The Terry Pegula effect: Sabres sign Christian Ehrhoff to 10-year, $40M deal

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Apparently Christian Ehrhoff received some good feedback about Buffalo, because it looks like he will play hockey there for a long time.

The Associated Press reports that the hard-shooting German defenseman signed a mammoth 10-year, $40 million contract with the Buffalo Sabres today. This signing comes after they shipped their 2012 fourth round pick to the New York Islanders for his exclusive negotiating rights.

Note: See the bottom of this post for a detailed breakdown of the structure of his new deal.

Instant analysis of the contract

Let’s make no mistake about it: this is a monster deal, especially from the perspective of term. Ehrhoff will turn 29 on July 6, so this early birthday present of a contract will probably cover the rest (or at least most) of his remaining playing days. Honestly, it’s difficult to avoid feeling a little anxious about giving any player a deal for such a long time in a violent sport like hockey, especially when he’s halfway through his career. Calling this deal risky is an understatement.

The greatest perk of these decade-long contracts is how much they dilute a player’s salary cap hit, though. Only Ehrhoff’s sternest critics would deny that $4 million is a bargain for a defenseman who just produced a 50-point season and scored at least 40 points in two other campaigns. Ehrhoff averaged just a second less than 24 minutes per game on the juggernaut Vancouver Canucks team, so his big picture value should be obvious even if he remains flawed in a few areas. Some people might debate this point, but his skill set and resume probably would have made him the top target among unrestricted free agent defensemen if he got that far.

The impact of adding Ehrhoff and Regehr

Interestingly enough, both of the Sabres’ new defensemen will register $4 million per year salary cap hits and were acquired in part because of trades. Buffalo added Robyn Regehr and his $4.02 million cap hit (which expires after the 2012-13 season) via a trade with the Calgary Flames and traded for Ehrhoff’s negotiating rights to get this deal done. The two defensemen add opposing elements to a Sabres defense that was very lacking in 2010-11; Regehr is a rugged, stay-at-home defenseman while Ehrhoff’s game is geared more toward puck movement and scoring points.

With Regehr and Ehrhoff primed to take top pairing (or at least top four) roles going forward, 2009-10 Calder Trophy winner Tyler Myers can assume a more comfortable position with the team. Some said that Myers suffered a “sophomore slump” after that great rookie campaign, yet if you ask me, the Sabres stretched super-tall defenseman too thin. Now he can grow into his role as the team’s blueliner of the future (with Ehrhoff, apparently).

Conclusions

There’s a chance that this signing might remove Buffalo as a dark horse candidate in the Brad Richards sweepstakes. Adding Ehrhoff’s expected $4 million cap hit brings the Sabres’ cap space to about $7 million and they need to fill 3-6 roster spots.

That being said, if the opportunity comes along, it wouldn’t be shocking if the Sabres made another bold move or two. It’s clear that Pegula is willing to spend big – and take some risks – to make the team better. We’ll see if their gambles pay off next season … and in the case of Ehrhoff, maybe for the nine seasons that follow as well.

The year-by-year structure of the deal

TSN’s Bob McKenzie provided a breakdown of the year-by-year structure of the deal. I altered it slightly to make it easy to read.

Year 1: $8 million signing bonus, $2 million salary
Year 2: $5M signing bonus, $3M salary
Year 3: $4M
Year 4: $4M
Year 5: $4M
Year 6: $4M
Year 7: $3M
Year 8: $1M
Year 9: $1M
Year 10: $1M
*McKenzie notes that the deal will have a “modified” no-movement clause.

As you can see, the contract is front-loaded as expected. The Sabres might be able to trade him (if they can get around the clause) to a poorer NHL team between years 7-10 because his low salary and $4 million cap hit would help them reach the salary cap floor. Of course, there’s the other alternative: Ehrhoff might retire before his contract expires, which would make his cap hit go away under the current Collective Bargaining Agreement.

Lightning re-sign journeyman forward Conacher

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Cory Conacher has turned an impressive Calder Cup Playoffs run into a two-year contract with the Tampa Bay Lightning.

Per the club, it’s a one-way deal in the first season and a two-way deal in the second, paying $650,000 annually at the NHL level.

Conacher, 27, had 12 goals and 16 assists in 22 playoff games as the Syracuse Crunch made it all the way to the 2017 Calder Cup Final.

The undrafted and undersized forward was also productive during the regular season, racking up 60 points (17G, 43A) in 56 games for the Crunch and four points (1G, 3A) in 11 games for the Lightning.

Conacher has been quite the traveler in recent years, making numerous stops in both NHL and AHL markets. He spent the 2015-16 season in Switzerland, before returning to North America to sign with the Bolts last summer.

Sens keep Condon with three-year, $7.2 million extension

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Ottawa was thrilled with the way Mike Condon played last year.

And so, they’ve rewarded him.

Condon has signed a three-year, $7.2 million extension, the club announced on Monday. It carries a $2.4 million average annual cap hit, and makes him the only Sens goalie under contract beyond next season. Both Craig Anderson and Andrew Hammond are UFAs in 2018.

Condon, 27, found stability in Ottawa after a whirlwind start to the year. He was waived by Montreal out of training camp and picked up by Pittsburgh, but only saw 20 minutes of action before the Sens acquired him.

His acquisition was necessary after news broke that Anderson’s wife, Nicholle, had been diagnosed with cancer. And as Anderson took leaves from the team to be with his wife, Condon got plenty of opportunities to play, and found his groove.

His first season in Ottawa featured several team records, including playing in a franchise-best 27 consecutive games between Dec. 1, 2016, and Feb. 4, 2017. He became the fastest goaltender in franchise history to record five shutouts, when he did so in his 32nd game on Feb. 16 versus the New Jersey Devils.

That performance led some to speculate Condon would test the market this summer, possibly for a No. 1 gig somewhere — or, the opportunity to compete for one.

That said, he and the Sens had started extension talks all the way back in February, suggesting both parties wanted to continue working together.

This means that another potential UFA goalie is now off the market. With reports that Ryan Miller is on his way to Anaheim, the pool of available guys is now led by Brian Elliott, Steve Mason, Jonathan Bernier, Chad Johnson, Anders Nilsson, Darcy Kuemper and Ondrej Pavelec.

Rangers reportedly on verge of re-signing Brendan Smith

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The New York Rangers are “close to finalizing” a contract extension with defenseman Brendan Smith, according to TSN’s Bob McKenzie.

The deal is expected to be four years long with a cap hit of $4.35 million.

Smith, 28, was traded from Detroit on Feb. 28, and the Rangers clearly liked what they saw.

In the playoffs, Smith played all 12 games, averaging 19:41 of ice time while adding four assists and finishing a team-high plus-8.

It remains to be seen if signing Smith makes it less likely that the Rangers pursue Kevin Shattenkirk in free agency.

Don’t forget the Blueshirts got Anthony DeAngelo in the Derek Stepan trade, and DeAngelo’s game is quite similar to Shattenkirk’s — albeit far less proven at the NHL level.

Related: Smith, Rangers still talking

Report: Kings land Sabres goalie prospect Petersen

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Sounds like Cal Petersen is headed to Los Angeles.

Per LA Kings Insider, Petersen — the star Notre Dame goalie taken by Buffalo at the 2013 draft — has decided to sign with the Kings when he becomes an unrestricted free agent on Aug. 16.

The decision comes just days after Petersen told the Sabres he wouldn’t be signing with them.

“I’ve spoken to Cal. At this time I think he’s going to probably move to free agency and we’ll go from there,” GM Jason Botterill said, per the Buffalo News. “Disappointed, but we’ll move on.”

Petersen, 22, is coming off a great junior year for the Fighting Irish. He went 23-12-5 with a .926 save percentage and 2.22 GAA, helping the club advance to the Frozen Four. Petersen was also named a finalist for this year’s Mike Richter Award, given annually to college hockey’s top goalie.

In April, he was named to the U.S. team at the World Hockey Championships in France and Germany. He was one of three goalies on the squad — along with Connor Hellebuyck and Jimmy Howard — but didn’t appear in any games.

In late May, Petersen announced he was forgoing his senior year at Notre Dame to turn pro, but declined to say which club he would be signing with. Buffalo’s rights to Petersen expire on Aug. 15.

With the Kings, Petersen finds himself in a good situation. Jonathan Quick is entrenched as the No. 1, but turns 32 next season and missed most of last year with a groin injury. The backup battle will be between 30-year-old Jeff Zatkoff and 25-year-old Jack Campbell.

Organizationally, the club doesn’t have a ton of depth. L.A. cut ties with Czech goalie Patrik Bartosak following his assault charges in a domestic violence case in 2015. Jack Flinn, 21, saw a bit of time with AHL Ontario last year, and the club has used draft picks on the likes of Alec Dillon and Matthew Villalta.