How Both Sides Benefit from Braden Holtby's Extension with Washington Capitals

The Washington Capitals have long been one of the NHL's most frustrating teams to its large, dedicated fanbase. The franchise still owns the dubious achievement of having the worst season in NHL history, and it has made the Stanley Cup Finals just once (1998) in its 40-year existence despite many very good teams.

But here's why I think the Caps will actually win a Cup in the next five years: They have a great coach in Barry Trotz, a rich and dedicated owner, Ted Leonsis, they still have Alex Ovechkin and have many nice, young promising players. One of the best, goalie Braden Holtby, is now signed for the next five years—and at a very reasonable price for Leonsis.

Holtby signed a five-year, $30.5 million contract Friday, according to Monumental Network. A year ago, that size of a contract probably would have sent Caps fans to the Verizon Center with pitchforks and lit torches. Although his record of 23-15 was respectable enough, his goals-against average of 2.85 was one of the highest in the league for goalies with at least 40 starts. 

Nick Wass/Associated Press

But under Trotz and his renowned, longtime goalie coach, Mitch Korn, Holtby had a real breakout season. He went 41-20 with nine shutouts, a 2.22 GAA and excellent .923 saves percentage. Then came the playoffs, where he posted a 1.71 GAA and .944 saves percentage in 13 starts, both of which were the tops among all goalies.

Among active goalies (minimum 20 games played), Holtby ranks first in career playoff goals against (1.92) and saves percentage (.936). He is one of only three rookies to have beaten the defending Stanley Cup champions in a playoff series the following season, against Boston in 2012. (Ken Dryden and Mike Vernon are the others).

What made Friday's long-term signing so unexpected was because Holtby and his agent, David Kaye, had an arbitration hearing with the Capitals on Thursday in Toronto. Usually when it gets as far as the two sides actually going into the arbitration room, the player takes the one- or two-year deal and the working relationship often goes sour after that.

According to the Washington Times' Zac Boyer, the Caps offered Holtby a one-year, $5.1 million deal in the arbitration room. Holtby and Kaye wanted $8 million. That's a big difference. In the end, Holtby gets an average of $6.1, so they met close to the middle. According to Boyer, the $6.1 million cap hit will be the seventh highest among all NHL starting goalies. The arbitrator was due to make a ruling on Saturday.

As Holtby told Washington's 106.7 The Fan:

"

It was pretty quiet up until this past week. But glad we did it and found some common ground. I went through the whole thing. A lot of people say it's not the ideal thing, but I glad I did. It was a good learning experience.  Both sides didn't really want to be there, I think, but you preach your case and use it as a form of negotiation. That's my goal, to stay here for my entire career. If you stay on the same team, you know you're doing something right. (Washington) is turning into a phenomenal hockey city. The fans are very passionate and positive, and that really means a lot to a player.

"

Holtby is only 25, so there is still plenty of time to get even better. Under Korn, that ups his chances quite a bit. Korn was Nashville's goalie coach under Trotz for 15 years and developed Pekka Rinne and Tomas Vokoun. He spent seven years (1991-98) in Buffalo, which just happened to be when Dominik Hasek blossomed into a superstar Hall of Famer. The results of his first season under Korn speak for themselves.

Mark Humphrey/Associated Press

The Caps came out winners in the end, because they now have the security of knowing Holtby is their property for the next five years, and they didn't lose all fiscal sanity in the process. That deal could very well look to be a big bargain in the next couple years. 

The Caps lost veterans Mike Green, Joel Ward and Troy Brouwer and may lose still-unsigned UFAs Curtis Glencross and Eric Fehr. Plus, they have another arbitration session slated for next week with left wing Marcus Johansson, the team's fourth-leading scorer. The Caps nicely added to the roster with T.J. Oshie and Justin Williams, however, while Detroit and San Jose spent a lot on players starting to get up there in age, Green and Ward. 

"This team's ready to win, it looks like," Oshie told NHL.com's Katie Brown. "I'm happy to be an addition to that and be a piece of the puzzle."

Holtby emerges a winner too, because he has five years of high-dollar security with the team he's grown up with, and he stays with two of the best at their craft in Trotz and Korn. If he plays well in the five years, he'll still be only 30 and can cash in with one more huge contract as a UFA.

Caps fans come out as potentially the biggest winners. A premier goalie is sticking around awhile, and under new GM Brian MacLellan the organization seems to have better focus of how to accomplish its ultimate goal. 

No picture exists of any Caps player holding up a Stanley Cup. But get those cellphone cameras ready, because Washington is moving closer to the promised land.

Adrian Dater covers the NHL for Bleacher Report. Follow him @Adater