Arizona Coyotes 20 Best Contracts in the Salary Cap Era
The Arizona Coyotes have had a tumultuous existence off the ice, and only limited success on it, securing only 4 playoff appearances since 2005, advancing past the first round only once. Despite financial struggles and a seemingly constant threat of relocation, they’ve always been able to attract free agents with their desirable warm winter climate and low state taxes. It’s not a coincidence that a glut of the Coyotes best contracts were signed leading up to their most successful season in 2012 when they advanced to the conference final. Don Maloney was at the helm for that run, and was the team’s General Manager for 9 years, hence why his signature dominates their list of best deals.
Eventually the team fell back into darkness after a brief moment in the light, and Maloney was replaced by John Chayka in 2016. The youngest GM in league history gained a reputation as an analytical darling, but had never able to translate that into team success when he shockingly quit in 2020 before his first playoff appearance. Below is their team report card, showing their ranking relative to the best con list of every team. They might be middle of the pack in terms of average contract ranking, but it’s telling that they are 29th in total salary issued and 2nd in % earned and minutes per dollar. That means they hit a few big home runs from the bargain bin. Makes sense for a team that struggles to reach the salary floor.
This was originally published in my 2020 book Hunting Bargains in a Salary Cap World, and has now been updated with new contracts. I will continue to update each team’s list every summer going forward. The rule is that only active contracts can move up or down. Expired deals cannot pass each other (with a few exceptions). The book is still available on Amazon, though some of the stats on active contracts are now out of date. You may yet find it interesting because there were detailed stat graphics that you won't find here. One thing you won't find here are entry level contracts because they all come from the same cookie cutter and require less skill at the negotiating table.
1. Oliver Ekman-Larsson
Adjusted Cap Hit: $38.4M, $6.4M (avg)
Value Returned: $48.8M, $8.1M (avg)
% Earned: 127%
"Why wait and risk it when we could structure something that works for us? As far as I'm concerned, a win-win for everybody. He gets a really good contract, and we lock up a very good player for some time."
By the final year of his entry level contract, Oliver Ekman-Larsson was officially an elite defenseman. The smooth skating Swede had posted an impressive 17 PTS in 25 GP midway through the shortened 2013 schedule (averaging over 25 minutes per game of ice time) when he inked this 6-year pact. It was nearly the same deal that teammate Keith Yandle had accepted 2 years earlier (but one extra year).
OEL was such a good defenseman on such a bad team. He averaged 46 PTS per 82 GP and 24.6 minutes of ice time per game, and twice eclipsed 220 shots on goal in a season. Year three produced his best individual season at 55 PTS. As an aside, the team also missed the playoffs all 6 of these seasons with OEL going -97.
2. Keith Yandle
Adjusted Cap Hit: $3.5M, $1.7M (avg)
Value Returned: $14.6M, $7.3M (avg)
% Earned: 422%
"He is a young and talented offensive-minded defenseman who will continue to play a major role on our team."
In the final year of his ELC, Keith Yandle posted an impressive 30 PTS in 69 GP despite playing limited minutes. The upside had been on display, but Keith still had to prove that he could produce with a heavier workload. Don Maloney locked him in on a 2-year bridge that paid immediate dividends for Arizona, scoring 41 PTS in year one and 59 PTS in year two, averaging over 24 minutes of ice time per game.
Yands bet on himself and won in the long-term, with the team winning in the short-term, making the playoffs both seasons. The Coyotes received a 50-point defenseman for 23 cents on the dollar. After scraping by on food stamps for 2 years, Yandle struck gold on the next contract, banking $26M.
3. Mike Smith
Adjusted Cap Hit: $5.4M, $2.7M (avg)
Value Returned: $12.1M, $6.0M (avg)
% Earned: 225%
“I wouldn't take back those tough times in Tampa. I played some good hockey in Tampa, too, but couldn't get that level of consistency that you need to be the guy. That's no one's fault. It's about finding your way through it and learning along the way. This year it all started to click."
Mike Smith had yet to establish himself as a primary starting goaltender who could handle a heavy workload, having never played more than 42 GP in a season and struggling in Tampa Bay. The Coyotes landed the unrestricted free agent at low price on a 2-year “prove it” deal (similar to what Dan Ellis had signed the previous summer, but more for money).
Smith arrived in Arizona and immediately had the best season of his career, winning 38 games with a 2.21 GAA and .930 SV%, backstopping the Coyotes to the Conference final (he posted an insane .944 playoff SV%). They really captured “Peak Smith” at a bargain price. Mike earned himself a lucrative extension after this expired at age 31, and you can read all about it on the Coyotes worst contracts list.
4. Keith Yandle
Adjusted Cap Hit: $32.9M, $6.6M (avg)
Value Returned: $37.2M, $7.4M (avg)
% Earned: 113%
“When we looked at the term, even with dollars spent, I thought it was good value for a top young Norris Trophy-potential defenseman that I still believe has upside to his game"
Keith Yandle had just potted an impressive 11 goals and 59 PTS in 2011 when his previous bargain contract expired. There was a decent chance that he could have earned a higher wage had he argued his case in front of an arbitrator, but instead accepted a very similar contract to what Dustin Byfuglien had been awarded by Atlanta Winnipeg 5 months earlier.
The price may have been low (especially considering he was selling 2 UFA years), but it was consistent with the comparables who had signed before him. The pay ceiling for high end RFA defensemen was pushed higher later that summer by Shea Weber and Drew Doughty.
In 378 GP Yandle scored 225 PTS from the blueline (49 PTS per 82 GP), averaging over 22 minutes per game of ice time. Arizona sold him to New York before they could lose him to free agency and got a nice haul in return (Duclair, Moore, 1st and 2nd round picks). Luckily for Yands, there was $44.5M waiting for him when he hit the open market at age 29.
5. Jakob Chychrun
Adjusted Cap Hit: $28.0M, $4.7M (avg)
Value Returned: $38.7M, $6.5M (avg)
% Earned: 138%
“Jakob is a young, highly skilled defenseman with an incredibly bright future. He has battled through some adversity with injuries the last two years, but we remain confident that he has the necessary size, talent and work ethic to be one of our core players for many years to come.”
Jakob Chychrun was rushed to the NHL as a teenager, probably for the same reason as Lawson Crouse, Chayka didn’t want to send him back to junior and he wasn’t allowed to play in the AHL. The downside to that strategy is you burn those ELC years sooner and give the player a faster track to unrestricted free agency.
Chychrun struggled with injuries early in his Coyotes tenure, which had to make Jake more willing to accept a long-term contract to give himself financial security. Chayka would eventually lock him into a 6-year extension very similar to what Damon Severson and Brett Pesce had received one year earlier. Chychrun scored at a 34-point pace in year one, and broke out with 60 PTS per 82 GP in year two (a stat line that was worth nearly double his salary). Even after regressing in year three, he was still a bargain on a per game basis.
6. Devan Dubnyk
Adjusted Cap Hit: $1.1M, $1.1M (avg)
Value Returned: $5.9M, $5.9M (avg)
% Earned: 531%
“Devan is a goaltender with great size, skill and experience. We are confident that he can continue to develop under the guidance of Sean Burke.”
Devan Dubnyk had really hit rock bottom when he reached the unrestricted free agent market at age 28, playing so bad that he earned a demotion to the AHL and was traded from Edmonton to Nashville. The Coyotes rolled the dice at a cheap price tag, hoping Sean Burke would be able to rejuvenate a once promising career.
The big goalie was mostly average during his 19 games in Arizona before being traded to the Wild for a 3rd round pick. It was Minnesota’s goalie coach who unlocked the matrix, and Devan caught fire, putting up a 1.78 GAA and .936 SV% in 39 GP, earning himself Vezina votes. This probably belongs on the Minnesota Wild best contracts list, but it was signed in Arizona (still a win in asset management flipping an $800K UFA into a 3rd round pick).
7. Ilya Bryzgalov
Adjusted Cap Hit: $18.9M, $6.3M (avg)
Value Returned: $18.5M, $6.2M (avg)
% Earned: 98%
“I chose to stay in Phoenix because I love our fans, my teammates and I’m confident that we have a bright future ahead of us”
Ilya Bryzgalov came to Arizona as a waiver claim (the Mighty Ducks needed to make room for a hot Jonas Hiller) and would soon catch fire himself, winning the Coyotes primary starting job. Two months after getting claimed, Don Maloney procured Ilya’s autograph on a 3-year extension. The salary was high, but the term was low. It’s unlikely that there would have been more money waiting for him on the UFA market, given his lack of sustained success in a starting role.
Bryz stumbled out of the gate in year one, before getting back to a .920 SV%. Over the last 2 seasons of this contract, Bryz had a win-loss record of 78-40 with 36 goals saved above average. When he finally went to market, the man hit a big home run. It also happened to be one of the worst contracts signed in the entire salary cap era.
Fun fact: Jonas Hiller, who replaced Ilya in Anaheim, signed a contract very similar to this two years later.
8. Darcy Kuemper
Adjusted Cap Hit: $4.0M, $2.0M (avg)
Value Returned: $9.3M, $4.7M (avg)
% Earned: 234%
“You need two goalies to win in this league. Antti is one and now we feel confident that we’ve got the second one in Darcy.”
Darcy Kuemper spent most of his first 6 seasons as a decent back-up goaltender and had not yet captured a leading role. He signed with the Kings as a 27-year-old UFA, but could only procure 1-year at close to the league minimum. The Kings shipped him off to Arizona for Tobias Rieder and Scott Wedgewood. The Coyotes locked Darcy into this 2-year extension the same day.
Injuries to Antti Raanta would thrust Kuemper into the primary starting position, and he performed remarkably well by posting a .925 SV% in 55 GP in year one. He was performing even better in year two before injury cut his own season short, otherwise he was trending towards a Vezina trophy nomination. The Coyotes managed to lock him into another bargain 2-year extension that is also on this list.
9. Ray Whitney
Adjusted Cap Hit: $8.1M, $4.1M (avg)
Value Returned: $14.5M, $7.2M (avg)
% Earned: 179%
“They were one of the first teams to call and they were one of the teams to give me a two-year contract. … They were eager for me to sign there and that right there says a lot to an athlete.”
Ray Whitney had just completed a productive 5-year tour of duty with the Carolina Hurricanes (winning a Stanley Cup), when he became an unrestricted free agent at age 38. If you’re talking about players who had success in the battle against Father Time, add Ray Whitney to the list. You can also add this to the disturbingly short list of “net benefit” UFA contracts signed on July 1st.
The Coyotes bought a 58-point player, and produced almost exactly that in year one. But at age 39, Whitney shot up to 77 PTS; only Teemu Selanne has scored more PTS at an equal or greater age since 2005. This was good enough to earn Ray another well paid 2-year deal at age 40. Eventually Father Time struck a finishing blow at age 41.
10. Clayton Keller
Adjusted Cap Hit: $57.6M, $7.2M (avg)
Value Returned: $64.9M, $8.1M (avg)
% Earned: 113%
“He is not only an All-Star and one of the premiere offensive playmakers in the league, but he is equally special as a person with his drive and determination to be great. We are thankful to Clayton for believing in our future and look forward to him playing a vital role on this team for many years to come.”
Clayton Keller had an outstanding rookie season scoring 65 PTS, but that dropped to 47 and 44 in the two final years of his ELC. Spoiler alert, that’s more than you’re supposed to pay a 40ish point player, a lot more. He scored at a 51-point pace in year one, which is still insufficient for this pay grade. Last summer he looked like a contender for Arizona’s worst contract list, before catching fire in year two and scoring at a 77-point pace. If that’s the new normal, then he’s got himself a good contract. This finished in my top 15 NHL contracts list in 2023, as voted on by my Twitter followers.
11. Darcy Kuemper
Adjusted Cap Hit: $9.3M, $4.6M (avg)
Value Returned: $10.5M, $5.2M (avg)
% Earned: 113%
"Darcy had an incredible season last year and established himself as one of the NHL's best goaltenders. With Darcy and Antti, we are confident that we have one of the best goaltending tandems in the league."
Darcy Kuemper elected to sign a 2-year extension with the Coyotes in the fall of 2019 instead of testing unrestricted free agency in the summer. He had recently wrapped an impressive 55-game season posting a .925 SV%, so there surely would have been suitors for his services. Fast approaching his 30th birthday, there probably should have been more urgency to find a long-term deal instead of settling for a 2-year extension.
In year one of the deal, his SV% dropped from .928 to .907 (slightly below league average), so early indicators did not point to this being a good contract. Where the going got good was year two when he was traded to the Colorado Avalanche where he posted a .921 SV% and backstopped the team to a Stanley Cup championship. Washington paid him a handsome sum that summer.
12. Shane Doan
Adjusted Cap Hit: $33.2M, $6.6M (avg)
Value Returned: $38.5M, $7.7M (avg)
% Earned: 116%
“I was drafted by this organization and it means a great deal to me to be able to play with this franchise my entire career.”
Shane Doan’s production had been trending downwards as he approached his 30th birthday, which he celebrated 4 months before signing this 5-year extension. There was a high risk signing a physical player to that term at that age, but in all likelihood, there would have been a higher bidder had he waited until July 1st. Mike Barnett wasn’t about to let his captain leave.
With risk came reward. The gamble paid off as Doan had a scoring resurgence, posting a career high 78 PTS in year one. In 395 GP, Doaner scored 316 PTS (66-point pace) with 1154 Shots and 877 Hits. He did well enough to earn another 4-year deal after this, which you can read about on the Coyotes worst contracts list.
13. Conor Garland
Adjusted Cap Hit: $1.6M, $0.79M (avg)
Value Returned: $9.5M, $4.7M (avg)
% Earned: 597%
“Conor has come onto our team and made an impact through his work ethic and willingness to get to the net and score goals. He’s a great success story for our organization as a later round pick and the development process he went through to get here.”
Conor Garland had accumulated very little NHL experience by the end of his ELC and signed for fair value based on his limited accomplishments in the moment. Betting on himself with a 1-year deal would have been a risky proposition at the time, opting instead for an extra year of job security.
Garland managed to stick on the Coyotes roster and produce quality goal scoring for close to the league minimum. In year one he scored 22 goals and 39 PTS in 68 GP, which carries an expected free agent value at least 5 times greater than the price tag. Too bad he didn’t make that wager on himself, because he could have become a millionaire a little bit sooner. He was traded to Vancouver when this bargain was over and received a nice pay raise.
14. Radim Vrbata
Adjusted Cap Hit: $11.7M, $3.9M (avg)
Value Returned: $19.9M, $6.6M (avg)
% Earned: 171%
"Radim is a terrific fit for our organization and our dressing room, and I'm glad he'll be back with us"
Radim Vrbata played for the Coyotes in 2008 before leaving in free agency to join the Lightning. One year later he was re-acquired by the Yotes in a steal of a trade, sending Todd Fedoryk and David Hale to Tampa. When Radim reached the UFA market again at age 30 in 2011, he decided to stay in Arizona, accepting identical terms to his previous deal, 3 years $3M AAV.
Vrbata’s age had to be a contributing factor to the lack of significant bidders, but he managed to unexpectedly improve past his 30th birthday, setting a new career high. In year one of this contract he jumped up to 35 goals and 62 PTS, finishing that span with 141 PTS in 191 GP (61 PTS per 82 GP), earning every penny with that production. The Czech winger left for Vancouver when this was over.
15. Kyle Turris
Adjusted Cap Hit: $3.6M, $1.8M (avg)
Value Returned: $10.1M, $5.0M (avg)
% Earned: 277%
“Under no circumstances whatsoever, and I’m not sure what language I have to (use). We will not trade Kyle Turris this season. We want him back and if he wants to play in the NHL, he’ll sign with us.”
It was a rocky start to Kyle’s career in Arizona. The young center sat out until late November trying to get a new deal after his ELC expired and settled on this low-cost bridge. His relationship with management was soured and he was promptly traded to Ottawa for David Rundblad and a 2nd round pick (which in hindsight was a terrible trade for the Coyotes). Kyle’s on ice production did not warrant the money he was demanding, as he was trying to squeeze extra dough out of being a high draft pick.
By the second year of this contract, Turris averaged 19.6 minutes of ice time per game and scored at a 50-point pace. He more than doubled his salary on his next deal, which also turned out to be an incredible bargain that you can read about on the Ottawa Senators best contracts list.
16. Zbynek Michalek
Adjusted Cap Hit: $8.1M, $2.0M (avg)
Value Returned: $19.2M, $4.8M (avg)
% Earned: 237%
"Zybnek took a very big step in his career this season. He has earned the minutes he's played, many of which have been in critical situations.”
A defenseman who scores 24 PTS and plays almost 23 minutes per game should have earned a higher wage than what Zbynek Michalek was paid on April 14, 2006. If you have to take a discount, then you should do so on a much shorter term. Four years is a long time to lock yourself into a discounted price.
On the bright side, it did walk the Czech defender directly to unrestricted free agency, where he got a substantial pay day to play for the Penguins. Zbynek left some money on the table, but it was reimbursed in his next negotiation with Ray Shero. Michalek averaged nearly 23 minutes of ice time per game under this contract, while scoring 89 PTS in 311 GP (23-point pace).
17. Karel Vejmelka
Adjusted Cap Hit: $8.2M, $2.7M (avg)
Value Returned: $12.1M, $4.0M (avg)
% Earned: 147%
The Coyotes locked Vejmelka into a 3-year contract extension during his rookie season when the team was by far the worst in the league. His save percentage was significantly below average, but a big part of that was the team playing in front of him. His numbers might have looked bad, but he personally stood on his head to steal some huge games from some very strong teams (most notably Colorado and Toronto). He continued to put up below average numbers in year one, but once again had an actively tanking team in front of him, and had nights where he was by far the best player on the ice. Two years remain, and I’m betting he only gets better.
18. Barrett Hayton
Adjusted Cap Hit: $3.6M, $1.8M (avg)
Value Returned: $9.3M, $4.7M (avg)
% Earned: 262%
Hayton’s production on his ELC was underwhelming for a 5th overall draft pick (the Hockey News Draft Preview ranked him 12th), so it didn’t cost too much to get his name on a new deal. That gamble would pay dividends immediately in year one, as he nearly doubled his scoring output and earned a top line assignment. Just when it was starting to look like Arizona had made a mistake selecting him that early, the kid finally broke out and became a healthy bargain.
19. Michael Stone
Adjusted Cap Hit: $4.2M, $1.4M (avg)
Value Returned: $12.2M, $4.1M (avg)
% Earned: 288%
“Michael is a big, strong, versatile young defenseman who has quickly developed into solid blueliner for our hockey team.”
Michael Stone had only amassed 53 GP of NHL experience when this agreement was reached at age 23. The price was fair given his lack of big-league accomplishments, but he would have been better off to bet on himself with a shorter term if he was going to accept a salary this low.
Stone’s ice time rose each of these 3 seasons, finishing it up with a 36-point campaign in year three at a very low price. The amount of time Stone spent on the ice with the production he generated (27 PTS per 82 GP, averaging over 20 minutes of ice), he should have been paid more than twice this much money.
He finally did bet on himself at the end with a 1-year deal to fast track him to unrestricted free agency, but had a down season (45 GP and 9 PTS) that cost him millions of dollars. If Arizona was offering a long-term extension after the 36-point season, he should have taken it.
20. Keith Ballard
Adjusted Cap Hit: $7.1M, $3.6M (avg)
Value Returned: $9.7M, $4.9M (avg)
% Earned: 136%
Fans of Vancouver and Minnesota might be surprised to see Keith Ballard’s name appear on a best contract list, and you can read more about that on the Florida Panthers worst contracts list. This was the first deal after his ELC, with year two producing a career high 34 PTS, averaging 22.4 minutes per night. He was good enough to be the centerpiece in a trade from Pheonix to Florida for Olli Jokinen, where he signed a 6-year extension. Florida fans surely have mostly positive memories of Keith, as he was very effective in the sunshine state. So much so that the Canucks sent a significant bounty to acquire him, right before he fell off a cliff. The good news for Canucks fans is that the 1st round pick they sent was a bust, as were the prospects.