Jan. 8: Nylander and the Maple Leafs are indeed closing in on an eight-year, $92MM total value extension, TSN’s Darren Dreger corroborates Monday morning. There is still “some work getting done” on the deal, however, and it’s unclear whether it will become official today. Chris Johnston of TSN and The Athletic expects the deal to contain full no-movement protection and “favorable bonus structuring.”
Jan. 6: The Maple Leafs could announce an extension for star winger William Nylander after returning from their California road trip, potentially on Monday, Sportsnet’s Elliotte Friedman said on tonight’s Hockey Night in Canada broadcast. Per Friedman, it’s likely to be an eight-year deal carrying a stratospheric AAV of $11.5MM.
That price tag is roughly $2.5MM higher than what new Toronto GM Brad Treliving offered in the early stages of negotiations last summer. Nylander’s 43-goal, 116-point pace through 36 games has eliminated the possibility of a seven-figure cap hit, however, solidifying him as the best pending free agent available in the 2024 class.
It’s also a significant increase on the $10MM-per-season deal Nylander reportedly requested before this season began. Throughout his torrid start to the campaign, which included a franchise-record 17-game point streak, the reported cap hit on an extension began to steadily climb. With that ascent now seemingly arriving at the $11.5MM mark, Treliving won’t wait any longer to put pen to paper and keep his team’s current points leader in the organization long-term.
That contract would tie Nylander for the fifth-highest cap hit in the league beginning next season with Penguins defenseman Erik Karlsson, who they have at a reduced price of $10MM through the retained salary trade that brought him there from the Sharks last summer. It also leaves Toronto with two of the top five most lucrative contracts in the league beginning in 2024 – star center Auston Matthews’ $13.25MM AAV extension will give him the highest cap hit in the league.
His performance this season seems like the real deal, and advanced metrics suggest this similar rate of production should be sustainable for a number of years as he plays out his prime. Despite his career-high goal-scoring pace, his 12% shooting percentage this season is actually less than his 12.3% career average. His two-way game has never been better, either – he’s on pace for an expected rating of +24.6, which would shatter his career-high of +18.9 set last season.
So, in a vacuum, it may be difficult to criticize the price tag given his market value as a pending UFA. However, that cap hit works out to a combined $46.6MM in spending wrapped up in Matthews, Nylander, Mitch Marner, and John Tavares next season – over 53% of the $87.5MM salary cap in 2024-25 spent on four forwards. That doesn’t include Morgan Rielly and his $7.5MM cap hit, which works out to nearly 62% of the salary cap spent on five players. With the current LTIR relief of John Klingberg, Matt Murray and Jake Muzzin all coming off the books next summer, it’ll be an extremely tight one-year squeeze until Marner’s and Tavares’ deals expire in 2025.
Assuming both Marner and Tavares stay with Toronto, the former likely won’t command a significant raise on his current $10.9MM cap hit. However, Tavares’ $11MM cap hit will likely see a multi-million dollar reduction, freeing up a notable amount of money for Treliving as the salary cap jumps to an expected value of $92MM in 2025-26.
Nylander will be 28 years old when the deal begins, and if it’s signed as reported, he’ll be 35 years old in the last season of the deal in 2031-32. Avoiding a long-term commitment to Nylander into his late 30s should help Toronto avoid some serious devaluation of the contract in the final few seasons, but even with a rising salary cap, it’s fair to expect the contract to age poorly in its seventh and eighth seasons as is the case with most long-term deals signed near the beginning of a player’s UFA eligibility.
Nonetheless, it expects to be another landmark signing for a team that’s had quite a few of them in the last decade. The ultimate question – whether or not this core can lead them to a Stanley Cup – of course remains to be seen. With Nylander posting a point per game over his last three playoff runs, however, there’s little doubt about his individual ability to perform in mid-April and beyond.