As the champagne is still drying for the St. Louis Blues, let’s consider a good problem to have: how much will they pay Jordan Binnington, the 25-year-old goalie who emerged from relative obscurity to save their season, and then help them win their first-ever Stanley Cup? And for how long will they pay Binnington?

It’s a challenging situation, even if the NHL’s other 30 teams won’t spare the Blues a Kleenex.

Let’s break the situation down, including what’s going on around Binnington.

RFA, not UFA

One of the biggest factors to consider is Binnington’s RFA status.

As Puck Pedia notes, Binnington needs two more seasons of play to become an unrestricted free agent.

That’s a fascinating cutoff point, as Jake Allen – the former Blues starter Binnington dislodged – will see his $4.35 million cap hit expire after the 2020-21 season. Later on in this post, we’ll get to Allen and other contextual factors, as the Blues’ overall cap situation certainly impacts the situation.

One other key note is that Binnington is arbitration-eligible. That mitigates some of the advantage the Blues have with Binnington becoming an RFA, as Binnington checks some pretty big boxes that would likely stand out to an arbitrator:

Binnington’s numbers, and background

Despite already being 25, Binnington’s NHL sample size is small. Yet, what Binnington lacks in quantity, he makes up with brilliant quality.

In 32 regular season games (and 30 starts), Binnington managed absolutely splendid numbers: a 24-5-1 record and .927 save percentage. While his playoff save percentage was more modest (.914 in 26 games), Binnington was tremendous in Game 7 against Boston, and ended up finishing second in the Conn Smythe voting.

So, Binnington only had an abbreviated regular season, yet became a Calder Trophy finalist, then almost won the playoff MVP as he earned all 16 playoff victories during the Blues’ championship run. Yeah, that’s the sort of stuff you can lead with in contract negotiations, unless Binnington’s reps just want to show a Game 7 highlight reel, then lean back in a rolling chair.

(Contract negotiations should always include rolling chairs, right?)

No doubt about it, that’s still a small sample size, but Binnington isn’t directly comparable to a flash in the pan like Andrew Hammond. While Hammond’s stats at other levels weren’t very promising before his Hamburglar run, Binnington’s largely put up strong numbers at the AHL and other levels; he simply hasn’t always received opportunities to prove himself.

Also, Binnington has some decent pedigree as a third-rounder (88th overall in 2011), especially when you consider that goalies rarely go in the first round any longer.

Not a ton of comparable situations

A comparison to Matt Murray is probably the most natural. It’s not totally 1:1, mind you. Murray was younger, and the Penguins signed him to an extension heading into the season where his rookie deal was expiring. Also, while the Blues have an expensive veteran (Allen, $4.35M per year for two more seasons) and the Penguins had one (Marc-Andre Fleury), the situation is much clearer in St. Louis than it was in Pittsburgh. Binnington is The Man, and if Allen remains with the team through his current contract, it could be due to a lack of willing trade partners, not a belief that Allen is actually the real No. 1.

(If Allen ended up being that top guy after all — don’t forget, goalies are wildly unpredictable – he’d become the Craig Anderson to Binnington’s Hammond.)

Bridge or something longer?

There are reasons point to, but also away from, a shorter “bridge” contract.

To an extent, something in the two or three-year range would make sense for both sides. The Blues could mitigate the risks that come with investing in a goalie who has a limited sample size at the NHL level, while Binnington could salvage most, if not all, of his UFA years with a shorter deal. A brief contract might make it easier for Binnington to digest a smaller AAV; theoretically, he could really make the big bucks if he proves himself for a couple extra years.

Yet, there are reasons to chisel out a longer pact, too.

For Binnington, he’d gain the financial security that comes from getting hefty term, which is something that must really resonate with a player who’s had to fight to prove himself as a professional hockey goalie. Binnington might be OK with potentially leaving some money on the table for added peace of mind.

Let’s face it, too. The Blues have been looking for a go-to goalie for ages, particularly since Jake Allen hasn’t panned out as the guy, as they had hoped.

It will likely boil down to the details that maybe are only discussed behind closed doors, or perhaps occasionally leaked to the media. Will the Blues be tough negotiators, prompting Binnington to lean toward a shorter deal, as to get the added power of UFA status? How much more or less money would Binnington receive if the term went longer?

That all boils down to the priorities for both sides.

Cap considerations

Cap Friendly estimates that the Blues have about $18.73M in cap space heading into the offseason, with 16 roster spots covered. Again, the Blues may prefer to get Allen’s $4.35M off the books, but that’s likely easier said than done.

While the Blues have some choices to make as far supporting cast members with Patrick Maroon among their UFAs while Joel Edmundson and Oskar Sundqvist stand out among several RFAs other than Binnington, the other biggest decisions linger after 2019-20.

Alex Pietrangelo ($6.5M) will command a hefty raise. Brayden Schenn won’t be as cheap as $5.125M after his contract year, either, and Jaden Schwartz‘s friendly $5.35M cap hit expires after 2020-21. There are also quality young players who will get more expensive in the near future, from Vince Dunn to Robert Thomas.

So, Blues GM Doug Armstrong must weigh all of those considerations while pondering what to pay Binnington, and for how long.

***

Again, this isn’t a bad problem to have. And, if you look at the salary cap era, other teams have faced far more agonizing cap crunches than the Blues face this summer.

Still, just because this isn’t the most challenging situation, doesn’t mean that it isn’t a puzzle for Armstrong to solve.

MORE BLUES STANLEY CUP COVERAGE:
• Jay Bouwmeester finally gets his Stanley Cup
• Blues fan Laila Anderson gets moment with Stanley Cup
• Ryan O’Reilly wins Conn Smythe Trophy
• Berube helped Blues find identity after early-season struggle
• Blues latest team erased from Stanley Cup drought list

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James O’Brien is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @cyclelikesedins.