John E. Sokolowski-Imagn Images
The NHL is seeing some deja vu with goalie contracts recently.
Jake Oettinger secured an eight-year, $66-million extension with the Dallas Stars, averaging $8.25 million annually. This deal places him among an elite group of goaltenders who have recently signed similar contracts, including Ilya Sorokin and Jeremy Swayman.
Sorokin re-signed with the New York Islanders for the same average annual value and term on July 1, 2023. Swayman and the Boston Bruins were about to start the regular season without a deal done, but the team and goalie agreed on the same eight-year deal and $8.25-million cap hit as well.
The changing goalie market is making headlines as some of the NHL’s better netminders became due for new deals. There’s also Igor Shesterkin, who will likely sign a record-breaking contract with the New York Rangers or potentially another squad if he reaches free agency next summer. But Oettinger’s deal is the latest in a series of signings that hint the market is resetting.
Did the Stars lock in their star goalie before Shesterkin’s next deal shifts the market even more? Or is this already the new goaltender market that will affect Shesterkin’s negotiations?
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Oettinger’s contract aligns with what appears to be a shift in the market. More goalies are taking up more than nine percent of the team’s overall cap hit, with $8.25 million counting for 9.38 percent. As much as NHL clubs have tried to avoid including the goalies in salary hikes for the game’s top stars, more organizations are starting to appreciate the value of starting netminders.
With the NHL salary cap projected to increase, the significance of securing reliable goaltending becomes even clearer. With Shesterkin seemingly holding out for the armored truck to back up, the Islanders, Bruins and Stars were wise to get these deals finalized before Shesterkin signed.
Winnipeg Jets netminder Connor Hellebuyck agreeing to an $8.5-million cap hit last year has also contributed to this market reset. He signed after winning a Vezina Trophy and tried to get more but ultimately settled to stay with the Winnipeg Jets. However, Oettinger’s extension, coming in at the same average as Swayman and Sorokin, demonstrated why there was no sense in holding out once the price was set.
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Oettinger expressed gratitude for the Stars’ handling of his contract negotiations, realizing he didn’t have to go through arbitration or hold out to get his money. He seemed happy not to go down the same road as Shesterkin, who recently rejected an $11 million per season offer, according to ESPN’s Kevin Weekes. One has to wonder if Oettinger’s deal brings the Rangers and Shesterkin back to the table with different expectations.
Should Shesterkin secure a lucrative deal, it could redefine the NHL’s goalie market yet again, pushing Oettinger’s contract to appear even more valuable.
The Stars didn’t want to take any chances. With goaltending becoming increasingly critical in the NHL, the Stars would have been on the hook for more if the Rangers agreed to Shesterkin’s terms earlier, even if the Blueshirts’ No. 1 has more leverage as a pending UFA.
Oettinger is in good company with the same cap hit and term as Sorokin and Swayman. Whether the comparable cost rises after Shesterkin’s contract will be worth following.
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