Pettersson signed an 8-year, $92.8 million contract extension with the Canucks on Saturday morning.
Pettersson signed an 8-year, $92.8 million contract extension with the Canucks on Saturday morning.
The Vancouver Canucks made headlines Saturday, announcing Elias Pettersson had signed an eight-year extension. The deal carries a $11.6 million cap hit and is the largest contract in franchise history. Now that Jim Rutherford and Patrik Allvin have locked up their superstar until 2032, it is time for management to turn their focus to the ten other free agents that need to be signed before July 1.
According to CapFriendly, the Canucks will have a projected $24,753,333 in cap space going into next season. While this is a large number on the surface, it will quickly disappear if not managed correctly. With players like Filip Hronek, Elias Lindholm and Dakota Joshua on expiring contracts, Vancouver will need to be creative if they want to keep their top free agents in 2024-25.
Starting with Hronek, the RFA is expected to receive a significant raise. He currently carries a $4.4 million cap hit and is entitled to salary arbitration when negotiating his new contract. Based on projections and comparisons, he could be in store for a deal that pays him close to $7 million per season, lowering the projected cap space to around $18 million.
Next up would be the decision surrounding Elias Lindholm. Currently carrying a cap hit of $4.85, he is also in line for a raise this offseason. While the 29-year-old hasn't had the best start to his Canucks career, he is a valuable asset and, when on his game, vaults into the Selke conversation. If Vancouver did decide to re-sign him, it could cost around $8 million based on market value and player comparables, leaving the Canucks with $10 million of cap space left.
With Lindholm and Hronek signed to these projected deals, Vancouver would have $10 million left to sign Joshua, Teddy Blueger, Tyler Myers, Nikita Zadorov, Ian Cole, Sam Lafferty, Mark Friedman and Casey DeSmith. While it is unlikely all of these players will return, the majority play significant roles on this team and will need to be replaced if they hit the free-agent market. Even if players take less money, keeping this team together under the projected $87.5 cap for 2024-25 will be challenging.
Even with Pettersson's team-friendly contract, the Canucks are going to have to make some tough decisions in the offseason. While they could move players who are signed with term, it is not an easy task as most teams will be battling similar cap issues next season. Vancouver's management group must be careful over the next few months to ensure they continue building a successful organization despite facing potentially significant cap issues.
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