has played in 12 games and scored two points this season. The Arizona Coyotes drafted Martinsen Lilleberg in the fourth round but left him unsigned, leaving him open to signing with Tampa this past summer.

Nikita Zadorov To Have Hearing For Illegal Hit To The Head

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Vancouver Canucks defenseman Nikita Zadorov will have a hearing this evening for an illegal hit to the head on Detroit Red Wings winger Lucas Raymond. The hit came halfway through Vancouver’s Saturday loss to Detroit and earned Zadorov a match penalty. The 28-year-old hasn’t faced punishment from the Department of Player Safety in his career up to this point. He’s scored four points, all assists, through 27 games with the Canucks this season. He’s also played in 21 games and scored six points with the Calgary Flames

Zadorov is on pace to break his career-high in penalty minutes this season, now up to 83 penalty minutes – just 20 minutes short of the career-high he set in 2017-18 – with 30 games left on Vancouver’s schedule. His attendance in the box has become routine, with Zadorov’s 180 penalty minutes ranking higher than any other Flames player, including Milan Lucic and Andrew Mangiapane, over his three seasons with the team.

The Canucks traded for Zadorov in late November, sending Calgary a third and fifth pick. He’s stepped into a second-pairing role with his new club, playing primarily with Tyler Myers. Calgary and Vancouver have since swapped forwards Elias Lindholm and Andrei Kuzmenko, with Vancouver adding a first-round pick, conditional fourth-round pick, and two prospects. Lindholm has scored two goals in his first three games in Vancouver, playing on the team’s top line.

Carolina Hurricanes Announce Multiple Injury Updates

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Carolina Hurricanes goaltender Antti Raanta will likely miss “at least a couple weeks” with a lower-body injury, per head coach Rod Brind’Amour. Raanta is in the midst of a tremulous season that’s seen him placed on waivers, play two AHL games, and record a .872 save percentage in 24 NHL games. But he’s remained a pivotal piece of the Hurricanes lineup, playing in just one fewer game than the team’s de facto starter Pyotr Kochetkov, largely thanks to the string of injuries facing the Hurricanes crease.

Raanta, 34, is facing the worst save percentage of his NHL career this season – with his last save percentage below .900 coming in his rookie season in 2013-14. His 11-year career has been marred by injuries, with Raanta only appearing in more than 30 games in one season just three times. The inconsistent health has limited him to being a career backup, despite posting 139 wins and a .915 save percentage in 277 career games. This includes his 2017-18 season when Raanta posted a .930 save percentage and 21 wins through 47 games with the Arizona Coyotes.

The Carolina Hurricanes have also shared that defenseman Brett Pesce is questionable for the team’s Saturday night game against the New Jersey Devils due to illness, per team reporter Walt Ruff. That could give way for Tony DeAngelo to make his way into the lineup. The 28-year-old DeAngelo has appeared in 22 games this season and scored nine points – a far step down from his usual productivity. The team will also be getting star winger Andrei Svechnikov back on Saturday, though, with the 23-year-old making his return after missing the last six games with an upper-body injury. Svechnikov has 30 points through 29 games this season, making him just one of two Hurricanes players scoring at a point-per-game pace.

Afternoon Notes: Perron, Harvey-Pinard, Athanasiou

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The Edmonton Oilers could be interested in trading for Detroit Red Wings winger David Perron, per team reporter Jim Matheson of the Edmonton Journal. Matheson shares that Oiler general manager Ken Holland has long been a fan of Perron, though the Red Wings would need to retain half of Perron’s $4.75MM cap hit if any deal were to go through. The Oilers have proven their interest in veteran wingers already, signing free agent Corey Perry to a one-year, $1MM contract. Perry managed his first point as an Oiler on Friday, recording an assist on Evander Kane’s second-period goal.

Perron, 35, has been in the NHL since 2007 – jumping straight into the league after getting selected 26th overall in the 2007 NHL Draft. His 27 points in 62 games as a rookie is the lowest that Perron has scored in his career when he appeared in 50 or more games in a season. He’s proven incredibly productive, even into his glory years – tallying 58, 57, and 56 points respectively across the last three seasons. He has 10 goals and 23 points in 44 games this year, currently on his lowest scoring pace since the 2015-16 season when he managed just 16 points in 43 games.

Perry and Perron aren’t just 1000-game veterans of the NHL, they’re both Stanley Cup champions – with Perry winning with the 2007 Mighty Ducks of Anaheim and Perron winning with the 2019 St. Louis Blues. The pair has nearly 300 playoff games under their belt – with Perron making up 104 of those games – bringing a much-needed playoff poise to an Oilers team that has made the Conference Finals just once since 2006.

The Red Wings would have the upper hand in any trade negotiations for Perron, especially since they’ll need to retain salary. The Oilers own their first-round selection in each of the next three drafts, as well as their second-round pick this year. They may need to be ready to part with some of those picks if they want to bring in a 17-year veteran in Perron.

Other notes from around the league:

  • Montreal Canadiens forward Rafaël Harvey-Pinard exited the team’s Saturday afternoon game against the Dallas Stars with a lower-body injury suffered on a collision with teammate Joel Armia. Harvy-Pinard previously missed seven weeks of the season with a lower-body injury, limiting the 25-year-old to just 23 games on the season. He’s scored one goal and seven points in those outings, adding six penalty minutes.
  • The Chicago Blackhawks saw Andreas Athanasiou return to practice on Saturday, marking his first skate since suffering a groin injury in early November. Athanasiou, 29, has played in just 11 games this season, recording four assists but still searching for his first goal of the year. His return will be a breath of fresh air for a Blackhawks offense that’s scored just 10 goals over their last eight games, going 1-6-1 in the matchups. Athanasiou scored 20 goals and 40 points last season, his highest productivity since scoring 30 goals and 54 points in the 2018-19 season.

Vegas Golden Knights Updates

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As the Vegas Golden Knights took the ice for practice this morning in preparation for their upcoming game against the Minnesota Wild on Monday, they issued a plethora of updates regarding key players. The team announced that Mark Stone, Zach Whitecloud, and Jonas Rondbjerg would all miss practice due to illness, indicating that there may be a bug making its way around the team. In the same announcement, the team has also sent defenseman Kaedan Korczak to their AHL affiliate, the Henderson Silver Knights.

Outside of those missing practice, the team also announced that defenseman Shea Theodore was back at practice in a non-contact jersey, indicating that he may be close to returning. Out for much of the season, Theodore has scored four goals and 18 points in 20 games for the Golden Knights this year before an upper-body injury took him out of the lineup back on November 22nd.

Given that the team does not play until after the weekend, it would be reasonable to assume that Stone, Whitecloud, and Rondbjerg could all return without missing any games. However, it is important to note that Vegas has dealt with several injuries to key players throughout much of the season, and losing three players from illness would severely limit their depth moving forward.

In Korczak, this transaction will mark his third demotion of the season, with the other two coming in early January and early November, respectively. In December, Korczak suffered an undisclosed injury keeping him out of the lineup for nearly a month, limiting his play in Henderson to only five games on the year.

At the NHL level, Korczak has skated in 26 games for the Golden Knights this year, marking a career-high in terms of games played over the last three seasons. Averaging 16 and a half minutes of ice time a game, Korczak has scored one goal and nine points while also sporting a productive 50.4 CorsiFor% and a 94.2% On-Ice Save Percentage in All Situations.

Snapshots: Giordano, Timmins, Romanov, Ristolainen

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In tonight’s Battle of Ontario, the Toronto Maple Leafs will be without a few notable defensemen as David Alter of The Hockey News reports that Mark Giordano will be out with a lower-body injury, and Conor Timmins is out with an illness. Alter did point out that Giordano is listed as day-to-day, but could be out longer as the injury was sustained in the team’s most recent game on Wednesday.

This news likely means that either William Lagesson or Maxime Lajoie will draw into the lineup this evening, with the latter having been recalled on an emergency loan yesterday. Of the two, Lagesson has certainly had more opportunity at the NHL level, playing in 21 games for the Maple Leafs this season compared to four for Lajoie.

Whatever the case may be, the depth of Toronto’s defensive core will be tested during their matchup tonight against the Ottawa Senators. Although his production has fallen significantly since his Norris Trophy-winning season of 2018-19, Giordano has been more than reliable for the Maple Leafs this season, scoring one goal and six points in 34 games, averaging just over 17 minutes of ice time per game.

Other snapshots:

  • The New York Islanders will be without defenseman Alexander Romanov this afternoon, as the team announced he is considered day-to-day with a lower-body injury. Not much of an offensive threat from the blue line, Romanov has nevertheless been solid for the Islanders this season, skating alongside Noah Dobson at the top of the team’s defensive core. In 51 games for New York this year, Romanov has scored five goals and 13 points, producing a +15 rating while averaging over 22 minutes of ice time per game.
  • Rasmus Ristolainen will be back in the lineup tonight for the Philadelphia Flyers after missing the team’s last game due to illness (X Link). Struggling to live up to his relatively large contract in Philadelphia, Ristolainen has only skated in 30 games for the Flyers this season, missing much of the beginning of the season with an undisclosed injury. Averaging the lowest time on ice of his career up to this point, Ristolainen has scored one goal and four points for Philadelphia this year.

Atlantic Notes: Mittelstadt, Kane, Sanderson

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In an article this morning from Lyle Richardson of Spector’s Hockey, he mentions that the Buffalo Sabres are actively shopping forward Casey Mittelstadt in hopes of bringing a top-tier goaltender into the organization. Currently leading the Sabres in points with 42, Mittelstadt is set to become a restricted free agent at season’s end, likely hoping to get a long-term deal in Buffalo similar to Dylan Cozens and Tage Thompson.

To put some cold water on the report, shortly after Richardson’s article was published in Spector’s Hockey, Lance Lysowski of The Buffalo News quickly downplayed the reports, citing that the Sabres are more than comfortable moving forward with a tandem of Devon Levi and Ukko-Pekka Luukkonen. In Lysowski’s defence, Luukkonen has been rather remarkable over his last 10 games, putting together a 6-4-0 record since December 30th all while averaging a .940 SV%.

Ultimately, the truth likely lies somewhere in the middle regarding the future of Mittelstadt in Buffalo. Not meeting preseason expectations, General Manager Kevyn Adams is likely doing his due diligence in preparation for deadline season, as any General Manager would do in a similar situation to the Sabres.

Other Atlantic notes:

  • After missing the team’s last seven contests, Patrick Kane will return to the lineup tonight for the Detroit Red Wings as the team announced they have activated the veteran forward off of injured reserve. Although producing a solid 4-2-1 record in his absence, the Red Wings have only averaged three goals per game over that stretch, nearly a half-goal drop from their average over the entire regular season. With this recent injury being the only health concern for Kane since his return to the NHL, he has scored seven goals and 16 points in 19 games for Detroit since recovering from offseason hip resurfacing surgery.
  • Having confirmed that Jake Sanderson will be out of the lineup for the team’s game tonight against the Toronto Maple Leafs, Bruce Garrioch of TSN is reporting that the Ottawa Senators are hoping Sanderson can return to skating next week. Without having a clear timeline for his return when originally injured, this update from Garrioch at the very least provides some idea as to when Sanderson could return to the lineup for the Senators. After a strong rookie campaign last year, Sanderson has continued to improve this season, scoring seven goals and 24 points through 47 games this year.

Blue Jackets Activate Adam Boqvist Off IR

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The Columbus Blue Jackets are set to welcome back defenseman Adam Boqvist as they’ve activated him off of the injured reserve. The 23-year-old will re-join the team tonight when they take on the Tampa Bay Lightning and should line up on the top defensive pairing alongside Zach Werenski. He will also likely see time on the team’s second power-play unit.

Boqvist suffered an upper-body injury on January 25th in a game against the Calgary Flames. While the injury was classified as upper-body, Boqvist suffered a head or facial injury after taking a puck to the face while sitting on the bench. The timing of the injury meant that the former eighth-overall pick only missed three games due to the All-Star break. It was the second time Boqvist has been sidelined this season as he missed four weeks of play in December due to a shoulder injury.

A native of Falun, Sweden, Boqvist has provided some offense from the backend as he has seven assists in 20 games this season. While his offensive numbers throughout his career have been decent, he has never been able to remain in the lineup for an entire season for a variety of reasons. Now in his fifth NHL season, Boqvist has yet to play more than 52 games in any one year.

Boqvist was one of the pieces acquired in the trade with the Chicago Blackhawks that sent Seth Jones to the Windy City and looked like he was turning the corner last season. But this season, injuries and healthy scratches have limited his playing time and he has had a hard time settling into a groove.

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