8 bad contracts the Sharks should consider

This week’s Board of Governors meeting in Seattle brought good news to the San Jose Sharks and other NHL teams – the salary cap will rise next season. According to Elliotte Friedman, the cap is expected to rise to approximately $87.7 million, a $4.2 million increase from this year’s $83.5 million.

Bettman at BoG: $6.2B US projected revenue…2024-25 salary cap $87.7M…finalizing plans to hold 2024 Draft at Sphere

— Elliotte Friedman (@FriedgeHNIC) December 5, 2023

The Sharks are already below the salary cap, so the impact of this increase may not be as great as it would have been a few years ago, but it’s still important. This not only allows the Sharks to take on a salary dump at the trade deadline this season, but the rising cap gives the team the option of helping another team offload a contract with term if the sweeteners are right.

Sharks’ current salary cap situation

According to Cap Friendly, as of Dec. 5, the Sharks are almost $3.4 million below the salary cap. At the current rate, the team should have nearly $10.5 million in cap space at the trade deadline. That’s a good chunk of change to absorb a salary dump from a contending team looking to add something at the trade deadline.

What’s more, there are several players on the current roster who become unrestricted free agents at the end of this season. If the Sharks don’t anticipate keeping these players around, it would make sense for the team to trade them at the deadline. Not only would that give the team more assets in the form of draft picks, but it may also make cap room to allow the Sharks to help multiple teams make the money work in trades.

The following players will become free agents after this season:

Five players, Luke Kunin ($2.75 million), Ty Emberson ($775,000), Filip Zadina ($1.1 million), Calen Addison ($825,000) and Nikita Okhotiuk ($789,167) are all scheduled to be restricted free agents at the end of this season. Any of these players could also be traded at the deadline, freeing up more cap space.

Bottom line, there’s a lot of money that could be moved out at the deadline.

Sharks cap situation gets interesting in 2024-25

Even if the worst happens and the Sharks can’t move any of those contracts at the trade deadline, virtually all of the unrestricted free agents will come off the books in 2024-25. We can debate at another time which ones should be re-signed and which one should be allowed to explore free agency, but it’s a total of $23.3875 million savings if nothing is done. With the jump in salary cap, the Sharks would be in an excellent position to add key pieces while not stressing out the team’s cap space too soon.

According to Cap Friendly, San Jose has $44,887,500 in salary committed in 2024-25 with 12 roster players and only 29 standard player contracts. That’s nearly $43 million available to add 11 roster players. There’s plenty of room to work with if the Sharks want to take on another bad contract or two and still build toward the future.

Deadline deals the Sharks should examine

So, with all of that in mind, here are some players the Sharks should consider trading for. In each scenario, San Jose isn’t taking on the contract to make the team better but rather facilitating a deal to help a contending team get better. That means the Sharks need to get draft picks, prospects or a combination of the two in return for playing facilitator.

Dmitry Orlov

Dmitry Orlov is in the first year of a two-year contract that pays him $7.75 million per year. That’s fine if he’s your top-pairing defenseman, but that’s way too much for a guy who plays on the Carolina Hurricanes’ third pairing.

Orlov has nine points in 24 games. San Jose could help Carolina gain some much-needed cap space if the Canes want it at the deadline. In fact, the Sharks could toss Mario Ferraro into the deal, someone the Canes have very much been interested in, according to 32 Thoughts’ Elliotte Friedman. Of course, the return would have to be hefty, but Carolina has the capital. The Hurricanes still have first and second-round picks for the next three seasons. There’s also a top defensive prospect like Alexander Nikishin to consider.

San Jose can afford to pay Orlov’s $7.75 million next season without hurting the team and Carolina desperately needs the cap space.

Tyler Myers

The Vancouver Canucks are very much in the playoff race and also very much against the cap ceiling. The team has a couple of million in cap space currently but will also want to bring defenseman Carson Soucy back into the lineup in a few weeks when he recovers from the lower-body injury he suffered while blocking a shot. Soucy’s $3.5 million cap hit will eat up all that available space and make a deadline deal for the Canucks virtually impossible unless the team moves salary out or someone gets hurt.

Trading Tyler Myers would very much help the Canucks in that regard and give the team space to bring in a few pieces at the deadline. Of course, whether the Canucks want to shake up the playoff-bound team simply to clear out some cap space to make room for new players is questionable. That’s a them question.

For the Sharks, the money works. Myers’ cap hit is $6 million, but he’s only owed $1 million because $5 million of that money is in bonuses. It expires at the end of the season. Financially, it doesn’t hurt at all. Plus, if you get something in return, say a mid-level draft pick, the deal is good. If San Jose and Vancouver swap players well before the trade deadline, the Sharks might be able to flip Myers with retained salary to another contender before the deadline and get more out of the deal.

Anthony Mantha

The Washington Capitals aren’t in the cap crunch other teams are in. There’s plenty of cap space to work with after Nicklas Backstrom went on LTIR. However, if the Caps are looking to add a big name for a playoff push and need some more cap space, then Anthony Mantha is a prime target for trade.

Mantha is signed for $5.7 million and becomes an unrestricted free agent at the end of this season. He’s underperforming that cap hit, scoring eight points in 19 games. The Sharks would happily take Mantha off the Caps hands for picks or a prospect.

Jack Campbell

I loathe the idea of helping out the Edmonton Oilers, but here we are. Jack Campbell is not doing well in the AHL. He’s had some good games and he’s had some bad games. He’s certainly not living up to that $5 million contract he has through 2026-27. The Sharks could help the Oilers and take Campbell’s contract off the team’s hands.

This would definitely require the return of a first-round pick and maybe that defensive prospect Philip Broberg the Oilers are rumored to be shopping. However, the cap relief it would give the Oilers now and into the future might be worth it. Plus, what if the Sharks tossed in Kaapo Kahkonen who is performing well this season? There could be a huge return for San Jose in this deal and the Oilers would get out from underneath a contract that could hurt the team’s playoff chances for years to come. It seems like a win-win.

For Sharks fans worried about shouldering that deal for years to come, don’t. Right now, the Sharks have cap space to work with and Campbell’s contract will come off the books if/when it’s time to renew the Will Smith contract that’s not even signed yet.

In the short-term, Campbell can play backup to Mackenzie Blackwood next season and then get shuffled down to the AHL when any of the prospects, say Magnus Chrona, are ready to try their hands in the NHL. Campbell’s buried cap penalty is $3.85 million less than the cap is projected to go up, so it’s manageable. What’s more, if Campbell continues to play at his current level, I don’t think the Sharks would be upset if a desperate team “stole” Campbell off the waiver wire as the Sharks shuffle to goalies depending on development.

Off-season potential trade targets for the Sharks

These are contracts the Sharks could and should absorb before the draft if the price is right.

Barclay Goodrow

Would San Jose consider welcoming Barclay Goodrow back into the fold? The 30-year-old has a modified no-trade clause that includes a 15-team no-trade list. He has three seasons left on his contract after this one, with an easy-to-swallow $3,641,667 AAV. It’s not a great deal for a contending team like the New York Rangers that needs to extend young A-list prospects. However, a team like San Jose could easily absorb Goodrow’s cap hit and ride it out to completion without hurting the team’s plans. Goodrow is still an NHL-caliber player and will be through the end of his contract.

I can’t see this happening before the trade deadline. The Rangers will want Goodrow for the playoffs. However, it should be something the Sharks consider in the offseason if the Rangers are willing to toss in a few draft picks in exchange for helping New York alleviate some of its cap crunch.

Brendan Gallagher

The Montreal Canadiens are right up against the cap ceiling with no promise of competing in the playoffs this season. That’s not good for a team that’s trying to rebuild. Montreal has a lot of restricted free agents to sign, so the team is likely going to need relief from Brendan Gallagher’s cap hit of $6.5 million through 2026-27.

The Sharks could make the San Jose’s cap space available, but it would have to come at a steep price. After all, the term on Gallagher’s deal will cause many teams to balk. But Montreal has draft picks and some top defensive prospects. A combination of those might convince General Manager Mike Grier to take on another bad contract with term.

Ryan Suter

Defenseman Ryan Suter is 38 years old and will be 39 on Jan. 21. He has one more season after this one with a $3.65 million cap hit. While the Stars will likely want him for the playoffs this season, it’s hard to see a team with young prospects on defense wanting to keep a player who will turn 40 in the middle of next season on the roster for that price. The Sharks, however, could handle that deal.

Suter could help guide some younger Sharks prospects as they work their way into the NHL. Using him as a veteran presence alongside a young player like Shakir Mukhamadullin might be beneficial to both players. After all, Suter is currently pairing with Miro Heiskanen.

While the Stars don’t need the cap space a trade would provide, I’m sure the team won’t balk at the idea of offloading the final year of the deal, either.

Cal Peterson

Campbell should be the Sharks’ first look in terms of taking on a bad goaltending contract simply because it will yield the best return in terms of prospects and picks. The Oilers are in win now mode, the Philadelphia Flyers are not.

That said, if the Flyers are looking to get rid of the Cal Peterson contract, the Sharks should at least listen. Peterson is another one of those goalies buried in the AHL. Like Campbell, Peterson is signed to a $5 million deal, though this one expires in 2024-25. It’s certainly within the realm of possibility that the Sharks, who will need a second goaltender in 2024-25, could use Peterson to play alongside Blackwood. As with Campbell, if Chrona is ready to move up, dropping Peterson back to the AHL and taking the $3.85 million buried cap penalty would not be a problem.

This is an offseason move because the Sharks should use the team’s available cap space right now to help a contending team, i.e. a desperate one, make a deal. Then, if there’s still room in the offseason, the team can use that cap space again to take on another bad contract.