Joining the Chicago Blackhawks in the land of salary cap reductions, San Jose will have a slightly smaller amount of dollars to use next season due to bonus overage:

Sources tell capgeek.com nine teams will face a cap reduction this coming season because performance bonuses earned pushed them past the upper limit in 2009-2010. The Blackhawks lead the way by a long shot at an estimated $4.15 million, but the Boston Bruins and Toronto Maple Leafs are getting hit hard too.

Other notable penalties include the Edmonton Oilers, at $354,000, and the San Jose Sharks, at $327,500.

>> Cap Geek

A penalty of $327,500 isn't crippling by any means, but does give Sharks General Manager Doug Wilson a little less to play with when trying to land a top tier defenseman via the trade or free agent market. It will be interesting to see if this has any consequences on the acquisition of players, but due to the relatively small size of the reduction, I doubt it influences things all too much.

For all armchair GM's out there, Capgeek has updated their cap calculator to reflect the situation.The Sharks now have $6.637MM available to use, with three forwards needing to be signed. That short list includes restricted free agent Devin Setoguchi, with most estimates pegging him in the $3.2MM range.

I'll be back later tonight with some potential trade targets San Jose could pursue.

Go Sharks.

The San Jose Sharks have signed Finnish goaltender Antero Niittymaki to a two year deal worth $2.0MM per year today according to Pierre Lebrun of ESPN.

The Sharks have also confirmed that he has been signed to a two year contract. Monetary details have not been disclosed by the team.

"He's the guy we wanted," Doug Wilson told Pierre Lebrun via text message.

Niittymaki is a thirty year old goaltender who posted a .909 SV% last season for the Tampa Bay Lightning. Many will remember his brilliant run during the 2006 Olympics in Torino, Italy, where he put the Finnish National Team on his back and led them to a silver medal.

Inconsistency has been a hallmark of Niittymaki's career, displaying periods of utter brilliance followed by stretches where he has trouble stopping the puck. He's not the bonafide starter that Evgeni Nabokov was for San Jose, and will likely compete year round for the starting role with Thomas Greiss.

Here are his statistics over the last six seasons:

In terms of reaction to the signing, Niittymaki is far from the least desirable goaltender on the market, but was not highlighted by Fear The Fin as a player who was in the upper echelon of unrestricted free agent netminders. The monetary compensation given to him does allow the Sharks to pursue a big ticket defenseman, which should now be a big priority for San Jose General Manager Doug Wilson.

A more detailed look at Niittymaki, as well as the Sharks moves on July 1st, will be posted later tonight.

Go Sharks.

The San Jose Sharks tendered qualifying offers to three notable restricted free agents today, ensuring that the organization will have the rights of Devin Setoguchi, Derek Joslin, and Steven Zalewski heading into free agency, which is set to begin on July 1st.

If either of these players rejects San Jose's initial offer and signs a contract with another team, San Jose will have an opportunity to match that contract, including all of its provisions (bonuses, no trade clauses et cetera) in order to retain their services.

If San Jose does not elect to match the contract, they would receive compensation in the form of draft picks for these players services. Based on the salary cap increase, here are the estimated numbers that Derek Zona of Copper and Blue expects to see at each level:

The teams listed under the N/A category currently do not have the necessary draft picks in order to extend an offer sheet at that level. Under the CBA's rules, a team who extends an offer sheet to an unrestricted free agent must have their own draft pick available at the relevant round required to compensate the player's initial team.

For example, the Minnesota Wild traded their 2011 second round draft pick with a pair of other players to the Boston Bruins in exchange for Chuck Kobasew. Unless they are able to engineer a trade with Boston in order to re-obtain that draft pick, they would be unable to extend offer sheets in the $1.55MM-$3.11MM and $4.67-$7.79MM range.

San Jose currently has their own draft picks in the 2011 NHL Entry Draft's first three rounds, and would be able to extend an offer sheet to any restricted free agent in this year's class.

Daniel Rahimi, Matt Jones, and Michael Vernace were not extended qualifying offers today, making them unrestricted free agents on July 1st. Rahimi was acquired from Vancouver last summer in a deal that saw Christian Ehrhoff and Brad Lukowich moved for salary cap purposes, leaving Patrick White the lone fruit remaining from that deal.

In other Sharks news, David Pollak of Working the Corners is reporting that Doug Wilson and upper management are still in contract negotiations with Manny Malhotra. Malhotra was a great addition to San Jose last season, providing big minutes on the penalty kill, succeeding at a phenomenal 62.5% in the faceoff circle, and chipping in 14 goals throughout the year. The two-way third line center has a booming slap shot that produces big rebounds, and would be an excellent addition to the team during 2011.

Whether or not he will be able to be re-signed is unknown at this point, with the Sharks having $8.965MM to fill out the roster. Nine forwards, six defenseman, and one goaltender are currently under contract at the NHL level.

Jay Leach has also been offered a contract to play with San Jose. It's a two-way offer, meaning that the Sharks would be able to move him between their minor league affiliate in Worcester and the big club depending on needs throughout the year. It's a strange move considering the signing of Niclas Wallin this weekend, as Leach is nothing but another bottom pairing defenseman whose age makes development all but an unachievable event at this point of his career. Bringing in a younger defenseman, such as Mike Moore, in the event a call up is required seems like a better use of resources for the organization considering Leach would be taking away a younger defenseman's playing time in Worcester.

Masterton nominee Jed Ortmeyer was told he would not be extended a contract this offseason.

Go Sharks.

Doug Wilson and Evgeni Nabokov met this afternoon to discuss the organization's plans for next season. Unfortunately for Nabokov, as well as the emotional heartstrings of many fans in San Jose, the Sharks have decided to go a different direction in 2010-2011:

Under the NHL’s current salary structure, there are only so many elite players a team can afford and sometimes something has to give. Due to this situation Sharks will be going forward with a new goaltending situation next year, meaning Evgeni Nabokov, who has held down the top job since 2000, will not be back in teal. Sharks Executive Vice President and General Manager Doug Wilson spoke with Nabokov in person Tuesday about everything.

- sjsharks.com

This of course runs contrary to previous reports that the Sharks were heavily interested in bringing the 34 year old back for another year.

From a business standpoint this is a strong decision-- while the Sharks pipeline outside of Thomas Greiss will not be ready to compete in the NHL next season, making a foray into the trade or free agent market a necessity, Nabokov was likely looking for a contract that exceeded what his actual value to the team would be next year. He's been an absolute workhorse for the organization, logging 70+ start seasons multiple times during his ten year run behind the San Jose pipes, but has failed to sufficiently outplay his backups during that same time. With somewhere in the neighborhood of $4.0MM+ a decent ballpark after a career year, and Nabokov reaching the point in his career where landing one last big deal should be a priority due to an increasing age, it only makes sense for both parties to amicably go their separate ways.

Tim Thomas has been connected to San Jose on various rumor sites, but you have to figure those reports have no merit-- it's very unlikely Wilson would forgo signing a fan favorite in order to obtain another 35 year old goaltender with three years and fifteen million dollars remaining on his deal.

We'll have a proper sendoff in the near future for the greatest goalie in the history of the franchise, but for now I'd like to personally thank Nabby for all of the great memories over the years. Although he never saw a Stanley Cup with his time in San Jose, Nabokov was the heart and soul of the team for nearly a decade, providing countless hours of entertainment with his quirky interviews, lightning glove hand, and aggressive style in net.

Thanks for the memories Mr. Nabokov. You will be missed.

Go Sharks.

Jed Jacobsohn - Getty Images

View full size photo »

San Jose Sharks Captain Rob Blake will be retiring after 21 NHL seasons, according to CSN Bay Area.

CSN explains that Blake had held off on announcing his retirement due to the current Stanley Cup Finals between Chicago and Philadelphia. Blake did not want to take any attention away from the event, and therefore, his decision will likely not be confirmed by the organization until next week.

This marks the second time in a year that a Hall of Fame worthy player has retired in San Jose after a twenty year NHL career. Jeremy Roenick, who was brought on in 2007 due to his ties with General Manager Doug Wilson and veteran presence, announced his retirement in San Jose on August 6, 2009 following the Sharks first round loss to the Anaheim Ducks.

Blake, however, goes out with a bigger bang. He took over the Captaincy from Patrick Marleau last summer, and despite receiving criticism from many for his defensive miscues and lack of mobility during the regular season, elevated his game during the 2010 postseason. Blake logged 23:20 of ice time in the Sharks run to the Western Conference Finals, and was a notable presence in his own end throughout the playoffs, leading the team with 44 blocked shots.

With Blake's retirement, questions have begun to surface as to who the Sharks will target during the 2010 offseason in order to shore up a defensive unit that was 20th in the league in terms of shots against. With goaltender Evgeni Nabokov's future uncertain with the team, going after a top-minutes defenseman such as Paul Martin or Dan Hamhuis would be an immediate boon for the franchise, and allow a less talented goaltending tandem to flourish by restricting shots on net.

Another story of this summer will be the Captaincy position. Attentive readers will remember the debates that raged across the city when Patrick Marleau was removed of the C last year, and it is likely a similar debate will take place this offseason.

However, the choice may not be as difficult. With defenseman Dan Boyle being one of the most outspoken Sharks to the media, and possessing a fire that many find admirable, it stands to reason that he will be the leading candidate heading into August. Joe Pavelski and Joe Thornton will likely be the front-runners for the assistant duties.

Fear The Fin would like to thank Rob Blake for his two-year service to the organization. Although his booming slap shot had lost a little bit of it's net nose as the years began to pile up, Blake was a world-class individual in San Jose and a player who elevated his game when it mattered most.

A Hall of Fame career to be certain, and a fine player who will most certainly be missed on Opening Night next year.

Go Sharks.

With the Olympics over, the NHL Trade Deadline is right upon us. Use this post for all comments concerning the various news you are hearing, and as always, please bring a link to the table if you are discussing rumors and/or announcing trades.

FTF Trade Target Articles

Dennis Seidenberg (FLA)

Jan Hedja, Raffi Torres (CBJ)

Pavel Kubina (ATL)

Tomas Kaberle (TOR)

The Pursuit for a Defenseman Reignited

David Pollak of Working The Corners attended the first Sharks practice since a 3-0 loss to Buffalo on February 13th, reporting on the non-Olympians as they gear up for the stretch run. Our coverage on Fear The Fin has centered almost exclusively around the Vancouver Games, and this article is a good catalyst for us to transition into what should be a compelling push towards yet another playoff run.

For starters, 38 year old Steve Shields was in net at practice. As Pollak mentions, Shields manned the pipes during San Jose's upset of the St. Louis Blues during the 2000 playoffs. That series was a perfect example of the volatility of playoff hockey-- it seemed as if every break went San Jose's way, from goals scored at off angles to St. Louis shots that rang off the pipes. And, of course, Owen Nolan's infamous goal from center ice in the waning seconds of the seventh game's first period, which stunned the crowd and put the Sharks up 2-0; they would go on to win that game by a score of 3-1, and cement the organization as a giant killer following equally surprising defeats of the Detroit Red Wings and Calgary Flames in the mid-90's.

Pollak also goes on to explain that Niclas Wallin is finally getting an opportunity to grasp the system, and that McLellan is using these practices as a mini-camp in order to emphasize the basics. All Sharks Olympians who have concluded their stay in Vancouver (Nabokov, Greiss, Murray) will be given some time off to rest.

The most interesting piece of information comes in the middle of the article. Manny Malhotra will be returning to the ice after the break, but defenseman Marc-Edouard Vlasic was not at Sharks Ice and his return to the team is still unknown.

We broke down his injury against the Chicago Blackhawks in late January this year. It is my belief that he suffered a knee injury, and at this point, you have to start to wonder just how serious things are. To my knowledge he has yet to skate with the team since leaving that game, and with San Jose's defense already a concern for the organization, losing your best shutdown defenseman will have some serious ramifications.

The trade freeze is lifted on Monday morning. With the deadline less than a week away, Vlasic's health will probably play the largest role in how Doug Wilson handles negotiations.

Keep your eye on this one.

Go Sharks.

[Update]: David Pollak of Working The Corners left a note in the comments of his most recent article:

Just reached Doug Wilson to check out that report on a deal for Niclas Wallin.

“There is nothing new on the trade front,” the Sharks general manager said, and I got the sense nothing was imminent either (let’s say the next 24 hours or so).

Wilson, we all know, won’t talk about specific players until all the signatures are on the paperwork. But he’s aware of the TSN report and what you see in the preceding graph is his response. Nothing more, nothing less.

- WTC Comments

*****

Per Darren Dreger of TSN:

Another trade is close. Canes working on sending Walling to SJ. Wallin won't play in Calgary tonight.

- Twitter

It's too early to call this one either way as there is no indication of who the Sharks will be giving up in the deal. As we mentioned earlier this week Darren Dreger is a trustworthy source for rumors, and while I wouldn't go as far to say that this is as good as done, it's about as close as you can get.

The 34 year old makes $1.725 M under the salary cap, and is set to hit free agency next year.

Wallin does see a lot of defensive zone draws with Carolina, as well as playing against some of the better competition opposing teams have to offer. There is some value here depending on what is being given up, but he is not the bona-fide defensive defenseman that San Jose would like to plug in heavy minutes.

Doug Wilson is doing one of three things with this deal-- a) clearing salary by sending a roster player to Carolina in order to make another move b) bolstering the depth of San Jose's backend or c) receiving another player in the deal that Dreger has not yet reported.

The only roster player who makes sense in a one-for-one roster player deal for San Jose is Kent Huskins, as he will allow the Sharks to get under the salary cap. I am not sure why Carolina would pursue this deal unless a prospect/pick is included, but it does allow the Sharks more space next offseason to pursue the free agency market. That is a plus.

San Jose may get a little better with a trade for Wallin, but are not significantly more dangerous than they were yesterday. Wallin on his own does not answer the blueline question that has been posed since the beginning of this season.

Alongside that, as has been thrown around in the comments, you have to wonder how injured Vlasic is at this point. This author believes Vlasic sustained a left knee injury against the Chicago Blackhawks, and the lack of news on the subject is beginning to sound like Doug Wilson is keeping his cards close to his vest in order to keep himself in a position of power when pursuing trade options. Speculation of course, but it is something to keep your eye on.

More to come. Hold on to your butts.

Go Sharks.