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The Florida Panthers went all-in at this year's trade deadline, moving multiple first-round picks to bet heavily on postseason success in 2022.
The Panthers did finally win a playoff round this season, but things still didn't quite go as planned. After beating the Washington Capitols in six games, Florida was swept out of the second round by in-state rivals the Tampa Bay Lightning. Now entering the offseason, the Panthers are faced with some tough cap decisions.
Florida's two major deadline additions were forward Claude Giroux from the Philadelphia Flyers and defenseman Ben Chiarot from the Montreal Canadiens.
Though Giroux had spent almost a decade as the Flyers' captain, he was still chasing his first Stanley Cup. The 34-year-old was still producing well leading up to the trade, scoring 18 goals and 42 points in 57 games with Philadelphia, a pace of 26 goals and 60 points per 82 games.
Giroux didn't come cheap at the deadline. The Panthers gave up a first-round pick, a third-round pick and forward Owen Tippett in exchange for Giroux, a substantial cost only offset by a later-round pick and two minor league forwards. That said, Giroux did make a huge impact in his short time with Florida, managing 23 points over 18 regular season games, then eight points in 10 games during the playoffs.
Chiarot, on the other hand, was a key part of Montreal's run to the Stanley Cup Finals last season.
He had taken on a huge role with the Canadiens, averaging 23:33 of ice time per game this year, making a major difference defensively and providing a palpable physical presence. The price to acquire him wasn't much lower than Giroux's, with the Panthers giving up a first-round pick, fourth-round pick and prospect Ty Smilanic. Chiarot definitely made an impact for Florida, though, averaging just short of 21 minutes in 20 regular season games.
Now, the issue for the Panthers becomes trying to retain Giroux and Chiarot this summer. Both are set to become unrestricted free agents and given Florida's cap situation, the chances of just one of them coming back seem very unlikely.
The Panthers have under $4 million in cap space with about $78.5 million committed to just 16 players, according to CapFriendly. As is, they need to shed salary just to get under the cap next season, let alone re-sign key players.
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Florida could get off some salary by moving Patric Hornqvist and his $5.3 million cap hit, but it might not be easy. Hornqvist, 35, has a single year remaining on his contract and his production has slipped, meaning there likely won't be many teams lining up to acquire him. His partial no-trade clause would only further complicate matters.
While the team could look to move a different player to create cap space, it would still leave a gap in the Panthers' lineup. Then factor in Chiarot is certainly due a raise from his $3.5 million cap hit, which could end up around $5 million per year on his next deal. Giroux may end up with less than his current $8.25 million per year, but it still won't be a massive pay cut, at least depending on the terms of the deal.
As a result, it seems extremely unlikely that the Panthers will be able to create enough space to retain either player.
Florida has the unrestricted free agency of Mason Marchment to consider, too. The power forward enjoyed a breakout campaign with 18 goals and 47 points in 54 games, and at 26 years old is a valuable member of the Panthers' core. Eetu Luostarinen will also be a restricted free agent. He's a lower priority than Marchment, but Luostarinen's contract status is another variable for Florida to worry about this summer.
The Panthers are still going to have a very good team next season. Other than Giroux and Chiarot, the team's offseason losses should be relatively minimal. Its offense was more dominant than any team's in the past two decades, and Florida will be set up front even without Giroux. The loss of Chiarot would weaken the Panthers' defensive depth, but Aaron Ekblad, MacKenzie Weegar, Gustav Forsling, Radko Gudas and Brandon Montour will still form a solid blue line.
That said, Florida sacrificed a lot of future flexibility to bring in Giroux and Chiarot, with nothing to show for it other than a disappointing playoff exit. It was clear from the get-go that going all in was a risky move for general manager Bill Zito. As free agency quickly approaches, all signs point to Giroux and Chiarot playing elsewhere after a half-season rental with the Panthers.
