Details of $69M Sam Reinhart contract indicate how taking less to stay with Florida still worked out nicely
Almost all of Reinhart's contract comes in the form of signing bonuses
The Florida Panthers had a busy first day of free agency, but the team’s biggest move of the offseason came in the hours before July 1.
That’s when Panthers General Manager Bill Zito came to terms on a contract extension with Sam Reinhart worth $69 million over eight years.
News of the deal did not trickle out until after midnight, leading some to speculate that negotiations came right down to the wire.
That wasn’t really the case.
“It was not a thing for me,” Zito said when asked about the chatter of a last-minute signing.
Funnily enough, it’s a good thing that when they did turn in the contract, there were no errors.
Zito, almost certainly exhausted from everything that has happened over the past week – Game 7, the NHL Draft and now free agency – fell asleep at his desk after turning the deal in.
“You submit your contract to Central Registry, you dot the I’s and cross the T’s, but you make sure, and if there’s an issue, they’ll call you back, and I fell asleep in the chair, waiting,” Zito said through a laugh. “They only call you back if something is wrong, so it wasn’t a big deal.”
So cheers to Zito and his staff’s skills in making sure a contract has no typos or misprints before sending into the league.
As for Reinhart, he probably could have earned more money if he had elected to test the open market, but both he and Zito had made it clear throughout the season that both were very much interested in an extension, and one that would keep the team competitive.
“Both Sam and I said all during the year, we wanted to keep him, and he wanted to stay,” Zito said. “We worked through the process and his agent was a gentleman. Everyone had the intention of trying to take care of Sam and still have a chance to win, and that was paramount to his decision making.”
It also probably helps that Reinhart’s contract was constructed in a way that is very appealing to a player.
Of the $69 million built into his contract, only $8 million is base salary, which is paid out in segments during each season, like a paycheck.
The other $61 million comes as a guaranteed signing bonus each new season, which means Reinhart will get a healthy sum of money every July 1.
Signing bonuses are protected money that isn’t impacted by buyouts or lockouts or any other ‘outs’.
That means Reinhart got a big fat check worth $10 million for signing his deal on Monday.
His signing bonus next July 1 will be worth $9 million, then $8.5 million the following summer, and $8.35 million in 2027 and 2028.
Looking at the contracts of other Panthers players who Zito has signed to extended deals - Sasha Barkov, Matthew Tkachuk, Gus Forsling and Evan Rodrigues - they are all constructed the same way, with lower base salaries and higher signing bonuses.
Perhaps that's the agent in Zito, making sure his does the best by his guys.
If that’s how Zito and Reinhart were able to make it work for all parties involved, kudos to them.
It’s just another example of the great job that Zito has done since being hired as GM back in September of 2020.
You can see the full breakdown of his contract on PuckPedia by clicking here.
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