Ranking the Worst 2023 NHL Free-Agency Signings So Far
The 2023 NHL free-agent market opened on Saturday. As usual, the first day saw a blizzard of signings as general managers attempted to sign the best available unrestricted free agents to address their respective roster needs. Cap Friendly reported 166 signings on Day 1 worth a total of over $650 million.
A lack of big-name UFA talent combined with a high number of teams carrying limited cap space resulted in no expensive long-term contracts being handed out this year. Only five players signed multi-year contracts with average annual values exceeding $5 million. One of them, New York Islanders goaltender Ilya Sorokin, was a contract extension.
Many of the UFA signings were deals between one and four years for AAVs less than $5 million. Most are affordable contracts that won't create any long-term salary-cap issues for the teams handing them on.
A handful, however, have the potential to become salary-cap headaches. The player could be overpaid or the contract could be too long.
Here's a look at seven of the worst NHL free-agent signings since July 1. If you agree or disagree with our ranking, you can let us know in the comments below.
5. Ryan Reaves, Toronto Maple Leafs
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Hired on May 31 as the new general manager of the Toronto Maple Leafs, Brad Treliving made two forays into the free-agent market on July 1. One was signing puck-moving defenseman John Klingberg to a one-year deal worth $4.15 million, while the other was signing scrappy winger Ryan Reaves to a three-year, $4.05 million contract.
Reaves, 36, is among the few enforcers remaining in the NHL. As fighting declines, he spends more time as a physical fourth-line forward. In 73 games last season, split between the New York Rangers and Minnesota Wild, he had 196 hits while averaging just 9:19 of ice time per game.
The Leafs were eliminated from the second round of the 2023 playoffs by the Florida Panthers, who played a heavier, physical style well-suited for the postseason grind. Treliving wanted to address that issue, signing Reaves as well as Tyler Bertuzzi and Max Domi.
Bertuzzi and Domi have shown they can play a physical style in postseason action while contributing to the scoresheet. Reaves drives opponents to distraction, but his type of game and restricted playing time limits his effectiveness.
With big contracts due for Auston Matthews and William Nylander next summer and Mitch Marner in 2025, Treliving needed to invest his cap dollars wisely. Reaves' contract takes up precious cap space that could've been better used to address the team's real needs.
Reaves' $1.35 million average annual value isn't excessive and his presence won't make the Leafs any worse. A one-year deal would have sufficed for a player with diminishing value and limited skills. Instead, the Leafs signed him to a 35-plus contract.
If they were to buy him out down the road or he retires, the entire cap hit still counts against their cap.
4. Miles Wood, Colorado Avalanche
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Until this year, only the very best NHL unrestricted free agents received deals exceeding five years in length. But Miles Wood joined an exclusive list as just the fourth UFA to receive a contract of at least six years.
Wood, who turns 28 on Sep. 13, received a $16 million deal from the Colorado Avalanche. The average annual value is $2.5 million and contains a six-team no-trade list that begins on June 15 next year over the remainder of the contract.
The cap hit is reasonable for a forward of his abilities. At 6'2" and 195 pounds, he's a big-bodied, fast-skating checking line left winger whose best offensive season was a 19-goal, 32-point performance during his sophomore campaign in 2017-18. He was among the New Jersey Devils' leaders in hits last season (100) but averaged just 12:06 of ice time per game.
It's apparent the Avalanche brought in Wood because they're trying to improve the depth among their bottom-six forwards. His speed and physical style would make them more difficult to play against, especially during the playoffs when the games get rougher and officials tend to swallow their whistles.
Wood's cap hit isn't unreasonable. It's actually lower than the $3.2 million on his one-year deal for last season. Nevertheless, why the Avalanche felt it worthwhile to lock down a bottom-six forward for so long is puzzling. Nothing in his performance to date suggests he was worth that lengthy commitment.
3. Semyon Varlamov, Scott Mayfield and Pierre Engvall, New York Islanders
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New York Islanders general manager Lou Lamoriello did all he could to keep his roster intact for 2023-24. Rather than seek replacements for UFA goaltender Semyon Varlamov, defenseman Scott Mayfield and forward Pierre Engvall, he re-signed them to new contracts on July 1.
The issue here isn't the salaries handed out to the trio, though. Varlamov's new average annual value ($2.8 million) is nearly half of the $5 million AAV of his previous contract. Mayfield got a nice raise ($3.5 million AAV) from his previous annual cap hit of $1.5 million, while Engvall was bumped up from $2.3 million to $3 million.
However, it's the length of those contracts that raises eyebrows.
Varlamov, 35, is signed for four more years with full no-trade protection in the first two years and a 16-team no-trade in the last two. Because he's on a 35-plus contract, his full cap hit would still count against the Islanders' cap if they were to buy him out or if he retires before the deal is done.
Mayfield, who turns 31 on Oct. 14, got a seven-year contract with full no-trade protection in the first four years and a 16-team no-trade clause in the final three. Meanwhile, the 27-year-old Engvall has seven years and a 16-team no-trade clause.
Handing out a four-year 35-plus contract to an aging backup goalie and seven-year deals to two depth players makes no sense over the long term for the Islanders. The no-trade clauses make them difficult to move if they no longer fit into the club's plans down the road. Worse, they'll eat up a combined $9.3 million in cap space for the next four years.
With the salary cap projected to significantly rise in 2024-25 and 2025-26, according to Elliotte Friedman and Rory Boylen of Sportsnet, this might not seem like a big deal.
However, as the cap rises, so too will the cost of retaining or replacing key players. It will also hamper their efforts to bolster their roster via trades or free agency.
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2. Joonas Korpisalo, Ottawa Senators
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The Ottawa Senators haven't had the best of luck with starting goaltenders in recent years. Oft-injured Matt Murray lasted two seasons before being traded to Toronto last summer, and Cam Talbot struggled last season through an injury-riddled campaign.
After cycling through seven goaltenders in 2022-23, finding a reliable starter was a priority for Senators general manager Pierre Dorion. He's hoping he's finally found the right one after signing Joonas Korpisalo to a five-year, $20 million contract with an average annual value of $4 million.
The 29-year-old spent nearly eight seasons with the Columbus Blue Jackets as an understudy for Sergei Bobrovsky before losing out to Elvis Merzļikins for the starter's job. Traded to the Los Angeles Kings on March 1, he won seven of 11 starts with a 2.13 goals-against average and .921 save percentage though he struggled in the postseason.
That performance bolstered Korpisalo's stock in a free-agent market thin on goaltending talent. The rebuilding Senators' struggles between the pipes were holding back their quest to reach the playoffs, prompting Dorion to make this move.
Dorion sang the Finn's praises to the media, citing his athleticism, size and playoff experience. "We like the term (of the contract), we feel he's going to play for us in the prime of his career, and we're excited to have him," the Senators GM said.
Nevertheless, this is a substantial investment in a goalie who has yet to establish himself as more than a backup after eight NHL seasons. It could prove costly to the Senators' long-term cap space, especially as more of their younger stars become eligible for raises on their next contracts.
1. Tristan Jarry, Pittsburgh Penguins
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Pittsburgh Penguins president of hockey operations Kyle Dubas wasted little time making his presence felt in this summer's free-agent market. He brought in shutdown defenseman Ryan Graves and added veteran depth to his forward lines by signing Lars Eller, Noel Acciari and Matt Nieto.
Dubas' biggest move, though, was bringing back goaltender Tristan Jarry.
Having spent the past seven seasons with the Penguins, the 28-year-old was signed to a five-year, $26.9 million contract worth an average annual value of $5.4 million. That's two years longer than his previous deal with the Penguins and $1.9 million more per season.
Jarry had mixed results after becoming the Penguins' starting goalie in 2020-21 due to injuries and inconsistency. A 34-win season with a .919 save percentage in 2021-22 was sandwiched between 24- and 25-win performances with .909 save percentages. In his only complete playoff series (2021), he won just two of six games with a 3.18 GAA and .888 SP.
Following the signing, The Athletic's Rob Rossi reported Dubas was dismissive of concerns about Jarry's injury history. He pointed out that the netminder ranked fifth in wins (83) and games played (144) among his peers over the past three seasons. Nevertheless, he also signed Alex Nedeljkovic as insurance to an affordable one-year contract.
Dubas is taking a significant gamble on Jarry. Had this summer's free-agent market been deeper in quality goalies perhaps he might've looked elsewhere. Instead, he inked the netminder to one of the longest, most expensive signings thus far among this year's UFA class.
If Jarry can put his injury woes behind him and play up to expectations, Dubas' faith in him will be vindicated. Based on the past three seasons, though, it looks like too much money invested for far too long in a goalie who has struggled to stay healthy and consistent.
This is a contract Dubas could end up regretting.
Stats via NHL.com with salary info via Cap Friendly.
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