In a somewhat surprising twist, the Pittsburgh Penguins re-signed Evgeni Malkin ahead of free agency earlier this month.
There was an interesting series of events leading up to Malkin signing an extension with the Penguins. Heading into the offseason, it seemed like the two sides were going their separate ways. There seemed to be quite a bit of tension in the negotiations, and it was heavily reported that Malkin would be testing free agency. The night before free agency opened, though, the announcement came down that Malkin had instead re-signed with the team.
Malkin's deal is for four years and carries a $6.1 million cap hit. Below, we take a look at how the contract breaks down for the Penguins.
Grading Evgeni Malkin's new Penguins extension
The Player
Evgeni Malkin has spent his entire career with the Penguins, playing 981 games with the team since he was drafted second overall in 2004. He has been with the team for all three of their Stanley Cups in the current era. This past season, he scored 20 goals and 42 points in 41 games.
There's no denying Malkin's talent. Even at his current age, he remains an offensive force. That said, he has dealt with pretty significant injury trouble recently. In Pittsburgh's 138 regular-season games over the last two seasons, Malkin suited up for just 74 of them. In fact, he has only reached the 70-game mark once in the last 10 years. Even factoring in three shortened seasons, that's a pretty rough statistic. He has played just 74 percent of the team's games in that time, so his ability to stay healthy is clearly a massive issue.
There's also the fear of decline, given he's turning 36 years old in under a week. That said, he's still posting point-per-game numbers and his production has managed to stay pretty consistent. It really comes down to whether or not he's able to stay healthy going forward.
The Term
Four years is probably at least year too long for the contract. Malkin's play is going to see a decline at some point, and his injury trouble could still worsen. Ideally, the Penguins would've gotten a two- or three-year deal here, in order to minimize the risk.
Four years isn't terrible, though, and it's only a year longer than the remaining term on Sidney Crosby's deal. The Penguins are hoping to compete for as long as they can, so keeping Malkin was the priority. If the forward can keep up his performance for even half the deal before a decline, it makes the signing worthwhile.
If Malkin had hit free agency, teams would've been lining up to offer him a short deal worth a lot of money. As a result, going with a longer deal was the easiest way to keep Malkin.
As we've seen with the team many times this offseason, Pittsburgh is willing to give more term to keep a player's cap hit down. This is clearly the case with Malkin's extension.
The Cap Hit
The Penguins may have given up a bit too much term, but the cap hit they negotiated is a massive win. Paying Evgeni Malkin just $6.1 million per year is a huge bargain. Even despite his age and injury history, it comes in much, much lower than it could've on a shorter deal.
If Malkin is able to sustain even close to the point-per-game numbers, he's worth significantly more than his cap hit. There likely would've been teams willing to offer $9 million or even more on a shorter deal. So while they gave up extra term on the contract, the low cap hit was certainly really worth it.
Getting Malkin at that price means the Penguins are able to remain a competitive team in the coming years. They've re-signed most key free agents this offseason and, now, they could have a couple more playoff runs left.
The No-Move Clause
A downside to the contract is the no-movement clause attached. Evgeni Malkin has full trade protection through his entire contract, which will expire only about a month before he turns 40 years old.
As a result, the Penguins have no way out of the deal and are essentially committed to the forward likely until the end of his career. Again, though, the cap hit on the deal makes the no-move clause much more worthwhile. Plus, given the negotiation the sides just went through, it would leave a pretty sour taste if the Penguins were to try to move Malkin at any point during the deal anyways.
***
Evgeni Malkin sticking around is a win for the Penguins, let alone the excellent cap hit they got him for. He'll go down as one of the franchise's most important players, so keeping him was an important move.
Aside from just his legacy, Malkin will still continue to contribute as one of Pittsburgh's top forwards. He remains a high-end center and will provide great value for his contract if he can stay healthy.
The Penguins have kept their core together and will look to make at least one more Stanley Cup run with this group. It shouldn't be ruled out.
Grade: A
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