Though it happened earlier than expected, the San Jose Sharks have traded goaltender Mackenzie Blackwood. In a trade announced today by the Sharks, Blackwood, forward Givani Smith and a 2027 fifth-round pick were traded to the Avalanche in exchange for goaltender Alexandar Georgiev, winger Nikolai Kovalenko, a 2026 second-round pick and a conditional 2025 fifth-round pick. The conditional pick becomes a fourth-round pick if Blackwood meets two of the following three conditions:
- The Avalanche advance to the third round of the 2024-25 playoffs;
- Blackwood wins 25 regular season games from now through the end of the 2024-25 season;
- Blackwood starts 30 regular season games from now through the end of the 2024-25 season.
For the record, the Avs have played 29 games this season, which means the team has 53 games remaining.
Money matters, Blackwood Georgiev trade
Financially, there was one more piece of the trade. The Avalanche agreed to hang on to 14% of Georgiev’s contract. In this instance, it wasn’t really about the money. The Sharks are still eight million plus under the salary cap, so $1.05 million discrepancy between Georgiev’s contract and Blackwood’s was negligible. What’s more, both goaltenders are in the final years of their respective contracts, so the savings doesn’t impact next season.
More than likely, the hope is that the Sharks might be able to flip Georgiev at the deadline for a late-round pick or a prospect that needs a change of scenery. A $2.924 million cap hit might make Georgiev more appealing at the deadline, especially since the Sharks do not have any retention spots left this season.
In terms of the other two players in this deal, Kovalenko’s contract is $896,250 cap hit. This is the final year of his deal, but the 25-year-old is a restricted free agent and is under team control in the summer.
Meantime, Givani Smith is in the final year of his $800,000 contract. He will be an unrestricted free agent after this season.
Ultimately, the Sharks add approximately $1.146 million cap hit when you take in the difference between the four contracts.
What do the Sharks get in Georgiev?
The short answer is not enough, well, at least if you want the Sharks to keep winning.
If you asked the Avalanche at the beginning of the season, the team would have you believe that Georgiev was enough to lead the team to the playoffs once again this season. After all, in 2022-23, Georgiev had a 40-16-6 record with a 2.53 goals against average and a .919 save percentage. The following season, in 2023-24, he went 38-18-5 with a 3.02 goals against average and .897 save percentage. The Avs were confident enough that they would get the 2022-23 version of Georgiev instead of 2023-24 version.
However, in the 2024-25 season, Georgiev had digressed further.
He is below league average on almost every stat on Evolving Hockey’s chart. What’s more, shorthanded, where you want your goalie to be your best player on the ice, he can barely muster break-even stats. The worst piece is that compared to every other goalie who has played at least one game this season, Georgiev ranks 69th out of 74 on goals saved above expected.
He’s at minus-6.9 for the season.
Of course, there is a silver lining for Sharks fans. Now, you can cheer for the rookies to score as much as they want. Without Blackwood in the back saving some of the other team’s expected goals, we can rest assured that the other teams will outscore us again.
What does Kovalenko bring to the table?
Kovalenko is an undersized winger, at least by NHL standards. The 25-year-old forward is 5-foot-10 and weighs 180 pounds, according to his NHL page. He’s expected to begin his time with the Sharks today against the Hurricanes in Raleigh, North Carolina, which just so happens to be where Kovalenko was born.
If you’re comparing Kovalenko to the other forward in this deal, Givani Smith, then Kovalenko is an improvement. Not only does he have more points (8 points in 28 games), but he also has more productive minutes.
Kovalenko will be an improvement over Givani Smith, though his game has warts. As Josh Bell of McKeen’s Hockey said the following of Kovalenko earlier this year:
“He can overpower defenders and possesses a knack for finding the net. He thrives in his small-area game, thanks to excellent hands and creativity. He stands out as a playmaker but is able to find the back of the net on his own too,” wrote Bell. “However, questions linger about his overall consistency and defensive awareness. While flashes of brilliance exist, stretches of disappearing acts raise concerns. His performance will be crucial in determining his NHL readiness. Regardless, his KHL showing solidified his status as a top prospect.”
Conclusion
General Manager Mike Grier has turned a sixth-round pick and a player who no longer had a place on the team in Smith and turned them into new assets. I’d argue that the fifth-round picks cancel each other out. Which means Grier turned the sixth-round pick that he paid for Blackwood and the signed player in Smith into a goaltender who won’t stunt the growth of the team, a prospect that’s like a lottery ticket in that he could enhance his skills in San Jose and then a second-round draft pick that helps stock the Sharks’ cupboards in the future.
It’s a good deal for the Sharks as the team builds for the future.
