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Salary Cap Deep Dive: Vegas Golden Knights

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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 2017-18 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.

Vegas Golden Knights

Current Cap Hit: $69,375,832 (under the $75MM Upper Limit)

Entry-Level Contracts

F Alex Tuch (Two years remaining, $925K)
D Shea Theodore (One year remaining, $863K)

Potential Bonuses

Tuch: $425K

While the brand-new franchise is focused on building up a powerhouse team over the next five years, which means draft picks and more draft picks, which will create a revolving door at T-Mobile Arena in Las Vegas, there should be at least one constant who is already locked in for the future in Theodore. The just-turned 22-year-old is considered to be a long-term piece and despite the team’s overwhelming defensive logjam, the hope is Theodore is on the team’s opening day roster. Theodore shined last year during Anaheim’s playoff run when he along with several other defenseman had to step in for injured players and fared well. Theodore, a offensive defenseman, was a first-round pick of the Ducks in 2013 and despite having just nine points in 39 regular season games last year, he put up eight goals in 14 playoff games.

Tuch, a talented forward acquired near the expansion draft in a side deal with the Minnesota Wild, has a chance to immediately make the team out of training camp. The 21-year-old wing was a first-round pick in 2014 and scored 18 goals for the AHL’s Iowa Wild last year.

One Year Remaining, Non-Entry-Level

F James Neal ($5MM, UFA)
F Mikhail Grabovski ($5MM, UFA)
D Jason Garrison ($4.6MM, UFA)
F David Perron ($3.75MM, UFA)
D Luca Sbisa ($3.6MM, UFA)
D Clayton Stoner ($3.25MM, UFA)
D Brayden McNabb ($1.7MM, UFA)
D Jonathon Merrill ($1.14MM, RFA)
F William Karlsson ($1MM, RFA)
D Colin Miller ($1MM, RFA)
D Deryk Engelland ($1MM, UFA)
G Calvin Pickard ($1MM, RFA)
F Jon Marchessault ($750K, UFA)
F Teemu Pulkkinen ($700K, RFA)

The Golden Knights will be looking to move as many of their players at the trade deadline as they can. Neal should be their biggest trade bait as many teams wouldn’t mind adding a goal-scorer right in time for the playoffs. The 30-year-old wing is coming off a 23-goal season in Nashville and has scored 165 goals in the last six seasons combined. The team hopes that playing on a top line should keep his scoring numbers up high so that his price increases at the perfect time, but a recent report that a wrist injury suffered during the playoffs last year is still affecting Neal and he will miss two to four weeks is concerning. The team also has high hopes it can move Perron. After putting up a career-high 28 goals in 2013-14, he has struggled with injuries but rebounded last year with an 18 goal season. If he can stay healthy and produce similar numbers, he might be worth a mid to late pick.

One key decision the team will have to make is what to do with Marchessault, who is coming off a 30-goal season a year ago in Florida. At $750K, he is a bargain for the next year, but if he can duplicate his numbers from last year, he would be in line for a big payday. Complicating the situation is that Vegas head coach Gerard Gallant is a big fan of the 26-year-old and was the head coach in Florida wlast year when Marchessault started his breakout season.

The team also has a number of restricted free agents who they will likely hold onto. While Pickard’s name is rarely mentioned in Vegas as he is the current backup, don’t be surprised if Pickard is penciled in as the goaltender of the future. The 25-year-old struggled with Colorado last year (although he did have one of the worst teams around him), but was a promising prospect before that. Miller is another who should be retained. The 24-year-old was a promising defender in Boston who was just beginning to get full-time work. He got into 61 games last year and showed quite a bit of promise. Karlsson should get a bottom line spot in the lineup. The 24-year-old is coming off a 25-point season and the team hopes he takes his game up a notch.

While Grabovski likely won’t see the ice ever in Las Vegas (freeing the team of his $5MM cap hit), Garrison is a defender who may prove to have some value if he can produce on one of the team’s top defensive lines. The 32-year-old struggled at times in Tampa Bay and his offensive numbers have declined in the past couple of years. McNabb is considered to be an excellent defender and should provide solid defense for Vegas. He missed a lot of time due to a broken collarbone injury he suffered last October, forcing the 26-year-old in and out of the lineup all season and he eventually lost his starting job at the end of the year, but should get regular minutes with the Golden Knights. Sbisa is another player who should get playing time in hopes the team can move him later this year. The 27-year-old blueliner was a solid defenseman, but few teams were interested in his $3.6MM pricetag.

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Evening Notes: Zetterberg, Shipachyov, Pickard

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The Detroit Red Wings are getting ready to start another season shortly and while many aren’t expecting an impressive season from this team, the team still has eyes for the playoffs. MLive’s Ansar Khan answers some mailbag questions about the upcoming season and points out that with the combination of gritty veterans and young talent, the team may show some promise. The scribe writes to expect 36-year-old veteran Henrik Zetterberg to center Tomas Tatar and Gustav Nyquist, who were their top line at the end of last year. The belief is that Tatar and Nyquist should benefit from Zetterberg’s presence to build their confidence early in the season.

He added that Dylan Larkin looks ready to take over as the team’s second-line center and be matched with Anthony Mantha, who scored 17 goals in his first full season. Justin Abdelkader might be a good fit to fill out that line. The third line would Frans Nielsen, Darren Helm and Andreas Athanasiou, if the restricted free agent signs with the team. Luke Glendening, Riley Sheahan and Tyler Bertuzzi are the likely candidates on the fourth line, assuming things don’t change much in training camp.

  • The Las Vegas Review-Journal’s David Schoen writes that the team will be counting heavily on the success of Russian veteran Vadim Shipachyov this season. The 30-year-old forward was the third-leading scorer in the KHL last year with 26 goals and the team believes that if he can make the conversion to the NHL successfully, the Golden Knights might be better than many believe when it comes to offense. The team already has James Neal, Jon Marchessault, Reilly Smith, David Perron and the hope is Shipachyov will be that top-line player that opens up the offense.
  • In the same story, Schoen adds that he wouldn’t be surprised if Golden Knights’ goaltender Calvin Pickard makes a name for himself, possibly even this season. While starting goaltender Marc-Andre Fleury has received all the press and has become the face of the franchise, Pickard is just 25 years old and was a second-round pick in 2010. He was considered a top prospect before he struggled in a full-time role for the struggling Colorado Avalanche last year. His 2.98 GAA left a lot to be desired. However, Fleury is already 33 and while he was impressive in the playoffs for the Penguins, didn’t have a great year as the backup, putting up a 3.02 GAA for the year in 38 games. If Pickard can re-establish himself in Las Vegas, he could find himself getting big minutes.

Bruins Notes: Spooner, Possible FA Targets

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Although many arbitration cases have been settled early to avoid the hearings this offseason, the Boston Globe’s Fluto Shinzawa reports that it is unlikely that you’ll see the same in the case between restricted free agent Ryan Spooner and the Boston Bruins. While the two team’s numbers that were submitted to the arbitrator are not known, it is believed that the two sides are far apart. While Boston has a history of settling with their restricted free agents in advance of their arbitration hearings (they haven’t had one since Blake Wheeler in 2010) Shinzawa writes the Bruins will likely have to let the arbitrator come to a decision for them.

Spooner has been one of the team’s most valuable assets for the money he made. He signed a two-year, $1.9MM in 2015 and is now looking for a significant raise. Certainly the Bruins can argue his output decreased in the last year. In 2015-16, Spooner put up 13 goals and 36 assists for 49 points. However, those numbers went down last year as he finished with 11 goals and 28 assists. He was heavily shopped during the season this past year and had been under fire by previous coach Claude Julien. While he played somewhat better under interim and now current coach Bruce Cassidy, he disappeared in the playoffs. After four playoff games, Spooner was injured, but was still considered to be healthy enough to play. However, he was still replaced by Sean Kuraly and never got back into the lineup.

However, Spooner has numbers that go in his favor as well, according to Shinzawa. The 25-year-old center can argue that he is a valuable member of the power play, and had the second-most power play assists on the team. He produces 2.18 points in 60 minutes of all-situations play, which was higher than both David Krejci and Patrice Bergeron and the five-year veteran has spent very little time in the penalty box.

However, the advantage could easily end up in Spooner’s favor regardless if the arbitrator looks mainly at the numbers. The arbritrator will likely look at comparisons and it might be hard to ignore the two-year, $6.85MM extension the team gave to former Bruin, Reilly Smith, before the end of the 2014-15 season. Smith put up 33 goals and 58 assists for 91 points in those two years. That’s just three more points than Spooner, who had 88 points over the past two years. So, he could easily ask for $3MM per year. No matter what, that’s a substantial raise for a player who only made $950,000 last season.

  • Joe Haggerty of CSNNE listed several free agent options for the Bruins, who have been quiet this offseason. While the team likely hasn’t made a move since the team is loaded with a combination of veteran and young talent, he suggests a quiet pickup could be key for the Bruins. Among the top on his list are: former Colorado defenseman Eric Gelinas, 40-year-old veteran Jarome Iginla who bought a house in the Boston area, 45-year-old Jaromir Jagr, former Sabres captain Brian Gionta and goal-scoring veteran Thomas Vanek.

Reilly Smith Gamble Could Pay Off For Golden Knights

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Usually when you hear of a team giving up a prospect of young player, there is a reason behind it, often another bloated contract of a veteran who is making too much money on the decline of his career. Yet, for the Vegas Golden Knights, the team was able to make a deal with the Florida Panthers in which they got 26-year-old Jon Marchessault, a 30-goal scorer last year. The cost? Not a bloated contract of a 30-something player, but the contract of 26-year-old Reilly Smith, who himself is only a year from putting up 25 goals.

Smith is a former third-rounder who has flashed a ton of potential, but has failed to be consistent throughout his career. After putting up a great season in 2015-16, which included 25 goals and 25 assists and being the team’s top scorer that year in the playoffs, Smith was rewarded with a five year, $25MM extension just last year. Unfortunately, he only scored 15 goals last year and struggled just the like the team did. When the Panthers new administration came in, Smith was no longer in their plans and getting rid of his new contract to open up cap space to focus on more important players became a priority.

However, Smith could easily prove to be more than just a throw-in player. At 26 years old, Smith has plenty of more hockey left and he returns to his old coach, Gerard Gallant, who coached him during his 25-goal season. Now on an expansion team, Smith could easily pick up big minutes with few veterans on the team and the possibility that any of those veterans could be traded at any minute.

If Smith could return to form with Gallant’s help and put up a 50-point season like he did two years ago or in 2013-14, he could become a key piece to the team’s offense for years or, more likely, become a quality trade candidate in the future. If Smith can put up big numbers again this year, he could be moved much easier in a year or two when he has just three or four years remaining on his contract.

Vegas Golden Knights Trade Tracker

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Along with the expansion draft choices, there will be many trades attached to the Vegas Golden Knights roster release. Keep it right here for all the details:

To Vegas:

BUF sixth-round pick

To Buffalo:

Vegas will not select G Linus Ullmark

To Vegas:

F Reilly Smith
Vegas allowed to select F Jon Marchessault

To Florida:

VGK 2018 fourth-round pick

To Vegas:

CAR 2017 fifth-round pick

To Carolina:

Expansion considerations

To Vegas:

F Nikita Gusev
TBL 2017 second-round pick
PIT 2018 fourth-round pick

To Tampa Bay:

Vegas selects D Jason Garrison

To Vegas:

F Mikhail Grabovski
D Jake Bischoff
NYI 2017 first-round pick
NYI 2019 second-round pick

To Islanders:

Vegas selects G Jean-Francois Berube

To Vegas:

D Shea Theodore

To Anaheim:

Vegas selects D Clayton Stoner

To Vegas:

F Alex Tuch

To Minnesota:

Vegas selects F Erik Haula
Conditional VGK 2018 third-round pick. —Per Michael Russo of the Star Tribune: If Vegas acquires another 2017 third-round pick, they can send that pick instead. If Vegas acquires multiple 2017 third-round picks, Minnesota gets the second-highest.

To Vegas:

F David Clarkson
CBJ 2017 first-round pick
CBJ 2019 second-round pick

To Columbus:

Vegas selects F William Karlsson

To Vegas:

WPG 2017 first-round pick
WPG 2019 third-round pick

To Winnipeg:

CBJ 2017 first-round pick

To Vegas:

PIT 2020 second-round pick

To Pittsburgh:

Vegas selects G Marc-Andre Fleury

Golden Knights To Acquire Reilly Smith From Panthers

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According to TSN’s Bob McKenzie, the Florida Panthers will not stop at just losing one top-nine forward in expansion. While it has been confirmed that Jonathan Marchessault was the Expansion Draft pick by the Vegas Golden Knights, Reilly Smith has also been informed that he will be Las Vegas-bound.

While the details of the deal have not yet been announced, there are two possibilities for this side deal with Vegas. The first is that Smith was thrown in alongside the Marchessault pick to keep the Knights from selecting another exposed player, likely defenseman Jason Demers. Many were surprised when Florida protected four defenseman, leaving many forwards open for the taking, including Marchessault and Smith, but the move would make more sense if that was what was required for Vegas to ignore Demers. The other potential deal could be independent from expansion, as it has been reported that the Panthers may not have wanted to re-sign Marchessault anyway and thus their protection scheme was logical. In this scenario, Smith may be going to Vegas alongside a yet-to-be-named draft pick or prospect. Although Smith is a two-time 20-goal scorer and just 26 years old, he is due to begin a five-year, $25MM contract next season after scoring a career-low 37 points in 2016-17.

Vegas will be the fourth NHL team for Smith, who was originally dealt to the Boston Bruins as part of the Tyler Seguin deal. The Bruins encountered the same pattern with Smith as Florida did: after a great first season, the production fell off in year two and he was traded before beginning an expensive extension. Perhaps head coach Gerard Gallant, who enjoyed coaching Smith in Florida before he was fired earlier this season, sees something that others don’t and can make the most of his $25MM deal. However, hold your opinions for two years from now, because history shows that he’ll likely have a strong first campaign in Las Vegas before the real test begins in 2018-19.

Snapshots: Methot, Karlsson, Marchessault

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The Ottawa Senators were put in a rough predicament when Dion Phaneuf turned down the team’s request to waive his no-trade clause. The organization is very high on Cody Ceci, and considering the depth of forwards they needed to protect, they were forced to expose Marc Methot. Many mock drafts have the veteran defender headed to Vegas, including our own. Some have even contemplated whether Methot could find himself in a captaincy position in Nevada. Bruce Garrioch of the Ottawa Sun explains how difficult a decision that was for Pierre Dorion and his staff, and how they tried to trade Phaneuf up until the last minute. Ottawa could theoretically try to bribe Vegas with the #28 pick, but considering that the team only has 4 picks overall, that seems unlikely. The more probable scenario is that Ottawa merely takes the blow and moves on.

  • The Blue Jackets truly want to hang onto their youngest talents, according to Aaron Portzline of the Columbus Dispatch. They are supposedly surrendering their 1st round selection to Vegas in order to keep Josh Anderson and Joonas Korpisalo. What makes nearly no sense is the apparent fact that this deal also warns the Knights off of veteran defenseman Jack Johnson. Johnson is an average defender, and with the rise of Zach Werenski and others he doesn’t seem to be a pivotal piece any longer. Vegas will probably choose William Karlsson or Ryan Murray as low-risk claims and run away happy from this deal. The valuation of a first-rounder is probably the lowest in ages, and the anxiety surrounding the protection lists has seemingly reduced their value even further.
  • Harvey Fialkov of the Sun Sentinel has Jonathan Marchessault headed to Vegas, based on the reports he’s been hearing. Defenders Jason Demers and young forward Reilly Smith are also available as high-value options for the Knights. According to Marchessault himself in an interview on TVA Sports, Tallon wasn’t able to negotiate a protection deal with Vegas. He was certainly being shopped in the lead up to Sunday. The entire Florida protection list was confusing, but Marchessault’s exposure was a truly unforced error by GM Dale Tallon. The 30-goal scorer will almost certainly find a home in Vegas’ top six, and the loss of this quality of player for absolutely nothing is perplexing the entire league. It’s certainly possible Marchessault has a down year after a career one, but asset management was completely blown in this case, and Vegas looks to reap that reward.

Panthers Lose Reilly Smith For 7 – 10 Days

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Last night, the Florida Panthers blew a two-goal third period lead in their 4 – 3 loss to Detroit. Compounding that disappointment further is word that the team will be without the services of winger Reilly Smith for the next 7 – 10 days, according to head coach Tom Rowe via George Richards of the Miami Herald. Smith, who scored a goal in the first frame, suffered a concussion after a heavy hit from Niklas Kronwall in the second period.

Projecting a recovery time line for a concussion is usually a trick endeavor but Rowe said the team believes “it’s not too serious,” and the hope is that Smith will be back sooner rather than later.

Smith has scored seven goals and has 15 points in 35 games for Florida while averaging a career-best 19:12 of ice time per game. He’s been heating up as of late with three markers and five points over his last six contests. Last season the 25-year-old forward scored a career-high 25 goals and 50 points, helping the Panthers to an Atlantic Division championship and the team’s first playoff berth in four years. Smith’s production prompted Florida to sign the winger to a five-year, $25MM extension this past July, even though Smith still had a year remaining on his current contract.

Nick Bjugstad Out Four Weeks With Broken Hand

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According to George Richards of the Miami Herald, Florida Panthers centerman Nick Bjugstad has broken his hand and will be out at least four weeks. With the season beginning in less than a week, the young Panther will miss at least a few games with the injury.

Bjugstad, 24, is one of the core of young forwards the Panthers have locked up over the past two years, joining Aleksander Barkov, Vincent Trocheck, Jonathan Huberdeau and Reilly Smith in signing at least through the 2020-21 season. These five, when joined by the likes of Aaron Ekblad, Keith Yandle and Jason Demers on the back end, will be the foundation on which the Panthers operate for the future.

After three solid seasons with Florida, Bjugstad is looking to take the next step and move from the 30-40 point two-way center to a legitimate offensive force capable of scoring 25 goals and 50 points each year. While this injury is a setback, he’ll likely only miss around 10 games and should be able to contribute after that.

The Panthers made a few cuts this morning and are now down to 26 (not including Bjugstad) in camp. The team can only take 23 with them when the season begins, meaning there are still a few tough decisions to be made.

Panthers Reach Six-Year Extension With Jonathan Huberdeau

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The Florida Panthers have locked up another young forward.  The team has come to a six-year extension with Jonathan Huberdeau that will pay him $35.4MM ($5.9MM AAV). Currently under contract for one more season, Huberdeau is earning $3.25MM in 2016-17, and would be an arbitration-eligible restricted free agent next summer. Jonathan Huberdeau

The 23-year old was once the third overall pick by Florida in the 2011 draft, and has done nothing but score in his short NHL career. In 272 career games, the former Saint John Sea Dog has 172 points, including a career-high 59 last season. Skating mostly alongside Aleksander Barkov and Jaromir Jagr, the trio formed one of the more dominant lines in the Eastern conference last season, combining for 184 points.

Florida has quickly locked up much of their future this summer, signing extensions with Reilly Smith (Five years, $25MM), Vincent Trocheck (Six years, $28.5MM) and Aaron Ekblad (Eight years, $60MM) while signing free agents Keith Yandle (Seven years, $44.45MM), Jason Demers (Five years, $22.5MM) and James Reimer (Five years, $17MM) to long-term deals.

With it, the team has created cap certainty in a world where that’s very valuable from year to year, and has built a core that is easily a playoff contender every season. With no one cracking $8MM per season (Ekblad comes the closest at $7.5MM) they’ve also ensured that they won’t have too much money tied up in a single player or pair like many of the other cup contenders around the league.

Bob McKenzie of TSN was first to report the sides were close, and Chris Johnston of Sportsnet reported it was done.

Photo courtesy of USA Today Sports Images. 

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