San Jose Sharks pony up big to keep Erik Karlsson
Things seemed to be moving that direction, and the San Jose Sharks have officially ponied up to retain defenseman Erik Karlsson.
The San Jose Sharks made a notable move last offseason, acquiring defenseman Erik Karlsson from the Ottawa Senators. As a free agent this summer it was possibly only a rental, but according to Bob McKenzie of TSN the Sharks and Karlsson have agreed to an eight-year deal worth around $92 million.
The team has officially announced the signing, with money terms not disclosed per team policy.
Karlsson had 45 points (three goals, 42 assists) over 53 regular season games for the Sharks last season, as he missed time with an ongoing groin issue. In 19 playoff games, he had 16 points (two goals, 14 assists) as the Sharks reached the Western Conference Finals.
Karlsson surely wanted to top the eight-year, $88 million deal the Los Angeles Kings gave defenseman Drew Doughty last summer, as he was heading in the final year of his contract as well, and that has happened.
Based on the $11.5 million average annual value/cap hit in his new deal, Karlsson becomes the third-highest paid player in the NHL (behind Connor McDavid and Auston Matthews). Doughty is tied for fourth on that list.
CapFriendly has a year-by-year breakdown of the deal, with includes a full no-move clause through the 2026-27 season, when Karlsson will turn 37 late in the playoffs (May 31). The contract is somewhat front-loaded, with $41 million in the first three years and decreases in total money each year after that.
Erik Karlsson #Sharks
— CapFriendly (@CapFriendly) June 17, 2019
8 years / $11.5M AAV ($92M Total)
2019-20: $3.5M + $11M SB
2020-21: $2M + $10M SB
2021-22: $5.5M + $9M SB
2022-23: $2M + $10M SB
2023-24: $10.5M + $1M SB
2024-25: $10M + $1M SB
2025-26: $4M + $5M SB
2026-27: $1.5M + $6M SB
Full NMChttps://t.co/PqJahZZLc1 pic.twitter.com/Fgu9Powq2F
Karlsson is one of the best defenseman around, particularly as a puck mover and offensive force. So someone was going to give him a handsome contract, but the Sharks have automatically put themselves up against the salary cap with some key offseason decisions looming.
As it stands the Sharks would have roughly $13 million left under an $83 million cap to sign Pavelski, Thornton, Meier (RFA) and Labanc (RFA), which would still leave then with just 11 forwards signed, and doesn't include Donskoi or Nyquist (UFA). Something's got to give.
— Arpon Basu (@ArponBasu) June 17, 2019
Karlsson’s contract is somewhat front-loaded, with $41 million in the first three years and decreases in total money each year after that.
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Betting on someone who has missed increasing time over the last three seasons to be healthy as he crosses into his 30s looks like a bad idea. But a team in win-now mode as currently constructed had to at least make Karlsson a competitive offer before he could hit the open market. If nothing else, the Sharks took advantage of their ability to get a deal done before July 1 and made an offer the four-time All-Star blue liner could not refuse.