Spezza ices huge contract with Senators!

Breaking news in the nation's capital, as the Ottawa Senators finally got a deal done with their superstar-in-the-making Jason Spezza yesterday night, agreeing to a new 7-year/$49 million contract extension according to Bob McKenzie over at TSN.

Spezza and Murray have yet to announce anything to the media, but McKenzie did a good job and got the details as to how Spezza would be paid over the course of the next 7 years:

08-09: 4 M signing bonus, 4 M base salary = $8 million
09-10: 4 M signing bonus, 4 M base salary = $8 million
10-11: 4 M signing bonus, 4 M base salary = $8 million
11-12: 2 M signing bonus, 6 M base salary = $8 million
12-13: 2 M signing bonus, 6 M base salary = $8 million
13-14: no signing bonus, 5 M base salary = $5 million
14-15: no signing bonus, 5 M base salary = $5 million

For a total of a whopping $49 million.

Spezza's deal is similar to his linemate's Dany Heatley, who also signed a massive extension early in the new campaign.

The 24-year old has 1 goal and 12 assists in 10 games with the Senators so far, and he likely sat out last night's game vs the Thrashers to finalize this deal with his agent.

This signing may mean the end of the Wade Redden era in Ottawa, as the veteran blueliner is eligible to hit the unrestricted free-agent market and it's unlikly Sens GM Bryan Murray will be able to live up to yet more pressure from the fans and keep the pricey Redden in the fold.

The Missisauga native was due to become a restricted free-agent this summer, and given the recent situations that have unfolded during that period with offer sheets being thrown around (see Dustin Penner, Tomas Vanek, Ryan Kesler), Spezza would've been an attractive option to teams salivating for that God-like player.

-BBeR

-BBeR

Penner's new deal with Oilers an ominous sign for NHL...

Various media sources are reporting the Edmonton Oilers have officially signed former Ducks forward Dustin Penner to a 5-year/$21.5 million contract.

The young sniper played in all 82 games for the Stanley Cup champions Ducks last season, scoring 29 goals and adding 16 assists for a total of 45 points and 202 shots on goal.

The signing occurs a few weeks after Lowe made a bold move in signing the Sabres' Tomas Vanek to a $7 million per season offer sheet, only to see Buffalo GM Darcy Regier match within 19 minutes.

The 6'4'', 245-pound Winkler, Manitoba native just scored big time in the bank, and the NHL should be worried.

A few years down the road, maybe, just maybe he'd be worth the money he just got from a desperate Kevin Lowe...but at this point in his career? A 24-year old sophomore with a season and a quarter under his belt making a little over $4 million per season seems too much like the old NHL, where GM's paid wildly for any hint of talent available to them.

Scott Hartnell, who recently signed a similar pact with the Philadelphia Flyers, belongs in that pool of "paying for potential, not production" players. Both Penner and Hartnell will earn $4.2 million annually for the next 5 and 6 seasons respectively.

So what does this mean for the future RFA market?

For starters, teams may be tempted to sign future restricted free-agent Jason Spezza to an offer sheet next summer, and with the Senators trying to hold on to potential unrestricted 50-goal man Dany Heatley as well, someone may very well succeed in prying him from Sens GM Bryan Murray's hands.

But not so fast, this signing of Penner is also an ominous sign.
A sign that the NHL is heading back to its old days of overpriced free-agents and overrated players...I'm starting to wonder why we lost a complete season of hockey and why Gary Bettman and the NHL are so STUBBORN not to realize what's going on.

It was a mistake to make the cap rise again to $50.3 million, if the NHL knows what's good for their league finances and fans, they'll lower that number to $45 million next year and leaves GM's little room to spend the $7 million Chris Drury got, and the $10 million Dany Heatley will likely get if this continues next year.
They won't lower the cap, so scratch that.

If they actually used their brains, they'd finally figure out that the more the cap raises, the more salaries for elite players will go up, and the more we'll be drifting back to the pre-lockout era and a potential lockout/labour dispute again.

This signing not only makes the RFA market a whole new attractive destination for GM's, and a headache for the NHL, but it also marks the end of the Brian Burke-Kevin Lowe friendship, at least according to Burke's recent harsh words to the media.

-BBeR

Habs ink Ryder...

Various sources report the Montreal Canadiens have re-signed restricted free-agent forward Michael Ryder to a 1-year contract, effectively avoiding arbitration with the young scorer.

Terms of the deal have not yet been disclosed.

Educated guess: $3.5-$4 million sounds about right, our buddy Eklund has gone way off the dartboard this time, reporting it's $5 million.

The 27 year old scored 30 goals for the second season in a row and added 55 points in the process.

Ryder is known for his scoring touch and devastating shot, but he is considered a defensive liability and has trouble creating his own scoring chances.


More details to follow.

-BBeR

Walker, Rivet and Horton off the market, Emery to have surgery...

The Florida Panthers have re-signed restricted free-agent forward Nathan Horton.

The deal will pay out a total of $24 million to the 22-year old over 6 seasons.

The signing, per TSN, officially ends all speculation that Horton will be dealt at tomorrow's NHL Entry Draft in Columbus.

Horton had a spectacular season at such a young age, ammasing 31 goals and putting up 31 assists while appearing in all 82 games.

A star on the rise, Horton's season was awesome on the scoresheet, but some off-ice rumours a few months before the deadline, which consisted of Horton's unhappiness in the Sunshine State and his desire to be dealt to a contender, prompted speculation he would be dealt at the trade deadline (didn't happen) or at the draft.

-Craig Rivet really like the weather in Western California, and he's going to be there for another 4 seasons.

The Sharks officially signed their hard-hitting defenceman to a 4-year $14 million contract, a potential UFA, Rivet fit in well with the Sharks and broke out in the playoffs as the team's leading defenceman.

Rivet was traded to San Jose on the eve of the trade deadline, in exchange for Josh Gorges and the Shark's 1st round draft choice (23rd overall)

-The Hurricanes also re-signed forward Scott Walker to a 3-year $7.5 million contract, yesterday.

That comes out to about $2.5 million per season.

The 33-year old was eligible for UFA status on July 1st; he had a decent season in Carolina, but nothing compared to his old Nashville days, scoring 21 goals and adding 31 helpers in 81 games.

"Keeping Scott in Carolina was one of our top priorities this off-season," Hurricanes GM Jim Rutherford said in a statement. "He brings skill and grit to our forward lines and he has become one of our team's leaders on and off the ice."

"It was one of the best experiences that I had in renegotiating. I felt really wanted," Walker said. "I like my role, but I also like the way the team is set up for the future, and I think we have a chance to win."

-And to top this transaction segment off, goaltender Ray Emery will undergo surgery for his wrist, which he hurt in November and re-aggravated in the playoffs.

He is not expected to miss the beginning of the regular-season, TSN says he will be out 2-3 months.

Emery, a restricted free-agent, made 925K last year and will likely seek a substantial raise from new Sens GM Bryan Murray, Emery's agent was quoted on TSN's Off the Record with Michael Landsberg that his client might receive an offer sheet soon, and that many teams would be interested in doing so, especially 2-3 teams that he obviously didn't name.

--BBR

Vanek Situation Creates Tense Times in Buffalo

Reports are starting to filter out of Canada and Philadelphia that the Flyers intend to make a sizable offer sheet to Buffalo Sabres restricted free agent Thomas Vanek. Vanek, who led the NHL in plus-minus, led the Sabres in goals with 43 and was named a Second Team NHL All-Star. Now in the big scheme of things, a player with those type of credentials deserves that type of money. Unfortunately, this type of contract concern is gigantic when it comes to a 23 year-old forward who is the cornerstone of the Sabres future. Already saddled with the likely enormous demands of free agent co-captains Danny Briere and Chris Drury the conventional wisdom is that Vanel would get mid-range money for 4 years and then score big as an unrestricted free agent in his next contract.

The reality appears to be that instead of having "affordable" young stars for two contracts team will have to pay top dollar almost immediately. This seems counter intuitive to what people expected from the Salary Cap era. It is quite possible that the Salary Cap era could end up being the death of small markets as opposed to their saving grace.

In my estimation, this has changed the entire dynamic of the Sabres off-season. I believe that Vanek has to be priority one. If they lose him it sets the franchise back years. Sure losing Briere, Drury or both would be awful, but losing Vanek would be devastating, he is that good.

I imagine teams all over will be watching this situation very closely and more offer sheets to other young stars could follow.