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Latest From Insider Trading: Walsh’s Plans For NHLPA

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In the latest edition of TSN’s Insider Trading, insiders Pierre LeBrun and Chris Johnston focused on the priorities for new NHLPA executive director Marty Walsh. Though he just took on the job as the leader of the player’s union last month, he has plenty of issues to deal with and it sounds like he is already working on a few of them. LeBrun reported Walsh wants to have greater communication between the players and the union and not just when negotiating new collective bargaining agreements. He has already begun reaching out to players to get feedback on what they think of the current playoff format.

Johnston mentioned Walsh is also willing to discuss negotiating with the league to possibly try and have the salary cap move up more than the projected $1MM this offseason. However, the players still owe a debt to the owners so it is possible they are more comfortable dealing with a modest raise in the salary cap ahead of 2023-24 before a bigger leap is made the following season. This would decrease the likelihood that escrow also rises with the cap in 2024-25.

LeBrun reported that Walsh feels the Arizona Coyotes having NHL players play in a college stadium is a situation that needs to be addressed. There is a vote coming up in May when citizens of Tempe will vote on whether or not to go ahead with plans to build a new arena in the near future. If they don’t go ahead with it, it could be bad news for the Coyotes.

Johnston also said Walsh is eager to start talks about the next World Cup and has his eye on February 2025 for that event. The last time hockey players took part in a best-on-best event was the World Cup in 2016. Walsh apparently is willing to start talking about the next one, even with Russia’s participation unlikely at this point.

Morning Notes: Bruins, Senators, Salary Cap

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Over the past couple of seasons, the Boston Bruins haven’t made big trade deadline splashes for rentals. Their two significant acquisitions in 2021 and 2022, Taylor Hall and Hampus Lindholm, signed extensions with the team and remain in Boston today.

In his latest for The Athletic, Fluto Shinzawa explains how that will be a tricky trend to repeat this season with Dmitry Orlov, Garnet Hathaway, and Tyler Bertuzzi. Although general manager Don Sweeney has expressed an interest in re-signing all three, signing an extension with only one would require multiple cap-dump trades. Matt Grzelcyk, Derek Forbort, and Mike Reilly would likely all see their way out of Boston this offseason, with the team likely to fetch far below market value on trades for Grzelcyk and Forbort if backed into a salary cap hole. Per CapFriendly, Boston has just over $10.5MM in projected cap space for 2023-24, not including potential performance bonus penalties carrying over from Patrice Bergeron’s and David Krejci’s contracts this season.

Other items dotting the league rumor wire this morning:

  • On last night’s edition of TSN’s Insider Trading, Chris Johnston noted that an ownership group led by The Hockey News owner Graeme Roustan, in conjunction with Canadian First Nations groups, has advanced past the first round of bidding to purchase the Ottawa Senators. Johnston reports that the group notably has an interest in developing the land around LeBreton Flats, realizing a long-time hope for a more centrally located arena in Ottawa.
  • Also on Insider Trading, Johnston says that the NHLPA is likely dead set against increasing escrow payments next season to accommodate for a larger salary cap increase. NHL commissioner Gary Bettman noted earlier this week that such an exchange would be necessary to increase next year’s salary cap past the projected $1MM bump to an Upper Limit of $83.5MM.

Snapshots: Salary Cap, Coyotes, Matthews

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The relatively flat salary cap over the last few seasons has certainly been a limiter on player movement over that time.  However, speaking with reporters today including Sportsnet’s Eric Engels, NHL commissioner Gary Bettman indicated a potential openness to boost the Upper Limit by more than the prescribed $1MM next season.  However, doing so would be tied to escrow:

We’re hearing around the bend from players and others that there may be interest in having that, but one thing to keep in mind if we’re going to raise the cap and the escrow hasn’t been paid off, is then we’re going to have to look at raising the escrow rates, which under the CBA extension in 2020 is locked into the last three years of the CBA term at 6 per cent. So, if you’re going to raise the cap prematurely, then you’re going to have to look at the escrow percentage as well. The two are inextricably tied together.

As Bettman noted, there now is a fixed cap on escrow which there wasn’t in the past and by his estimation, there is still around $100MM owed back to the owners to get back to the required 50/50 share of Hockey Related Revenue.  Increasing the escrow hasn’t been popular in the past so if incoming NHLPA Director Marty Walsh finds that the players don’t want to go that route again (even for just a short time), it could be one more year with a small increase before the cap goes up more quickly beginning in 2024-25.

Elsewhere around the hockey world:

  • The Coyotes are likely to be one of the few teams with significant cap space this summer but don’t expect them to automatically be too active in free agency. GM Bill Armstrong indicated on the latest Cam and Strick podcast (video link) that they’re also open to doing what they’ve done in recent years which is taking on unwanted contracts while stockpiling extra draft picks for doing so.  Arizona has stockpiled 47 picks over the next four seasons but have shown a willingness in the past to take on selections that are several years out.  If they opt to take on more unwanted contracts, it wouldn’t be surprising to see them concentrating on adding 2026 and 2027 draft picks in order to try to keep their pick cupboard spaced out.
  • While it has been speculated for a while, Maple Leafs center Auston Matthews confirmed to Jonas Siegel of The Athletic (subscription link) that the upper-body injury he has been dealing with for most of the year is a hand issue. However, the 25-year-old indicated that the hand is feeling a lot better now as of late which is certainly good news for a Toronto team that has made several moves to augment their roster at the trade deadline in the hopes of a long playoff run.  Even with the injury, Matthews still has 31 goals and 36 assists in 59 games so far.

Arizona Coyotes Acquire Jakub Voracek

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The Arizona Coyotes continue their run on contracts they will never have to pay out. The team has acquired Jakub Voracek from the Columbus Blue Jackets, along with a 2023 sixth-round pick, in exchange for Jon Gillies. Voracek’s career is in doubt, and according to Elliotte Friedman of Sportsnet, there is insurance coverage for next year’s $7.8MM salary.

The move is important for a few different reasons. One, it gets the Coyotes much closer to the salary cap floor for next season, meaning they can make additional trades in the next 24 hours to jettison more expensive pieces like Nick Schmaltz or Lawson Crouse that may be drawing interest.

For the Blue Jackets, the move lets them get out from long-term injured reserve and under the salary cap ceiling, meaning performance bonuses from this year will no longer be carried over to 2023-24. With only the cost of a sixth-round pick to pay, it makes plenty of sense to get Voracek’s contract off the books.

If it is the end of his career as suspected, thanks to multiple head injuries, Voracek will go down as one of his generation’s more underrated offensive players. With over 800 points in his career, he sits 177th all-time and is just shy of the top 100 in assists with 583.

He’ll join a long list of players who have technically been part of the Coyotes organization but never played a game for the team, should he miss next season as expected.

Arizona now has Voracek, Shea Weber, and Bryan Little on the books for next season, a total of nearly $21.4MM in cap hits that won’t play a minute of ice time. On the other hand, they also have 36 draft picks over the next three years, including 21 in the top three rounds.

Morning Notes: Cap Circumvention, Chychrun, Kane

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According to Chris Johnston of NorthStar Bets, the NHL sent out a memo this morning to teams explaining that they would “closely scrutinize” any trades of injured players with the express intent of keeping them on long-term injured reserve until the playoffs. Gustav Nyquist is a perfect example of this kind of trade chip, as he is not expected back in the regular season.

Scrutiny is one thing, but it’s hard to believe that the league would put a complete stop to these moves. In 2021, the Toronto Maple Leafs acquired Riley Nash, knowing he wouldn’t be ready before the playoffs, only to activate him for game one. It might mean a closer look at situations like Adam Henrique, as the Anaheim Ducks forward is not expected to miss the rest of the season, but is still on the shelf for another few weeks. Any acquiring team would likely be expected to activate him (and have the room to do so) well ahead of the playoffs, instead of waiting for the salary cap to disappear on day one of the postseason.

  • More smoke is rising from the Arizona Coyotes, who have one of the biggest trade chips in Jakob Chychrun sitting in the press box. Bruce Garrioch of Postmedia reports that the Los Angeles Kings, Washington Capitals, Carolina Hurricanes, Pittsburgh Penguins, and Edmonton Oilers are all pursuing the Coyotes defender. Chychrun hasn’t played since February 10 as he awaits his new destination.
  • Elliotte Friedman of Sportsnet points out that the New York Rangers don’t actually have to wait until tomorrow to acquire Patrick Kane, only past today’s salary cap threshold. The cap is calculated on the active roster at 4pm CT every day, meaning the Rangers could land Kane a few minutes later and have him applied to Wednesday’s number instead. All signs continue to point to Kane joining the Rangers this week, potentially even in time to take on the Philadelphia Flyers tomorrow night.

Snapshots: Puljujarvi, Korchinski, Walsh

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After a slow start, things haven’t gotten any better for Edmonton Oilers winger Jesse Puljujarvi this season. As his ice time continues to dwindle, currently being utilized in a fourth-line role, so does his trade value. The 2016 fourth-overall pick has just 10 points in 49 games this season after a 35-point campaign last year.

With Edmonton expected to go all-in at this year’s trade deadline, Puljujarvi will likely see his Oilers tenure end by March 3 to make room on the roster. Daily Faceoff’s Frank Seravalli outlined some potential destinations for the Finnish winger, also reporting that general manager Ken Holland sent a note to all 31 other NHL teams two weeks ago that Puljujarvi was available for trade.

That trade could come sooner rather than later, as the Oilers need to clear salary to activate Kailer Yamamoto from long-term injured reserve. They have at least another few days, as he’s not eligible to return until February 12. Seravalli lists the Florida Panthers, St. Louis Blues, and Tampa Bay Lightning as potential fits for Puljujarvi in a hockey trade but also says to keep the possibility of a pure cap-dump move to a salary cap floor-hugging team in mind.

  • In a mailbag piece released Wednesday, Scott Powers of The Athletic noted that 2022 first-round selection Kevin Korchinski could crack the Chicago Blackhawks’ NHL lineup out of training camp to start the 2023-24 season. Powers said the Blackhawks organization was impressed with his training camp before this season opened, and that “all signs” point to Korchinski being NHL-ready. Still 18, the left-shot defenseman has 40 points in 30 games with the WHL’s Seattle Thunderbirds this season.
  • TSN’s Darren Dreger reports that current United States Secretary of Labor Marty Walsh is the current front-runner to replace Donald Fehr as the NHLPA’s Executive Director. Dreger says an NHLPA board meeting is scheduled for tomorrow, which could yield a vote on whether to instate Walsh as the league’s top player representative. The former mayor of Boston, Massachusetts, has a strong labor union background and is certainly an interesting selection.

Latest On The Trade Market

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As the calendar turns to 2023 and teams approach the halfway mark in their seasons, focus starts to shift towards the league’s trade deadline, set for March 3rd. That might feel far away, and in terms of a team’s season it is, but in reality it’s just two months away. Earlier, TSN’s Pierre LeBrun, Chris Johnston, and Darren Dreger convened for today’s Insider Trading segment, where the group discussed a number of topics related to not only the upcoming deadline, but team’s strategies approaching their builds, their assets, and how they’ll manage the next two months.

There’s always the odd trade or two in the months leading up to the deadline, but it seems most business gets done in the few days before and the day of. So, why would we expect any different this year? As LeBrun points out, the answer may lie at the forefront of Canada’s World Juniors performance: Connor Bedard. Every team would love to have the phenom, but presumably only the winner of the Draft Lottery will have the opportunity.

LeBrun explains that the Bedard sweepstakes could push teams to trade players earlier, perhaps even in January, in order to fortify their chances in the lottery. In other words, though teams are hesitant to use the word “tank,” if that’s their mission, getting the talent that might win a few games off the roster sooner than later could sink the team even lower in the standings than had they waited another two months. LeBrun says these conversations are certainly happening, but cautions that with the sellers, the buyers need to agree too, but the buyers must deal with a tricky cap situation. With salary cap space growing as time moves on, the teams in the market for those rental players might not be able to make the move they want until closer to the deadline.

Generally, the hot commodities at the deadline are the talented rental players, which explains why so many teams pay the high prices for them. This year, that will likely hold true, but another hot commodity will be first-round picks. Even beyond the chance to win the draft lottery for the 16 eligible slots, the 2023 draft is expected to be deep, inflating the value of all first-round choices to an extent. Thus, those picks will be in high demand, says Johnston.

In fact, Johnston says shutdown defensemen like Joel Edmundson of the Montreal Canadiens and Vladislav Gavrikov of the Columbus Blue Jackets, could both fetch their teams a first-round pick and then some. Surprising as that might sound, consider last trade deadline when Montreal was able to secure a first-round pick (and more) for veteran defenseman Ben Chiarot, then a pending UFA. Here, the 29-year-old Edmundson is under contract for another season at a very affordable $3.5MM AAV, while Gavrikov, a pending UFA, is considered one of the league’s best shutdown defenseman and is just 27-years-old himself.

Also of note on Gavrikov, Johnston adds that the struggling Blue Jackets still haven’t determined if they’ll trade him or not. Columbus of course isn’t necessarily hoping to get into the playoff race this season, but could hope to re-sign the blueliner for themselves.

One rather interesting team heading into the deadline is the St. Louis Blues, who came into tonight with a 17-17-3 record. The team recently placed star forwards and pending UFA’s Ryan O’Reilly and Vladimir Tarasenko on IR, joining defenseman Torey Krug. Dreger notes that Blues’ GM Doug Armstrong doesn’t feel pressured to make a decision on what to do with either O’Reilly or Tarasenko, or his trade deadline approach for that matter. Instead, the organization will consider the trade value of their pending UFAs against the idea, and likelihood, of extending them.

There’s no doubt that either O’Reilly or Tarasenko would bring a large haul back for St. Louis, however trading either could foreclose any chance of bringing them back next year. That would be a tough loss, or losses, for a team still looking to compete and probably a bit surprised at their lack of success this season.

A final note, also from Dreger, is the status of the Chicago Blackhawks’ pair of franchise players: Jonathan Toews and Patrick Kane. Both are pending UFAs and both rumored to be on the move this winter. Dreger expects Pat Brisson, agent to both players, to engage in serious talks in the near future with each to determine the following: Do they want to be traded? If so, what does the contending field look like? And, would it be best to accept a trade, then look at the open market come July, or is a trade-and-sign an option?

As tough as it will be to move on, the Blackhawks will hope both players can be moved for a large return. However, both control their destiny, having complete no-move clauses, so a trade will not only be up to Chicago and their trade partner, but the player themselves.

PHF To Increase Salary Cap

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The Premier Hockey Federation has once again announced a major increase to its salary cap, raising the per-team ceiling to $1.5MM for 2023-24. That is twice as much as it was this season, and an incredibly large increase since 2021, when it was just $150K per team.

Reagan Carey, PHF commissioner, released a statement:

This historic salary cap increase reflects the strength of our league and developing business model, and supports an enhanced player experience that over the last year has introduced full healthcare benefits, facility upgrades, league expansion, and a record 84-game schedule.

We know how dedicated and selfless these players are to building more opportunities for women in sport, and the PHF is committed to prioritizing our support of these talented and skilled players on and off the ice. Players, alumni, staff, coaches, volunteers, partners, ownership, and our passionate fans have all been working towards ensuring full-time professional hockey is a career path for women.

The PHF is currently the only professional women’s hockey league in North America, though many of the best players are still touring with the PWHPA, which puts on showcase events across the continent.

The Boston Pride currently lead the way with a 7-1 record, while Brittany Howard is running away with the scoring race. The Toronto Six forward (and former PWHPA member) has 11 goals in eight games, five more than her closest competitor.

Bettman Updates Salary Cap Projection

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For everyone projecting a substantial salary cap increase for next season, commissioner Gary Bettman has a message for you: “we’ll see.” That’s what the executive told gathered media including Frank Seravalli of Daily Faceoff today at the board of governors meeting, explaining that the league is currently projecting a $70MM escrow balance at the end of the season. If that isn’t paid off in full by the players (through increased hockey-related revenue) the salary cap will be increased by just $1MM.

There has been some rumbling about a potential compromise with the NHLPA to increase it by a little over the next few seasons, instead of waiting for it to spike once the escrow balance is paid, but Bettman wouldn’t comment on that possibility.

That means the most likely outcome at this point is an $83.5MM cap ceiling for 2023-24. A much larger increase would follow in 2024-25 as that $70MM of debt would surely be paid off. Teams handing out long-term extensions or preparing for free agent negotiations will have to pinch a few extra pennies for a little while longer.

The interesting outcome that this could create is a number of free agents agreeing to one-year deals next offseason, knowing for certain that the cap would raise the following year. Restricted free agents may agree to more qualifying offers or go through the arbitration process instead of locking into multi-year bridge deals, and veterans could look to play out a single season before cashing in again when teams have some extra money to spend.

Either way, it appears as though true respite for the cap-strapped teams may still be a little way down the road.

Snapshots: Flames, Board Of Governors, Capitals

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The Calgary Flames are without two key players tonight as they take on the Montreal Canadiens. Before puck drop, the team announced center Elias Lindholm and defenseman MacKenzie Weegar are out with an upper-body injury and a non-COVID illness, respectively.

Mikael Backlund slides up to the top line in Lindholm’s absence, while Connor Mackey makes his sixth appearance of the season in place of Weegar. Lindholm isn’t quite producing at last year’s clip, but he still leads the team in scoring with 23 points in 28 games. Weegar’s yet to score his first goal as a member of the Flames, but has six assists in 28 games and is averaging over 20 minutes per game. Still, Calgary would like some more offense out of Weegar, who had a career-high 44 points last season as a member of the Florida Panthers.

  • Today wasn’t the most eventful opening day of the NHL’s Board of Governors’ meeting in Florida, but NHL.com’s Dan Rosen expects that to change tomorrow. Rosen notes that tomorrow’s docket includes salary cap projections for the 2023-24 season, updates regarding the ongoing sale process for the Ottawa Senators, and a potential fan code of conduct. NHL commissioner Gary Bettman will likely issue an update after tomorrow’s meetings conclude.
  • Speaking to reporters, including ESPN’s Greg Wyshynski, Washington Capitals owner Ted Leonsis said the team won’t enter a rebuild while Alex Ovechkin is still chasing the NHL’s all-time goals record. Ovechkin has noted a desire to remain competitive while chasing the record, vying for team and individual success. Leonsis also noted that Wayne Gretzky himself will be in attendance for all Capitals games as Ovechkin inches toward his record of 894 career goals.

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