Once an NHL wins leader with the Colorado Avalanche, Alexandar Georgiev has terminated his KHL contract and is now preparing another bid to return to the league after a steep decline in North America.
Alexandar Georgiev is once again betting on himself, terminating his KHL contract and reopening the door to an NHL return after a volatile stretch that has taken his career across three leagues in less than two seasons.
Georgiev has formally terminated his deal with KHL Spartak, according to a league announcement. His agent, Stanislav Romanov, told Hockey News Hub that the goaltender’s intention is to pursue an NHL comeback next season, setting the stage for another attempt to re-establish himself in North America.
The Fall
Not long ago, Georgiev was operating at the top of his value range. During the 2022-23 and 2023-24 seasons with Colorado, he worked his way into a full-time starting role and peaked in 2023-24 by leading the NHL with 38 wins. He had also tied for the league lead in victories the season prior, his first year with the Avalanche, briefly cementing himself as one of the league’s most productive regular-season goaltenders.
That momentum collapsed over his final stretch in Colorado. In 2024-25, Georgiev went 8-7-0 with a 3.38 goals-against average and a .874 save percentage across 18 appearances (17 starts). After being moved to San Jose, his struggles deepened: in 31 games (30 starts) with the Sharks, he posted a 7-19-4 record with a 3.88 GAA and a .875 save percentage, a dramatic dip that significantly weakened his standing around the league.
Market Value And The Road Back To The NHL
His NHL decline led to a far different market than the one he once occupied. Georgiev eventually signed a one-year, $850K deal with Buffalo just before training camp, but after clearing waivers and making just two appearances with AHL Rochester, his stint in the organization ended quickly.
Seeking a reset, Georgiev joined Spartak in the KHL, where he produced steadier results, finishing with a 2.37 GAA and a .918 save percentage over 24 appearances. While respectable, the performance was not enough to fully restore his NHL stock to starter-level consideration.
Now returning to free agency, Georgiev enters a goaltending market headlined by names like Sergei Bobrovsky and Stuart Skinner, with most remaining options projected to fill backup roles. Given his recent trajectory, he is likely to be viewed as organizational depth first, with teams weighing his previous peak against a sharp and sustained downturn in North American play.