NHL Morning Coffee Headlines – June 17, 2023
NHL Morning Coffee Headlines – June 17, 2023
The Canucks buy out Oliver Ekman-Larsson, Timo Meier seeks a long-term deal with the Devils, the Leafs will discuss a contract extension with head coach Sheldon Keefe, and more in today’s NHL Morning Coffee Headlines.
THE PROVINCE/CAP FRIENDLY: The Vancouver Canucks are buying out the contract of defenseman Oliver Ekman-Larsson.
The Canucks acquired Ekman-Larsson from the Arizona Coyotes in 2021. He had four seasons remaining on his contract with an average annual value of $8.25 million. Vancouver was carrying $7.26 million while the Coyotes retained the remainder. The buyout will affect the salary-cap payrolls of both clubs for the next eight seasons.
This move was made to free up much-needed cap space for the Canucks, who were sitting above next season’s projected $83.5 million salary cap. It provides $7.1 million in cap room this summer and $4.9 million in 2024-25.
They’ll face a cap hit of over $4.7 million annually in 2025-26 and 2026-27 before dropping to over $2.1 million annually over the remaining four years.
SPECTOR’S NOTE: The Canucks had no choice. They had to create cap room to become cap compliant at the start of next season and to improve their roster after missing the playoffs over the past three years. They obviously couldn’t find any takers for Ekman-Larsson in the trade market because of his contract and the decline in his performance over the past few years. He now becomes an unrestricted free agent on July 1.
The Coyotes’ cap hit isn’t as harsh. It’s $20K in 2023-24 and $320K in 2024-25, rising to $650K in 2025-26 and 2026-27 and dropping to $290K for the final four years. However, they lose one of their three retained salary slots over the eight-year period of the buyout.
SPECTOR’S NOTE: NHL teams can only have three contracts with salary retained on their books at any one time. The Coyotes now have two slots remaining.
NEW JERSEY HOCKEY NOW: The Devils filed to take Timo Meier to arbitration but the club could soon have an agreement on a new contract with the 26-year-old winger. General manager Tom Fitzgerald indicated that Meier has instructed his agent to negotiate an eight-year contract with the Devils.
SPECTOR’S NOTE: The Devils filed for arbitration to set a date to reach an agreement with Meier on a new contract rather than have it drag out throughout the offseason. The move also prevents the winger from signing his qualifying offer and prevents a rival team from swooping in with an offer sheet.
This report indicates there’s a mutual desire to get a long-term contract done. Fitzgerald indicated both sides are in constant communication.
The arbitration period is from late July into early August. However, it wouldn’t be surprising if the two sides hammer out a new deal by the end of this month.
TSN: The Toronto Maple Leafs and head coach Sheldon Keefe are expected to discuss a contract extension later this summer. Keefe’s current contract expires at the end of 2023-24.
SPECTOR’S NOTE: So much for Keefe losing his job. It appears the only significant shakeup for the Leafs this summer took place in the management office.
Keefe and Brad Treliving, the Leafs new general manager, are currently interviewing candidates to replace former assistant coach Spencer Carbery, who’s now the head coach of the Washington Capitals.
YAHOO! SPORTS: cited NHL insider Chris Johnston reporting the Leafs are unlikely to re-sign pending unrestricted free agents Michael Bunting, Alex Kerfoot and Justin Holl.
SPECTOR’S NOTE: Bunting is the most notable of this trio after exceeding expectations on a two-year deal worth $1.9 million. He’s evidently priced himself out of Toronto.
DETROIT HOCKEY NOW: It appears the Red Wings are unlikely to re-sign any of their pending UFAs. They reportedly made contract offers to Pius Suter and Alex Chiasson but both players passed on those offers.
NEW YORK POST: The Rangers re-signed defenseman Zac Jones to a one-year, two-way contract worth $800K in the first season and $825 K in 2024-25.
SPORTS MEDIA WATCH: Game 5 of the 2023 Stanley Cup Final between the Florida Panthers and Vegas Golden Knights was the least-watched Game 5 in 29 years. That game was the Cup-clincher for the Golden Knights as they won the series in five games.
SPECTOR’S NOTE: Critics of the NHL’s expansion into non-traditional markets have pounced on this as proof that hockey fans don’t want to see Stanley Cup Finals involving Sun Belt teams. UFC president Dana White believes it’s because the league is run by “old dumb f**king people who have no idea what’s going on” when it comes to marketing their product.
White’s salty assessment of NHL marketing isn’t without its merits. However, the ratings for Game 1 of the 2023 Stanley Cup Final saw an increase of 11 percent compared to the average Cup Final viewership from 2017-21 and was the second-most watched Stanley Cup Final game ever on cable.
I’d argue that the low ratings for Game 5 had more to do with how lopsided this series became as the Golden Knights dominated the underdog Panthers. Three of their five wins were by a margin of at least three goals, with Game 5 a 9-3 blowout in which Vegas was up 6-1 by the end of the second period.