The Vancouver Canucks have quite a few important decision to make during the 2025 off-season. On top of signing free agents, Vancouver can sign extensions with some key players, including goaltender Thatcher Demko. While the Canucks will have a year to lock up the 2024 Vezina runner-up, agreeing to a new contract with Demko sooner rather than later is the better option.
While Demko is coming off a difficult season, he still has the potential to be one of the best goaltenders in the NHL. According to MoneyPuck, he finished the 2024-25 campaign with a 1.4 Goals Saved Above Expected in all situations during his 23 games, which was the highest among Vancouver's three goaltenders. Demko also recorded a 0.9 Wins Above Replacement rate as tracked by Evolving Hockey, with his WAR over the past two seasons being 5.2.
The biggest concern when it comes to Demko is health. He missed the majority of the season with injuries and has had trouble staying healthy the last few years. While there is a risk that Demko could suffer another injury in the future, keeping him is the best decision, as he has shown that he can be one of the elite goaltenders in the NHL.
There is also the question of playing time, as the Canucks have Kevin Lankinen signed for the next five years at an AAV of $4.5 million. Ultimately, this is a good thing, as it means Vancouver will have internal competition and an opportunity to keep Demko fresh throughout the season. While some may be concerned about the $9.5 million combined cap hit, it should not be an issue in the end, as the cap is expected to grow year after year.
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Lastly, the big question is, what would a Demko extension look like? Considering the Canucks' cap and Demko's injury history, a three-year extension carrying an AAV of $6 million may be the best option. This would not only give Demko a well-deserved raise but also ensure that Vancouver's yearly goaltending cap hit would stay under $11 million.
In the end, keeping Demko long term is the best option for the Canucks. At 29, he is still in his prime and has shown that he can make saves that few other goaltenders can. While there is some risk, Vancouver's management group should ensure they re-sign Demko once he is eligible on July 1.
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