Salary Cap Deep Dive: Washington Capitals

Lindgren was a late bloomer but since joining Washington two years ago, he has established himself as at least a capable NHL netminder.  Last season, he wrestled away the number one job from Darcy Kuemper which will only help his cause in negotiations.  Still, with a limited track record (just 110 career NHL appearances heading into the season), an early extension isn’t likely – both sides probably want to wait and see what happens – but if he has a similar year to this one, he should earn at least $3MM on a multi-year agreement next summer.  If it’s another year as a true starter, the recent five-year, $25MM contract given to Joey Daccord could come up in talks.

Thompson also has somewhat of a limited track record in terms of experience but is also a few years younger with better career numbers after three strong seasons in Vegas.  Accordingly, it wouldn’t be shocking if his camp is already eyeing something close to Daccord’s new deal if and when extension talks get underway.  The cheapest goalie in the NHL, Thompson’s next deal will certainly change that soon enough.

Signed Through 2025-26

D John Carlson ($8MM, UFA)
F Brandon Duhaime ($1.85MM, UFA)
D Martin Fehervary ($2.675MM, RFA)
F Connor McMichael ($2.1MM, RFA)
F Sonny Milano ($1.9MM, UFA)
F Alex Ovechkin ($9.5MM, UFA)
D Trevor van Riemsdyk ($3MM, UFA)

Ovechkin is one of the top scorers in NHL history and even with a very high AAV for most of his career, he has lived up to it.  That might be ending soon strictly from a bang-for-buck perspective.  The 39-year-old had the lowest full-season production of his career and players generally don’t have a resurgent year at that age.  That said, with all he has done for them and the chase for the all-time record, the Capitals won’t be too concerned if they’re not getting top value here.

McMichael received a bridge deal which was a pretty obvious outcome considering he spent most of 2022-23 in the minors.  But if he can stay in the top six regularly, he could double that next time out with arbitration eligibility and if it looks like he’s a core piece for the future by then, a long-term deal could push past $5MM.  Milano managed 15 goals in 49 games last season which isn’t bad production for that price tag but the book on him in recent years is that he can be effective only in a limited role.  That has hindered his market before and probably will next time out unless something changes over the next couple of years.  Duhaime is a crash-and-bang winger who only managed five goals last season, making this price tag seemingly a bit high for that role but perhaps a change of scenery will allow him to contribute a bit more offensively which would set him up to pass $2MM next time out.

While Carlson didn’t light up the scoresheet as much as he has in the past, he did reach the double-digit goal mark for the sixth time in the last seven years last season and logged a career high in ice time at nearly 26 minutes a night.  That type of playing time is unsustainable for a 34-year-old but he doesn’t need to play that much to justify this deal.  He remains an all-situations type of player which should give this contract a good chance to hold up value-wise over the final two seasons.  It’s not inconceivable that he lands a small raise next time out although the likelier outcome is more of a medium-term agreement that would allow the AAV to be a bit lower.

As for van Riemsdyk, he has found a home in Washington, going from being a player toward the end of the depth chart to spending a lot of time on the second pairing.  This price tag for someone in that role is good value.  He’ll be entering his age-35 year on his next contract so he might be hard-pressed to get much more than this in 2026.  Fehervary, meanwhile, is on his bridge deal and has similarly played a lot on the second pairing.  Given that he’s still 25, he could push past the $4MM mark if things go well, perhaps $5MM on a long-term pact.  His current deal is front-loaded, carrying just a $1.075MM qualifying offer two years from now.

Signed Through 2026-27

None

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Signed Through 2027-28 Or Longer

F Pierre-Luc Dubois ($8.5MM through 2030-31)
F Aliaksei Protas ($3.375MM through 2028-29)
D Matt Roy ($5.75MM through 2029-30)
D Rasmus Sandin ($4.6MM through 2028-29)
F Dylan Strome ($5MM through 2030-31)
F Tom Wilson ($6.5MM through 2030-31)

Washington surprised many by taking a swing on Dubois who had a tough year with Los Angeles in the first season of that agreement.  It’s a contract that looked to be above-market from the moment it was signed but the hope that he could become a consistent top-two center with size is tantalizing and likely led to the move.  It could work out or it could become a big anchor on their books.  It was a high-risk, high-reward play.  The same can’t be said for Wilson.  Power forwards get above-market contracts and this is certainly that, especially for someone who is starting a seven-year deal at 30.  There’s a lot of risk in this move and the reward potential isn’t particularly high unless he can get back to being at least a 20-goal scorer.

It took Strome a while to establish himself as a reliable top-six forward but he has done just that since joining the Capitals.  This contract looked a bit risky when it was signed as it was coming off just one strong season but now, after slightly besting those numbers last season, it might hold up as one of their better deals in a hurry.  Protas’ pact was a bit surprising given that he has just 13 career goals in 169 games but he took a step forward offensively last season and has the size to make an impact.  It’s a bit of a leap of faith but even if he stays around the 30-point mark (which he nearly reached last year), they’ll do fine with this contract.

Roy was Washington’s big splash in free agency to help shore up the back end.  He’s someone who flew under the radar a bit in Los Angeles but now with a pricey contract to play top-pairing minutes most nights, that should change.  He’s no longer a bargain as he was the last couple of years but this is a good deal for a number two defender as long as he can have success in that role with the Caps.  Sandin’s contract is one where it will serve as a bit of an overpayment at the beginning with the hope that it will flip to a club-friendly agreement within a year or two.  The addition of Chychrun seems likely to limit his playing time which could keep this contract on the pricey side for a little while longer but eventually, he should get back to playing in a top-four role.

Buyouts

None

Retained Salary Transactions

None – they retained $3.9MM on Evgeny Kuznetsov’s deal in last season’s trade with Carolina but that came off the books when he agreed to mutually terminate the agreement with the Hurricanes this past offseason.

Best Value: (non-entry-level) Thompson
Worst Value: Dubois

Looking Ahead

Having over $14MM on LTIR gives the Capitals a cushion to work with even though they’re well over the salary cap.  As things stand, they’re around $3.8MM below their revised spending ceiling.  Notably, that doesn’t get larger as the season progresses so they have that much now or at the trade deadline if their roster stays as is.  Still, that gives them ample insurance against injuries and if they’re in mix for the stretch run, they should have an opportunity to add a piece.

Looking to next season, they have $62.75MM in commitments, giving Patrick some room to work with.  However, a good chunk of that will go toward re-signing their goalies, a new deal for Chychrun, and either re-signing or replacing Mangiapane, a top-six forward.  Still, they’re not in too bad of shape.  Ovechkin and Carlson are up the following summer, opening up more flexibility although the concern of Dubois and Wilson’s deals potentially not aging well will linger.

Photos courtesy of USA Today Sports Images.