The Montreal Canadiens are making sure one of their most important defenders is going to be sticking around.
The team announced on Friday that it has re-signed Jeff Petry to a four-year, $25 million contract extension that will run through the end of the 2024-25 season.
That comes out to an annual salary cap hit of $6.25 million. Petry is currently entering the final year of a contract that pays him $5.5 million per season. He would have been eligible for unrestricted free agency after next season without a new contract.
He has been with the Canadiens since the middle of the 2014-15 season when he was acquired for two draft picks and become one of their best all-around players. It has turned out to be a wildly one-sided traded in the Canadiens’ favor. He is a possession-driving defenseman that can play a solid defensive game and also make a significant contribution offensively. He has scored at least 10 goals and 40 points in each of the past three seasons.
It makes sense that the Canadiens would want to keep him around.
Just about the only risk here is age. Petry turns this December and will be 34 when the new contract actually kicks in. Right now Petry is without a question a $6.25 million dollar per year player, and he has not really shown any signs of an immediate decline. But will he still be that good of a player between the ages of 34 and 37?
Starting with the 2021-22 season the Canadiens will have $24.5 million in cap space going to the trio of Petry, Shea Weber, and Carey Price, all of whom will be over the age of 33. And that does not include the $4.6 million that then-33 Karl Alzner‘s contract has (assuming he is still on the team). That is a lot of money and a significant chunk of your salary cap space going to players that are closer to the end of their careers than their primes.