In the first 15 years of the salary cap era, the Florida Panthers only made the playoffs twice, and did not win a playoff series until 2022. But once that ominous drought was snapped, they advanced to the Stanley Cup final the following season. When it rains, it pours. Most people acknowledge that current GM Bill Zito has done an excellent job building this team, inking 7 of their 20 best cap era contracts in just a few seasons. As you can see from the rankings report card below, this is one of the more impressive best lists of the 32 teams.
Tom Rowe may have only been General Manager for less than one year, but over that span managed to ink 4 of the Panthers best bargains of the entire era. Whatever you want to say about Tom Rowe, his signature appears far more often on the team’s best list than their worst mistakes. If you’d like to read more about the Dale Tallon administration, you’ll have to wait to read the Panthers worst contracts list. One of the reasons they’re able to get so many bargain contracts is the same reason Tampa can too, low taxes. It’s an unfair advantage and needs to be reflected in the salary cap.
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 The book is still available on Amazon, though some of the stats on active contracts are now out of date.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.
Updated June 25, 2024: Florida won the Stanley Cup yesterday so the order was significantly re-arranged. Sergei Bobrovsky was not added, but could be if they repeat next season. Sam Bennett was added and frankly arguably deserved that promotion last summer after the last playoff. Had Barkov won the Conn Smythe, his new deal would have eclipsed his old deal. But he deserves the top 2 spots.
1. Aleksander Barkov
Adjusted Cap Hit: $39.8M, $6.6M (avg)
Value Returned: $62.1M, $10.4M (avg)
% Earned: 156%
“He is a highly-skilled, intelligent and dynamic young center that plays an exceptional game at both ends of the ice. Sasha is an important part of the foundation of our future and a cornerstone player who is continuing to develop into one of the league’s elite centers.
– Dale Tallon”
Aleksander Barkov scored 36 PTS in 71 GP during his sophomore season, and had already started to show rapid improvement when he signed this extension in January 2016. It was very similar to the Ryan Nugent-Hopkins deal 2 years earlier, but less salary and term. Nathan MacKinnon, Mark Scheifele, and Sean Monahan signed similar contracts in the months that followed Barkov (but for marginally more money and term).
It’s very likely that they all used each other as benchmarks, then all became glorious bargains. Aleks suffered injury problems in year one, but officially broke out by year two, morphing into better than a point per game center and one of the best defensive pivots in the league. He won the Selke trophy in 2021.
2. Aleksander Barkov
Adjusted Cap Hit: $81.2M, $10.1M (avg)
Value Returned: $67.7M, $8.5M (avg)
% Earned: 83% (does not account for defensive contribution)
"Sasha has demonstrated his leadership, character and elite playmaking ability, cementing himself as one of the best all-around players in hockey"
My decision to debut Barkov’s new deal at #5 on Florida’s best contracts list was made prior to the Huberdeau trade and I returned to this list post-trade to write the summary, a moment of reflection was needed about whether this was too high. But Barkov has been spectacular without Huberdeau and he doesn’t even get to play with Tkachuk 5v5. He regularly plays against the other team’s best lines and the Panthers consistently outscore opponents 5v5 when he’s on the ice.
In most of the last 5 seasons (with a brief hiccup in 2019/20) Barkov performed close to a $10M level offensively, which doesn’t even properly account for his prowess on the defensive side of the puck. He’s the complete package and as long as he doesn’t fall back to sub-point per game, he’ll be worth every penny of this treaty his role carrying Florida to the Cup already makes this worth every penny if he magically starts to suck for the rest of it.
Update: He won the Stanley Cup and would have won the Conn Smythe trophy if not for all-time performance by Connor McDavid. Also won the Selke for best defensive forward.
3. Jonathan Huberdeau
Adjusted Cap Hit: $38.9M, $6.5M (avg)
Value Returned: $55.6M, $9.3M (avg)
% Earned: 143%
“Jonathan is a highly talented and dynamic player who is another important piece of our team’s young core”
Speaking of contracts heavily influenced by the Barkov deal, teammate Jonathan Huberdeau signed for the exact same term and money nine months later. The winger had recently completed a 59-point season, the exact same total as Barkov (though Jon played 10 more games). This fits the mold of Perry-Getzlaf or Toews-Kane, albeit without the championship pedigree.
As it turned out, Huberdeau (like Barkov) had not even begun to scratch the surface of his potential. In year one at age 24, he scored 69 PTS. Year three he scored 92 PTS. This offensive explosion coincided with a similar boom in Barkov’s numbers as the two played on the same line. But when the pair was split, both continued producing at a very high rate.
It’s hard to say that Jonathan left money on the table when he got paid $35M, but he sold 4 years of unrestricted free agency for an obscene discount. He could have been UFA after the 2019 season before his 27th birthday (having played 7 years in the NHL). Granted, he was traded to Calgary who signed him to an $80M extension, so any money that was left on the table got paid back.
4. Sam Reinhart
Adjusted Cap Hit: $20.7M, $6.9M (avg)
Value Returned: $27.8M, $9.3M (avg)
% Earned: 134%
The Florida Panthers paid a hefty price to rescue Sam Reinhart from the Buffalo Sabres, sending Devon Levi and a 1st round pick (taking highly touted prospect Jiri Kulich). The Panthers signed him to a 3-year extension a few weeks later, buying 2 years of unrestricted free agency in the process. Reinhart responded by scoring 82 PTS, beating his previous career best by nearly 20 PTS. Being on the best offense in the league did get an assist for that massive scoring bump, but Reinhart was a key contributor.
In the final year, Slammin’ Sammy knocked in 66 goals including playoffs on the road to winning a Stanley Cup championship, scoring the winning goal in game 7. This was subsequently moved several spots up the list from #18 where it debuted last summer.
5. Gustav Forsling
Adjusted Cap Hit: $8.4M, $2.8M (avg)
Value Returned: $18.3M, $6.1M (avg)
% Earned: 217%
"After joining the Panthers in January, Gustav had a career season setting personal records and establishing his defensive game to bolster our blueline.”
Gustav Forsling signed this contract after scoring 17 PTS in 43 GP (32-point pace) averaging 20 minutes per game of ice time, which my algorithm valued at about $800K above the price obtained. Even if he remained a 32-point 20-minute defenseman for all 3 years, it would still have been a bargain.
In year one, he ascended to a higher level, scoring at a 43-point pace, which should be worth north of $5M. Getting a 40-point D-man at half price is a good deal. Perhaps the best part of the Forsling acquisition is that he was a waiver claim from Chicago, and he was instantly a better player upon arrival in Florida.
6. Carter Verhaeghe
Adjusted Cap Hit: $12.9M, $4.3M (avg)
Value Returned: $23.6M, $7.9M (avg)
% Earned: 182%
Carter Verhaeghe was signed as a free agent by the Florida Panthers at age 25 after Tampa Bay declined his $735K qualifying offer, and the young winger had a strong first season with the Panthers, climbing from 21 PTS per 82 GP up to 69. That was all Florida needed to see, offering a 3-year extension at a substantial pay raise, and the gamble paid off. In year one of this treaty, Verhaeghe scored 42 goals and added 17 PTS on their run to the Stanley Cup final.
Year two Verhaeghe 90 PTS including playoffs and was a key contributor to their Stanley Cup victory. This was moved up to #6 after that Cup with one year still remaining, and it’s entirely plausible Florida is back in the final again for all 3 years of this deal.
7. Brandon Montour
Adjusted Cap Hit: $11.1M, $3.7M (avg)
Value Returned: $19.6M, $6.5M (avg)
% Earned: 177%
Brandon Montour’s stock hit an all-time low with the Buffalo Sabres when he scored at a 27-point pace, his worst performance since being a rookie. That’s bad when you are widely regarded as an offensive specialist expected to point points on the scoreboard. Buffalo traded him to Florida for a third round pick, and the Panthers signed him to a 1-year deal that would make Montour an unrestricted free agent after expiration. The defenseman spend 2 weeks on the open market but did not receive any enticing offers, opting to return to Florida on a
3-year pact taking a pay cut. In year one his offensive output when up even though his ice time per game dropped by 2.5 minutes per game on Florida’s crowded blueline. Then they traded away MacKenzie Weegar in the offseason, which greatly increased Montour’s role, bumping him from 17.9 minutes per game up over 24. With that extra 6 minutes per game of ice time, he put up a monster season, scoring 73 PTS in 80 GP. In the final year they won the Stanley Cup.
8. Sam Bennett
Adjusted Cap Hit: $18.5M, $4.6M (avg)
Value Returned: $17.9M, $4.5M (avg)
% Earned: 96%
The Florida Panthers “rescued” Sam Bennett from the Calgary Flames for a prospect and 2nd round pick and Bill Zito signed him to this 4-year contract a few months later as a restricted free agent. The first 3 years were underwhelming offensively for the pay grade, but injuries played a factor suppressing games played. Frankly though, he’s not #8 on this list because of regular season production. All that matters here is 32 PTS in 49 playoff games and a Stanley Cup. The physical element he provides added value in the post-season that’s not properly accounted for in my grading, and he played a key role in Florida’s victory despite a broken hand.
9. Jonathan Marchessault
Adjusted Cap Hit: $1.9M, $0.9M (avg)
Value Returned: $14.7M, $7.3M (avg)
% Earned: 781%
"I knew I was on a team that was hard to break into the lineup. They have such a good team and have been playing three years together. That was a big part of changing teams so I have a better opportunity.''
Jonathan Marchessault had become an unrestricted free agent on July 1st 2016 at age 25 and decided to move down the highway. The Lightning had offered a similar contract and wanted to keep him, but Jon chose the Panthers because it gave him a better opportunity to play. Florida took a low risk gamble on a player who scored 18 PTS in 45 GP at a rock bottom price and were rewarded with 30 goals and 51 PTS.
Marchessault was left unprotected in the expansion draft despite those 30 tucks, getting scooped up by Vegas. George McPhee hit the jackpot, as the diminutive forward scored 96 PTS (including playoffs) during the Knights outstanding first season, earning himself a $30M pay day.
10. MacKenzie Weegar
Adjusted Cap Hit: $10.5M, $3.5M (avg)
Value Returned: $19.6M, $6.5M (avg)
% Earned: 188%
"He has developed into a key member of the Panthers both on and off the ice and we look forward to him taking the next step in his career."
My expected free agent value algorithm priced MacKenzie Weegar’s 2019/20 stat line at almost the exact same price he signed for on this bridge to unrestricted free agency. If the Panthers had the foresight to offer him something like 7 years and $5M aav, a number surely much higher than he was expecting to get, it still would have been a bargain. It might even have been higher on that list. In year 1 and 2, his stat line elevated to a $7M level, jumping from 18 PTS in 45 GP up to 36 PTS in 54 GP (a 55-point pace). He was getting paid half of what he was worth.
The problem here is that they only got 3 years. He performed so remarkably well that he priced himself out of Florida. They felt the need to trade him to Calgary with Huberdeau with one year remaining because they would not be able to resign either to long-term extensions. They might have had an incredible bargain, but don’t have anything to show for it except a President’s Trophy and 1 playoff series win. Calgary would be the one to reap the benefits of this bargain in the final year.
11. Evgeny Dadonov
Adjusted Cap Hit: $13.5M, $4.5M (avg)
Value Returned: $21.6M, $7.2M (avg)
% Earned: 160%
"He's a totally different player than when he first came over. He's got high speed, a great work ethic, gets on pucks, makes plays, and our fans are really going to like him. He plays a hard, 200-foot game. He's very creative and very fast."
Evgeny Dadonov originally arrived in North America in 2009/10 to play his entry level contract as a Florida Panthers draft pick. Over those 3 years he played 55 NHL games, scoring at a 29-point pace, spending the majority of his time in the AHL. When he was due for a 2nd contract, no deal was able to be reached and so Dadonov returned to the KHL.
Five years later they finally came to an agreement on a 3-year ticket, very similar to one Cam Atkinson had signed 2 years earlier. Dadonov was placed on the top line with Barkov and Huberdeau, where he thrived. Okay, maybe a lot of players could conceivably thrive if given those linemates, but you’ve got to be good to sustain that prime deployment.
By the third year Evgeny did start to slip, getting bumped off the first line in year three, which hurt his production (and my fantasy team). Still, the entire investment still needs to be scored as a big success for the price they paid. He only managed to bank $15M from Ottawa when this expired.
12. Jay Bouwmeester
Adjusted Cap Hit: $8.0M, $4.0M (avg)
Value Returned: $18.5M, $9.3M (avg)
% Earned: 231%
"First thing is that you have to make the playoffs. That's something that hasn't happened here for a number of years."
Mike Keenan and Jay Bouwmeester were unable to reach an agreement on a new treaty following the smooth-skating defenseman’s breakout 46-point season in 2006. The impasse went to an arbitrator, who anointed him with this 2-year pact. In retrospect, the price was under what that level of output should have been worth, but it was the exact same salary that Frantisek Kaberle agreed to one month earlier after scoring 44 PTS and winning the Stanley Cup with Carolina (which you can read about on the Hurricanes worst contracts list).
While Kaberle was much older and about to get much worse, J-Bo was just hitting his apex, scoring at a 40-point pace over these 3 years. The Panthers got a bargain, but also never played a playoff game under his tenure. They never could agree on a long-term deal, as he followed this up with a 1-year pact that walked him directly to unrestricted free agency, so his bargaining rights were traded to Calgary, where inked a long-term ticket.
13. Jason Garrison
Adjusted Cap Hit: $2.0M, $1.0M (avg)
Value Returned: $11.4M, $5.7M (avg)
% Earned: 567%
"Over the last two years, Jason has taken great strides in his development and through his hard work and determination, he earned a spot on our roster. We look forward to his continued growth and contributions to our team."
Over the course of his entry level contract, Jason Garrison only played 40 games in the NHL, but was starting to show his offensive upside in the AHL. He was not in any position to make demands, agreeing to a 2-year deal at a salary of $700K.
Afterwards, Jason finally earned a permanent roster spot and started logging heavy minutes. As his time on the power play began to rise, so did the points. In year two he posted a remarkable 16 goals for 10 cents on the dollar for what goals should cost from the blueline. Garrison banked a massive UFA pay day when this expired, which you can read about on the Canucks worst contracts list. Jay never again came close to 16 goals in a season.
14. Carter Verhaeghe
Adjusted Cap Hit: $2.1M, $1.1M (avg)
Value Returned: $11.4M, $5.7M (avg)
% Earned: 532%
"Our scouts worked very hard and spent a lot of hours together looking for sort of younger talent that have upside and might be buried, might be behind opportunities in the clubs that they were on. He's a guy we're really excited about to see exactly what he can do providing some opportunities here.”
Florida took a gamble on a cast-away from their cross-state rival Tampa who had just scored 13 PTS in 52 GP (which my algorithm priced at $750K), getting Verhaeghe on a 2-year deal for $1M AAV. He had just contributed (albeit in a minor role) to Tampa’s Stanley Cup championship, so he was bringing some valuable playoff experience to Florida’s roster that was lacking in that category.
Upon arrival in Florida, his play elevated to a $5M level, scoring at a 69-point pace in year one. The Panthers were able to extend Carter on a 3 year deal for $4.2M AAV, which might also be a future contender for this list, but there’s no way it can be a bigger bargain than the pact that preceded it.
15. Vincent Trocheck
Adjusted Cap Hit: $32.1M, $5.3M (avg)
Value Returned: $40.6M, $6.8M (avg)
% Earned: 127%
"We've been signing all of our core guys to long-term deals. It just helps us feel a lot more comfortable.”
Vincent Trocheck had a breakout 25 goal, 53-point campaign right before his ELC expired, and the young center followed the lead of Barkov, who autographed a similar extension a few months earlier (for more money). Vinny would push his production to even higher heights, scoring 31 goals and 75 PTS in year two.
Year three was off to another strong start when a visually horrifying ankle injury knocked him out of action. He would return sooner than expected, but was not the same player, and that lower output would carry over into year four, prompting a trade to Carolina for Erik Haula and a package of lesser players.
16. Stephen Weiss
Adjusted Cap Hit: $28.2M, $4.7M (avg)
Value Returned: $36.3M, $6.0M (avg)
% Earned: 129%
"Stephen has taken significant steps in his growth process over the last two years and we believe that he possesses the tools to be one of our club’s top offensive threats"
Former 4th overall draft pick Stephen Weiss had just completed his first successful season with 20 goals and 48 PTS at age 23 when it came time to forge a new treaty. The two sides settled for a fair price, which was higher than what some of the center’s contemporaries were signing at the time. There was a premium paid to buy UFA seasons on a term that wouldn’t expire until Weiss was 30-years-old.
If you forgot what “peak Weiss” looked like, it was all contained in years 2-5 of this pact when he maintained close to a 60-point pace. Then in year five, he missed most of the schedule after major wrist surgery, and Ken Holland would hand him $24M at age 30, which you can read all about on the Red Wings worst contracts list.
17. Jay Bouwmeester
Adjusted Cap Hit: $1.9M, $1.9M (avg)
Value Returned: $8.8M, $8.8M (avg)
% Earned: 460%
"While we recognize that arbitration was an option, we were always confident we would reach a mutually acceptable contract with Jay"
Jay Bouwmeester was the 3rd overall draft pick in 2002 and went directly to the NHL where he played 143 games before the lockout, scoring 36 PTS. He had not yet established himself as a point producer, but the belief in his high ceiling was widespread among prognosticators due to his draft pedigree.
There were limits to what he could negotiate when the lockout ended, settling on a short 1-year deal at a very team friendly price. Every team was struggling to become cap compliant, so there were several discounts compromised on short-term deals leaguewide. Jay-Bo quickly did establish himself as an offensive catalyst, scoring 46 PTS and setting up a date with arbitration.
18. Olli Jokinen
Adjusted Cap Hit: $5.5M, $5.5M (avg)
Value Returned: $11.2M, $11.2M (avg)
% Earned: 204%
“It’s a one-year deal and everybody’s happy.”
Olli Jokinen had previously peaked at 65 PTS at age 23 and had been named team captain prior to the 2005 lockout. When play resumed, the Finnish center would get paid a modest salary on a 1-year term that would walk him directly to unrestricted free agency (spoiler alert, he eventually re-signed).
There was never a better year to bet on yourself than the 2005/06 obstruction crackdown, where Olli flourished, scoring 38 goals and 89 PTS (he averaged nearly 5 minutes per game on the power play, where he collected 37 of his PTS). Jokinen successfully parlayed all that extra power play time into a big pay day, banking $21M on his next contract.
19. Aaron Ekblad
Adjusted Cap Hit: $64.8M, $8.1M (avg)
Value Returned: $52.8M, $6.6M (avg)
% Earned: 81%
"An exceptionally skilled, intelligent and mature young player that is a difference maker for our team both on and off the ice"
– Tom Rowe
Aaron Ekblad inked this extension after scoring at close to a 40-point pace over 2 seasons as a teenager. The former 1st overall draft pick may have lacked arbitration rights, but this was not someone the Panthers wanted to let become a restricted free agent as he almost certainly would have attracted offer sheets.
In the salary cap era, Ekblad ranks 3rd on the list of points scored by a defenseman at age 18 and 19 (behind Drew Doughty and Rasmus Dahlin). Tom Rowe signed him to an 8-year extension at a very similar adjusted cap hit to what Alex Pietrangelo and Erik Karlsson had signed a few years earlier (despite Ekblad’s injury shortened stat line being worth half that much money).
Aaron had suffered a concussion in January 2016, endured another in September 2016 at the World Cup, then was diagnosed with a 3rd concussion in March 2017; all contributing to a disappointing 21 PTS in 68 GP in the final year of his ELC before this contract even started. This had the potential to be a disaster and the Panthers had to be concerned. Fortunately Ekblad’s health did quasi-stabilize and he developed into the franchise defenseman he was drafted to be.
20. Reilly Smith
Adjusted Cap Hit: $27.6M, $5.5M (avg)
Value Returned: $28.1M, $5.6M (avg)
% Earned: 102%
"I think he's a guy that goes under the radar, doesn't get a ton of exposure, doesn't get a lot of the headlines, he just shows up to the rink every day and practices the same way and plays the same consistent game, game in and game out."
– Tom Rowe
“When I had the opportunity to extend my contract and stay here for another five years, it was a no-brainer for me.”
Reilly Smith inked an early extension after a successful first season in Florida where he scored 25 goals and 50 PTS (very close to what Gustav Nyquist forged 1 year earlier). The Panthers had made a very astute acquisition when they plucked him out of Boston for future buyout and sandbagger Jimmy Hayes.
Then in 2017 before this deal had even started, Smith had a scoring regression down to 15 goals and 37 PTS in 80 GP, and Dale Tallon became concerned this investment he inherited from Tom Rowe was already turning sour. So after losing Marchessault in the expansion draft, Tallon made a separate trade, shipping Smith to Vegas for a 4th round pick.
Once Reilly arrived in Vegas, that’s when the magic happened, with Smith scoring 82 PTS in 87 GP (including playoffs), flourishing on a line with fellow ex-Panther Jon Marchessault. That’s a bad look for Dale. Smith provided more than just points, he was a responsible 200-foot player who could kill penalties and play in all situations.
Bonus Goodness
21. Nathan Horton
Adjusted Cap Hit: $2.1M, $2.1M (avg)
Value Returned: $7.4M, $7.4M (avg)
% Earned: 353%
“He is a very skilled and hard working offensive player that will play an important role in our club’s success next season.”
Nathan Horton was selected 3rd overall in the 2003 draft and went directly to the NHL, scoring 47 PTS in 71 GP during his sophomore season in 2006. The winger needed a new contract and astutely chose to wager on himself, taking a 1-year term at half the price he should have been owed. RJ Umberger had agreed to a similar salary the week before, but Horton had been the more productive player.
The bet on himself paid off, as Horton scored 31 goals and 62 PTS to slot himself into a much higher pay grade. The young power forward banked a 6-year $24M deal in his next negotiation, but would be traded to the Boston Bruins in 2010 for Dennis Wideman and a pair of draft picks.