We finally have a resolution to the Kris Letang contract situation and it is a great one.
You read that correct. It will only be a 6.1M cap hit. Raise your hand if you thought this deal was going to start with a 6, that’s what I thought. An amazing piece of business for a team that had almost no other options than to give Letang what he wanted. John Klingberg? Likely to get more term and about 2-2.5M more than Letang. This was an absolutely necessary move for a team committed to being competitive for the remainder of Sidney Crosby’s career.
The term? Who gives a flying ****
Everybody knows this team is going to hit hard times whether they start it now or push it later. Why would you not push it later with Sidney Crosby still one of the best players in the league? Even with his contract structured in a way that is buyout proof, I just don’t care
Do we not have enough examples of teams magically getting out of contracts to know Letang term doesn't mean anything? Chances are they'll be no shortage of injuries to choose from for LTIR "retirement" ala Shea Weber. Who knows, maybe he develops an allergy like Marian Hossa? The point being if teams want to get out of this they can and they will.
The contract has dwindling cash towards the end because you’ll likely find a loser team like the Coyotes to eat the cap hit with the actual money being lower than the hit. Early rumors have a full NMC for the first four years and a modified NTC last two. I don’t think the trade clause means much of anything if Letang is on LTIR for retirement purposes anyways. And that’s if Letang’s play falls off a cliff.
This deal is perfect for the timeline the Penguins are on. A big reason is they now have some flexibility to actually do some other things. Namely, signing Evgeni Malkin to his extension.
There is no excuse to not get a Malkin deal done now. He isn’t asking for 9.5M. You give him four years at around 7.1M and I bet it gets done. Now you’ve saved even more money. And it might not even take that much according to some reports
Malkin would also like to be in that salary range, but the Penguins want to retain Malkin and Letang at a combined average of around $14 million annually so they can leave enough room under the $82.5 million salary cap to make other roster moves, a team source said.
The Penguins’ offer to Malkin before talks Tuesday was for two years at a $6 million annual salary, multiple league sources and a team source said. Malkin could be willing to take such a drastic salary reduction, but only if the Penguins sign him for four years, a league source and a team source said.
That leaves 7.9M for this self-imposed 14M budget. It also sounds like they wouldn’t have to do it if they just give the four years. Both players for around 12M? What is there to think about?
This would open up the ability to keep Rickard Rakell around and still have money to go shopping. Move out Brian Dumoulin and Brock McGinn, package that first round pick to something for help now, and you’re cooking with fire. All signs point to a great path forward in the short term given the circumstances. While there isn’t room for error on this path it isn’t a tricky path at this point, either. The best-case scenario path still has potential. Without signing Kris Letang to the terms they did today, it doesn't.
By re-signing Kris Letang and Bryan Rust the team has made it clear in no uncertain terms what their intentions are. Own it and get the Malkin deal done, too.
Thanks for reading!
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