Looking Back On The Sharks Re-Signing Celebrini

by | Sep 12, 2026

Looking Back On The Sharks Re-Signing Celebrini

With NHL training camps opening on Sept. 16, I’m looking back on my reaction to some of the summer’s biggest stories. Today, it’s the San Jose Sharks signing Macklin Celebrini to what was then a record-setting contract extension. 

Celebrini has only played two NHL seasons, but he earned that whopping pay raise after finishing fourth among NHL scorers last season with a franchise-best 115 points. He is truly a generational talent who established himself among the NHL’s superstars last season and the undisputed foundation player for the rebuilding Sharks. 

San Jose Sharks center Macklin Celebrini (NHL Images).

Celebrini is another high-salaried player earning the bulk of his money in annual signing bonuses. It’ll be interesting to see if the league allows that practice to continue in the next CBA once the current one expires in September 2030.

Signing bonuses aren’t a salary-cap loophole because the total value of the bonus counts against the average annual value. What it does is guarantee players more money upfront, even if there’s a lockout or an unforeseen event (like a pandemic) that could shorten or shut down a season.

What could make signing bonuses a contentious issue is that wealthy teams can afford them more easily than small-market or cap-strapped teams. That could give deep-pocketed clubs an edge in re-signing talent, especially those eligible for unrestricted free-agent status.

It also creates the situation we saw with Anaheim Ducks center Leo Carlsson. Earlier this month (July 2026), he signed an expensive offer sheet with the Philadelphia Flyers, who gambled that the Ducks couldn’t afford to match it because of the hefty signing bonuses. The Ducks matched, but it created an expensive headache for them later.

The Sharks had little choice but to sign Celebrini to his expensive new contract. It will also cost a lot to re-sign Smith, something Grier understandably wants to do now before his value climbs again. Misa could also be another high-priced re-signing next summer if he blossoms as expected in his sophomore campaign.

Misa is justified in his excitement about his promising team’s future. However, building the Sharks into a contender got more expensive.

PuckPedia indicates that the Sharks currently have $34.7 million cap space for 2027-28, the first season under Celebrini’s new contract. Assuming Smith gets $10 million annually and Graf $6.5 million on long-term deals, they’ll have around $18.2 million left. That will give them more than enough to re-sign promising goalie Yaroslav Askarov, who is an RFA with arbitration rights next summer, and sufficient space to fill out the remainder of the roster.

However, it could become more costly over the following two years. That’s when Misa, Sam Dickinson, Igor Chernyshov, and Stenberg will be due for new contracts. They’ll also face finding suitable replacements for aging core players Tyler Toffoli and Dmitry Orlov, and for backup goalies Alex Nedeljkovic and Eric Comrie.

The rising cap should help Grier in his efforts to re-sign or replace those players. However, the cost of doing so could reach a point where they run out of sufficient salary-cap space to add the necessary depth to become a Stanley Cup contender.










The Carlsson Offer Sheet And Its Aftermath

by | Sep 6, 2026

The Carlsson Offer Sheet And Its Aftermath

With NHL training camps opening on Sept. 16, I’m looking back on my reaction to some of the summer’s biggest stories.

The following is my initial reaction to the Philadelphia Flyers signing Anaheim Ducks center Leo Carlsson to a five-year offer sheet on July 3, with what was then a league-record average annual value of $18 million.

Anaheim Ducks center Leo Carlsson (NHL Images)

The last time any team signed a player to an expensive offer sheet was in the summer of 2012, when the Flyers (!) inked Shea Weber of the Nashville Predators to a 14-year, $110 million offer sheet, which the Predators matched. That contract finally expired at 11:59 PM on June 30.

It’s a bold move by Briere, one that could be costlier than the big bite it will take out of the Flyers’ salary-cap payroll if the Ducks decline to match the offer.

Carlsson has established himself as a first-line center with the potential to become a superstar. However, he hasn’t yet reached the level where he deserves to be the league’s highest-paid player in terms of AAV. That will have a wide-ranging effect on the cost of signing every comparable young NHL player, including those of the Flyers going forward (hello there, Matvei Michkov, if he has a significant bounce-back performance this season). 

Another factor is the possibility that Carlsson struggles to adjust to a new club in one of the NHL’s bigger markets under a much harsher spotlight than he’s faced in Anaheim. He’ll definitely feel the pressure to meet the expectations that come with that massive annual cap hit.

If Carlsson adjusts quickly and meets those expectations, this signing could be remembered as the moment when the Flyers became a powerhouse. If he falters, it will be seen as the beginning of the end of Briere’s tenure as general manager.

For the Ducks, some folks believe this is karma biting Verbeek for his years of playing hardball with restricted free agents such as Drysdale, Zegras, and Mason McTavish, all of whom no longer play for the Ducks. They feel Verbeek could’ve avoided this had he signed Carlsson to a lucrative new contract on July 1 instead of trying to play the waiting game.

The Ducks are damned if they do and damned if they don’t. Most observers expect they’ll swallow hard and match the Flyers’ offer. Doing so will definitely screw up their salary cap for this season and complicate efforts to re-sign Gauthier and Mintyukov, especially if the latter signs an offer sheet. Letting Mintyukov go will weaken their already thin blueline for this season.

SPECTOR’S NOTE: On July 9, the Ducks matched the Flyers’ offer sheet for Carlsson. 

Most observers expected Anaheim to match the offer. Ducks general manager Pat Verbeek is publicly pleased to retain Carlsson, but his lack of foresight in this situation has significant salary-cap consequences for his club.

Keeping Carlsson screws up the Ducks’ salary cap for this season, leaving little space to re-sign high-scoring winger Cutter Gauthier and to bolster their young blueline. It will also affect their cap plans throughout Carlsson’s contract, potentially hampering their development as a future Stanley Cup contender.

However, not matching the offer would’ve cost them their first-line center, setting them back for a few years as they tried to find a suitable replacement.

Some observers suggested using the four compensatory first-round picks they would’ve received from the Flyers as trade bait to address that issue. That’s much easier said than done, and anyone they find might not adequately replace Carlsson.

SPECTOR’S NOTE: On July 30, I looked at the long-term impact the Carlsson offer sheet would have on future contracts for NHL stars.

The ripples from the Flyers’ bid to land Carlsson will be felt for years. It couldn’t have happened without the substantial increases in the salary cap.

It could also create a situation in which the NHL once again finds itself with “have” and “have-not” franchises, something the salary cap was supposed to address over 20 years ago. Teams in smaller markets could find it difficult to reach the annual salary cap minimum, losing players through free agency or cost-cutting trades to wealthier markets flush with cap space. 

The NHL has a better revenue-sharing system in place to help small-market or struggling franchises than it did over 20 years ago. Nevertheless, it might not be enough to help some of them remain competitive against richer, well-managed teams.










Steve Yzerman Out as Red Wings General Manger

by | Jul 15, 2026

Steve Yzerman Out as Red Wings General Manger

The Detroit Red Wings announced that Steve Yzerman is moving out of his role as general manager to become a senior advisor to team governor and CEO Chris Illich.

According to the press release, Illich is leading the search for a new general manager.

Yzerman had been the Red Wings’ GM since 2019. During that tenure, the club failed to make the playoffs, a drought that has now lasted a decade.

Detroit Red Wings general manager Steve Yzerman (NHL.com).

SPECTOR’S NOTE: This might look like a promotion for Yzerman, but it isn’t. The only reason he’s staying with the organization is his legendary status as one of the greatest players in franchise history.

As a player, Yzerman became a Red Wings legend, the captain who led them to three Stanley Cup championships. However, he was unable to replicate that success as their general manager.

When Yzerman took over as the Wings’ GM, he was coming off a successful tenure building up the Tampa Bay Lightning into a Stanley Cup contender. He had drafted cornerstone players such as Nikita Kucherov and Andrei Vasilevskiy, as well as centers Brayden Point and Anthony Cirelli, all of whom remain with the Lightning today. He was named General Manager of the Year in 2015.

It was expected that Yzerman would have the same front-office success when he returned to the Red Wings in 2019.

For a while, it appeared the Red Wings were heading in the right direction. He drafted defensemen Moritz Seider and Simon Edvinsson and winger Lucas Raymond, traded for Alex DeBrincat, and signed free agent Patrick Kane. In recent years, their prospect pipeline has been considered among the league’s best.

The Red Wings’ record gradually improved. In each of the last three seasons, they were holding playoff berths entering March, only to collapse down the stretch. A lack of reliable goaltending, blueline depth, and scoring punch remained issues that Yzerman struggled to address.

However, Wings fans were growing impatient over the club’s inability to get over the playoff hump. They booed the club off the ice during their final home game last season.

Team captain Dylan Larkin publicly criticized Yzerman’s inability to acquire help during the March 2025 trade deadline. Last month, it was reported that he requested a trade, which has been fodder for the rumor mill ever since.

The ongoing Larkin situation may have been the last straw for Illich. Whatever prompted this move, the fact remains that Yzerman’s tenure as general manager will be considered a failure.

He leaves the role with a team captain wanting a trade, a roster riddled with questions, and a fan base that has lost faith in the club’s direction.










Notable NHL Free Agent Signings and Trades – July 1, 2026

by | Jul 1, 2026

Notable NHL Free Agent Signings and Trades – July 1, 2026

The Edmonton Oilers sign goaltender Frederik Andersen to a one-year contract with a $1 million base salary and $1.8 million performance bonus.

The Winnipeg Jets signed defenseman Mario Ferraro to a three-year contract worth an average annual value of $4 million

Sportsnet’s Elliotte Friedman reports the New Jersey Devils have signed Utah Mammoth restricted free agent forward Barrett Hayton to a one-year offer sheet worth $4.775 million. The Mammoth will receive the Devils’ 2027 second-round pick as compensation if they don’t match the offer within seven days.

The Utah Mammoth signs winger Anders Lee to a three-year contract worth an average annual value of $5.4 million.

The Edmonton Oilers sign defenseman Ryan Shea to a five-year contract worth an average annual value of $4 million.

The New York Rangers trade defenseman Will Borgen to the Boston Bruins in exchange for a 2027 second-round pick and a conditional third-rounder in 2028.

The New York Rangers acquire defenseman Marcus Pettersson from the Vancouver Canucks in exchange for a 2030 first-round pick (top-10 protected).

The Edmonton Oilers trade defenseman Darnell Nurse to the San Jose Sharks in exchange for defenseman Shakir Mukhamadullin and prospect blueliner Zack Sharp. The Oilers did not retain salary in this deal.

The New York Rangers trade center Vincent Trocheck to the Utah Mammoth in exchange for defenseman Sean Durzi, prospect center Cole Beaudoin, and a 2027 third-round draft pick.

The Washington Capitals sign Boone Jenner to a four-year contract with an average annual value of $5.75 million.

The Toronto Maple Leafs trade goaltender Dennis Hildeby, a 2027 fourth-round pick, and a 2028 third-round pick to the Tampa Bay Lightning in exchange for forward Nick Paul.

The Boston Bruins trade goaltender Joonas Korpisalo to the New York Rangers for a fourth-round pick in 2028.

The Pittsburgh Penguins signed winger Andrei Kuzmenko to a one-year, $5 million contract.

The New York Rangers signed forward Oliver Bjorkstrand to a one-year, $4.5 million contract.

The Toronto Maple Leafs sign center Colton Sissons to a two-year contract worth an average annual value of $4.25 million.

The Toronto Maple Leafs sign goaltender Sergei Bobrovsky to a three-year deal worth an average annual value of $7 million.

The San Jose Sharks sign defenseman Jacob Trouba to a four-year contract worth an average annual value of $8.25 million.

Toronto Maple Leafs sign goaltender Sergei Bobrovsky (NHL Images).

The Winnipeg Jets sign goaltender Stuart Skinner to a two-year contract worth an average annual value of $3.75 million.

The Toronto Maple Leafs sign forward Jack Roslovic to a two-year contract with an AAV of $4 million.

The Colorado Avalanche sign forward Jaden Schwartz to a three-year contract worth an AAV of $3.25 million

The Florida Panthers re-sign forward Eetu Luostarinen to an eight-year contract worth an AAV of $5 million.

The Vegas Golden Knights re-sign defenseman Rasmus Andersson to a seven-year contract with an average annual value of $8.5 million.

The San Jose Sharks signed winger Mason Marchment to a five-year contract worth an average annual value of $7 million.

The Detroit Red Wings sign winger Viktor Arvidsson to a two-year contract worth an AAV of $5 million.

The Los Angeles Kings sign winger Mats Zuccarello to a one-year contract worth $1 million in base salary, along with a $5.5 million performance bonus. 

The Montreal Canadiens sign winger Ivan Demidov to an eight-year contract extension worth an average annual value of $9.125 million.

The Chicago Blackhawks sign defenseman Bowen Byram to a six-year, $75 million contract extension with an average annual value of $12.5 million.

The New Jersey Devils sign center Nico Hischier to a five-year, $58.5 million contract extension with an average annual value of $11.7 million.

The Dallas Stars trade forward Mavrik Bourque and defenseman Ilya Lyubushkin to the Nashville Predators in exchange for a second-round pick in 2027 and a third-round pick in 2028.

The Florida Panthers sign Radko Gudas to a six-year contract with an AAV of $1.5 million.

The Toronto Maple Leafs trade winger Nick Robertson to the Pittsburgh Penguins for a fourth-round draft pick (year TBD).

Buffalo Sabres re-sign defenseman Olen Zellweger to a three-year, $9 million contract with an AAV of $3 million.

The Los Angeles Kings sign forward Erik Haula to a two-year contract with an AAV of $3.6 million.










NHL Trade Tracker – June 26, 2026

by | Jun 26, 2026

NHL Trade Tracker – June 26, 2026

The Utah Mammoth traded the 23rd overall pick to the Detroit Red Wings for goaltender Sebastian Cossa.

SPECTOR’S NOTE: The Mammoth needed a backup for Karel Vejmelka, who could one day become a starter. Cossa will have an opportunity to take over that role in Utah. 

The Anaheim Ducks trade Mason McTavish to the St. Louis Blues for the No. 15 and 29 picks in this draft (as per Elliotte Friedman of Sportsnet).

Anaheim Ducks trade center Mason McTavish to the St. Louis Blues (NHL Images)

SPECTOR’S NOTE: McTavish was a fixture in the rumor mill for months. He’ll likely slot into their second-line center position with promising Dalibor Dvorsky centering their third line. He can also skate on the left wing. McTavish, 23, is a cost-controlled young player with an AAV of $7 million through 2030-31.

The New York Rangers acquire winger Pavel Dorofeyev from the Vegas Golden Knights in exchange for the No. 26 pick in this draft, a third-rounder in this draft, and a conditional 2028 first-round pick (top-10 protected). 

SPECTOR’S NOTE: Dorofeyev is a restricted free agent, meaning the cap-strapped Golden Knights might not have been able to match an offer sheet for him. The 25-year-old winger is a two-time 30-plus goal scorer who should be a solid fit among the Rangers’ top-six forwards. It’s also a significant loss for the Golden Knights’ offense. 

**UPDATE**  Sportsnet’s Elliotte Friedman reports the Rangers will sign Dorofeyev to a seven-year contract worth an AAV of $11 million. 

The Boston Bruins have acquired winger JJ Peterka from the Utah Mammoth in exchange for a 2026 first-round pick and the 2028 first-round pick (originally from the Florida Panthers, top-10 protected).

SPECTOR’S NOTE: A year ago, the Mammoth acquired Peterka from the Buffalo Sabres in exchange for Josh Doan and Michael Kesselring, signing him to a five-year deal worth an average annual value of $7.7 million. After tallying 68 points with the Sabres in 2024-25, he had 47 points in 82 games with the Mammoth, and no points in six playoff games.

The Chicago Blackhawks trade winger Andre Burakovsky to the Ottawa Senators for a 2027 sixth-round pick (as per Frank Seravalli).

SPECTOR’S NOTE: Straightforward salary dump by the Blackhawks. Burakovsky has a year left on his contract with a cap hit of $5.5 million. His best season was in 2021-22 with the Avalanche, netting 61 points. He hasn’t come close to those numbers since.

The Anaheim Ducks trade defenseman Olen Zellweger to the Buffalo Sabres for prospect center Anton Wahlberg and a second-round pick (45th overall) in this year’s draft.

SPECTOR’S NOTE: There’s your replacement for Bowen Byram, Sabres fans.

Ottawa Senators acquire goaltender Samuel Ersson from the Toronto Maple Leafs in exchange for a fifth-round pick in the 2027 NHL Draft.

SPECTOR’S NOTE: The Maple Leafs acquired Ersson from the Philadelphia Flyers in a multiplayer trade on June 16.

The Montreal Canadiens acquire forward Brett Berard from the New York Rangers for defenseman William Trudeau.










NHL Trade Tracker – June 23, 2026

by | Jun 23, 2026

NHL Trade Tracker – June 23, 2026

St. Louis Blues trade winger Jordan Kyrou to the Washington Capitals (NHL Images).

 The Buffalo Sabres trade defenseman Bowen Byram and forward Jordan Greenway to the Chicago Blackhawks in exchange for the fourth-overall pick in the 2026 NHL Draft, defenseman Louis Crevier, and a 2026 second-round pick.

The St. Louis Blues trade winger Jordan Kyrou to the Washington Capitals in exchange for forward Connor McMichael, prospect forward Milton Gastrin, and a first-round pick (No. 16) in the 2026 NHL Draft. Kyrou waived his no-trade clause to join the Capitals.

The Ottawa Senators acquire winger William Eklund, forward Kasper Halttunen, and the rights to forward prospect Brandon Svoboda from the San Jose Sharks in exchange for the No. 9 pick in the first round of the 2026 NHL Draft. That pick originally belonged to the Florida Panthers.

The New Jersey Devils traded defenseman Simon Nemec and forward Maxim Tsyplakov to the Calgary Flames for conditional first-round picks in the 2027 and 2028 drafts, a second-round pick in the 2026 draft, and prospect defenseman Etienne Morin. Both conditional picks are top-10 protected.