The Montreal Canadiens and P.K. Subban weren’t able to come to an understanding before their arbitration hearing Friday morning. That’s water under the bridge now though as Montreal has announced that Subban has agreed to an eight-year extension.
The arbitrator hadn’t ruled on Subban’s case yet and that decision is now unnecessary. Subban’s eight-year agreement with Montreal will start with the 2014-15 campaign.
Montreal didn’t disclosed the financial terms of the contract, but its worth $72 million, according to TSN’s Bob McKenzie. That means Subban will have the third highest cap hit in 2014-15, behind only Alex Ovechkin and Evgeni Malkin. Jonathan Toews and Patrick Kane will surpass all three of them with their matching $10.5 million cap hits, but their contracts won’t take effect until 2015-16.
This marks the end of a period of intense speculation and uncertainty surrounding the future of the 25-year-old defenseman. After missing the start of the shortened 2013 campaign as a restricted free agent, Subban agreed to a two-year, $5.75 million bridge contract. He went on to win the Norris Trophy in 2013 and finished the 2013-14 season with 10 goals and 53 points in 82 games.
He has made it clear that he wants to spend his career with the Canadiens, but immediately following his hearing, the prospects of him getting a long-term deal this summer looked bleak. Now his position as one of the cornerstone’s of this franchise going forward has been cemented.
In slightly less interesting Los Angeles Kings news than the latest in the Mike Richards fiasco, the team handed Peter Budaj a one-year, two-way deal on Friday.
The veteran goalie’s contract pays $575K on the NHL level and $100K in the AHL (though it’s $150K guaranteed), according to Hockey’s Cap.
At the moment, it sounds like Budaj will be third on the Kings’ goalie depth chart. That says as much about how things have been going lately for Los Angeles than Budaj’s work on a PTO.
As noted above, one of the more significant moves in Budaj’s favor came when the New York Islanders claimed Jean-Francois Berube off of waivers this week.
The Kings actually waived Budaj before signing him, so this has to be a relief to a goalie with a fairly robust resume as a backup.
All apologies to Budaj, but it’s probably true that the Kings would prefer not to see him at the NHL level very often in 2015-16.
The Los Angeles Kings announced today that they have “reached an agreement with Mike Richards to resolve the grievance filed in relation to the termination of his NHL Standard Players Contract. The terms are agreeable to all parties.”
The club said that it will not be commenting further “on the terms” of the settlement.
The NHLPA released a similar statement.
It was reported earlier in the week that a settlement was close to being reached; however, it wasn’t clear what salary-cap penalties the Kings would incur.
We’re starting to find out some details now:
How the final numbers differ from what the Kings would have incurred if they’d bought Richards out will be interesting to see. And if there are differences, how will they be justified?