After Linus Ullmark signed a four-year, $33 million contract extension on Wednesday, the trade that brought him here is now officially a home run for Ottawa.
After Linus Ullmark signed a four-year, $33 million contract extension on Wednesday, the trade that brought him here is now officially a home run for Ottawa.
When the Ottawa Senators traded a 2024 first-round pick, Mark Kastelic and Joonas Korpisalo for Linus Ullmark, it was met with unbridled enthusiasm.
Trading the goaltender who finished dead last in the entire NHL in goals saved above expected (GSAx) per Evolving-Hockey -- a stat that captures the difference in the number of goals a goaltender allows against how many they were expected to let in based on shot quality -- will do that. Shedding the remaining four years and $12 million on Korpisalo's deal was a stunning and not prohibitively expensive development on its own. The fact that the Senators were able to add Ullmark, who finished with the league's eighth-highest mark, was the cherry on top.
The only wrinkle to the trade was the recognition that Ullmark was about to enter the last year of his contract. The past several years have been highlighted by the Senators paying significant opportunity costs to acquire talented players on short-term deals that the team failed to extend. Bringing Ullmark into the fold with just one year of term and no guarantees he would stay with the organization inevitably fueled some unease.
That feeling can be shelved. Immediately.
The Senators announced this morning that they have extended the goaltender to a four-year, $33 million extension carrying an average annual value (AAV) of $8.25 million. His deal will kick in after the end of the 2024-25 season when his current four-year, $20 million ($5 million AAV) contract ends.
General manager Steve Staios appeared on TSN 1200 yesterday morning and gave no hints at when contract negotiations between the Senators and Ullmark would begin.
"Yeah, I think that's a good question," he said coyly. "We'll take it a day at a time in that regard. Again, I think the focus is on not only Linus and Moa and the family being comfortable here in Ottawa, but for Linus to be comfortable, to prepare for the season. So, we don't want any distractions for him, and the time will come when those conversations happen."
According to PuckPedia, Ullmark's contract does not contain any signing bonuses. It will, however, have a base salary escalator. The first year of his contract will cost $7 million before jumping to $8 million next season. The final two years of his contract will cost $9 million.
Looking at goaltending salaries for the 2023-24 season, Ullmark's $8.25 million AAV would tie him for the fifth-highest salary in the league. Only Carey Price ($10.5 million, LTIR), Sergei Bobrovsky ($10 million), Andrei Vasilevskiy ($9.5 million), and Connor Hellebuyck ($8.5 million) earn more. Interestingly, Ullmark was just signed to the same AAV that his former teammate, Jeremy Swaymany, signed in Boston.
Looking at these contracts, it is worth mentioning that these four goaltenders are all in their 30s. The two goaltenders who share the same AAV as Ullmark—Jeremy Swayman (25) and Ilya Sorokin (29)—are younger.
These goaltenders have also established that they can play the lion's share of games. At 31 years of age, there may be a risk in paying an aging goaltender a high salary when he has never been given the opportunity to be the de facto number-one starter.
The highest number of games that Ullmark has appeared in during a season was 49 during the 2022-23 season. That was the same season he won the Vezina Trophy, awarded to the goaltender "adjudged to be the best at this position."
Playing games is out of the goaltender's control. It is not Ullmark's fault that he had teammates capable of sharing the load.
What Ullmark can control is performance; he posted strong numbers when given the opportunity. In the last five seasons, only nine goalies in the league have stopped more expected goals than Ullmark. It is that kind of performance and consistency the Senators are looking for.
It also eliminates the potential distraction an expiring contract belonging to a star player could create, which is a welcomed relief.