News broke on Sunday that Patrick Kane was returning to the Detroit Red Wings. Now, the signing is official. Detroit has announced that Kane signed a one-year contract extension with the team to remain in Hockeytown. With the signing announced, details on Kane's new contract are beginning to emerge ahead of NHL Free Agency.
Kane will earn a base salary of $4 million in 2024-25, according to Sportsnet's Elliotte Friedman. Additionally, there are performance bonuses in the contract that can see him earn an additional $2.5 million. The biggest performance bonus is a $1.5 million payout if the future Hall of Famer plays 10 games next season.
Kane also has a full no-trade clause in this deal, according to The Athletic's Pierre LeBrun. The veteran winger also received a no-trade clause when he initially joined Detroit in November. This contract carries a cap hit of $4 million for 2024-25 as the performance bonuses may count against the team's 2025-26 salary cap, per PuckPedia.
Kane signed with the Red Wings after undergoing hip resurfacing surgery last summer. “Showtime” made a near-instant impact with Detroit and experienced a huge return to form. He helped Detroit contend for the Stanley Cup Playoffs while scoring 20 goals and 47 points in 50 games in 2023-24.
Patrick Kane could be the first of many Red Wings moves
Signing Kane was an important piece of business for the Red Wings ahead of NHL Free Agency. He helped spark Detroit in the middle of the year and kept them in playoff contention after things went downhill. That said, his signing certainly won't be the team's only move with the market opening on Monday.
The Red Wings have two major contracts they need to dish out. Young stars Moritz Seider and Lucas Raymond are restricted free agents. Teams can sign them to an offer sheet on Monday if they wish. However, Detroit retains the right to match the contract since both players received qualifying offers on Sunday.
Those two players will put a dent into Detroit's salary cap when they sign on the dotted line. Still, the Red Wings are expected to chase a few free agents on Monday. One option includes veteran forward Steven Stamkos. Stamkos is hitting NHL Free Agency after talks with the Tampa Bay Lightning stalled. Red Wings general manager Steve Yzerman spent several years in Tampa Bay with Stamkos as the Lightning's general manager.
If Detroit wishes to clear cap space, they have options to do so. The Red Wings have already made a salary dump move, trading Jake Walman to the San Jose Sharks. However, they could make another move if something else demands extra funds. Detroit could move forward Robby Fabbri or defenseman Justin Holl to create this extra space.
All in all, signing Patrick Kane is an important first step for the Red Wings. But they certainly expect to be rather busy once again once NHL Free Agency opens. Let's see if Detroit causes fireworks once the market opens on Monday.
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