Ottawa Senators 20 Best Contracts in the Salary Cap Era
Bryan Murray was the General Manager of the Ottawa Senators for nearly a decade, doing a fine job building a competitive team despite the challenges of attracting free agent to a small market, tight budget destination. The Senators have been one of the best organizations in the NHL at drafting and developing young talent, a legacy continued by Murray’s successor Pierre Dorion. Murray took the top job after John Muckler was fired in the immediate aftermath of a Stanley Cup finals appearance. Sure, they were dominated by the Anaheim Mighty Ducks, but generally advancing that far into the post-season is regarded as a triumph, not a fireable failure.
The explanation might be, Murray was already the team’s head coach with managerial experience, helping to build the Anaheim roster that had just soundly defeated them. Muckler probably would not have been dismissed if a better replacement was not already employed by the organization. Pierre Dorion was fired in 2023, but left his successor some fantastic young building blocks, secured long-term at fantastic prices. There may have been off-ice reasons behind Dorion’s dismissal, namely everything surrounding that “no-move” blunder that cost them a 1st round pick. One thing about this list (as you can see on the rankings report card below), it is the #2 youngest best contracts list.
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 The book is still available on Amazon, though some of the stats on active contracts are now out of date.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 August 26, 2024: Adjusted for $88M cap, updated stats for active deals. Thomas Chabot was demoted from 10 to 15.
1. Erik Karlsson
Adjusted Cap Hit: $57.0M, $8.1M (avg)
Value Returned: $76.8M, $11.0M (avg)
% Earned: 135%
“It’s seven years. It’s a big commitment on their side and I’m very pleased they were able to do that. It really shows they believe in what I do and they want me to a big part of this organization.”
Erik Karlsson signed this contract the day before he won his first Norris Trophy in 2012. It’s possible that he could have squeezed out a few extra dollars after the win, but the league was also facing a potential lockout, so there was likely some urgency to get a deal done before new salary restrictions were possibly introduced. This was a slightly cheaper version of the Drew Doughty deal from a few months earlier.
The contract would get off to an auspicious start after Matt Cooke intentionally sliced Karlsson’s achillies with his skate, costing him most of the shortened season. The Swede would return to form and win another Norris trophy in 2015, also carrying the Senators on his shoulders to the Conference final in 2017. Rather than lose him for nothing when the contract was over, Ottawa traded him to San Jose for a package of players, prospects, and picks. The Sharks gave Erik $92M.
2. Tim Stutzle
Adjusted Cap Hit: $67.2M, $8.4M (avg)
Value Returned: $96.4M, $12.0M (avg)
% Earned: 143%
There was a moment in time shortly after the Matt Duchene trade when Pierre Dorion looked like one of the league’s worst General Managers. Even the Erik Karlsson trade initially appeared to be an underwhelming return, at least until the Sharks completely collapsed and that 1st round pick became #3 overall, leading to Timmy Stutzle. If they re-did the 2020 draft today, Stutzle would easily be the first pick overall after scoring 90 PTS in his 3rd season.
The good news for Sens fans is that this extension was signed before the breakout, otherwise this would have been substantially more expensive. Sometimes gambling on faith that the prospect will become who you believe that they can be leads to a big bargain, and this is certainly one of those examples. The future is bright in Ottawa, with a strong young core all ascending in the same window, many locked in to long-term contracts at great prices when the salary cap is expected to rise considerably.
3. Brady Tkachuk
Adjusted Cap Hit: $59.0M, $8.4M (avg)
Value Returned: $61.8M, $8.8M (avg)
% Earned: 105%
The first shrewd move that Dorion made after the team collapsed suddenly in the Duchene trade aftermath was deciding to use their 2018 first round pick to select Brady Tkachuk, leaving their 2019 first unprotected. They risked missing out on Jack Hughes, but thanks to a little lottery bad luck for Colorado, only missed on Bowen Byram. Not a single person in the city of Ottawa would support trading Brady for Byram straight up, so clearly they made the right call.
In year one he produced a respectable 67 PTS, which wasn’t quite good enough to compete in last year’s best contract polling tournament, but then came ascension to a higher level, scoring 83 PTS with 242 hits. The only player who came even close to him in those two numbers is J.T Miller (even his brother Matthew doesn’t hit nearly that much anymore). One major factor in Brady’s breakout was the evolution of Tim Stutzle, but I’m sure Tkachuk deserves some of the credit for that.
4. Dany Heatley
Adjusted Cap Hit: $26.8M, $8.9M (avg)
Value Returned: $35.5M, $11.8M (avg)
% Earned: 132%
"We would have obviously brought him back under different circumstances. But he just felt this was a change that would be better for him personally. And I felt this was a trade that would help our franchise in the immediate future."
Dany Heatley enjoyed an 89-point season in 2003 before he killed a teammate in a car crash where he himself was seriously injured, missing most of the following season. Then the lockout happened and Dany demanded a trade out of Atlanta Winnipeg, where he was being haunted by the ghost of Dan Snyder.
Healtey was shipped to Ottawa in exchange for Marian Hossa, then immediately signed this contract which proved to be incredibly productive. Unlike Spezza, Dany had already put up big points in the league and could command a much higher price. The Senators got two 50 goal seasons, 290 PTS in 235 GP, and a Stanley Cup finals appearance. That’s awesome.
5. Jason Spezza
Adjusted Cap Hit: $2.3M, $2.3M (avg)
Value Returned: $10.6M, $10.6M (avg)
% Earned: 468%
"When you get three players who can think the game plus have their skill, you have a very dangerous line combination. They always have the puck, you're chasing them the whole time."
Jason Spezza was only drafted one year after Heatley, but took a slower developmental path and had only played one full season in the NHL, scoring 55 PTS. Jason did post a whopping 117 PTS in the AHL during the lockout, flashing his ceiling, but not adding much to his bargaining leverage.
Instead the young center accepted a one-year “prove it” deal, and did exactly that, emerging from the lost season to score 90 PTS for the 2022 equivalent of $2.3M. You won’t find too many 1-year deals this high on one of my best contracts lists, unless it happens to be an extreme bargain or extra special like this one. They received a 90-point player for 23 cents on the dollar.
6. Kyle Turris
Adjusted Cap Hit: $22.1M, $4.4M (avg)
Value Returned: $34.1M, $6.8M (avg)
% Earned: 154%
"I knew, from the end of the year, this is the place I wanted to be and I wanted to be here a long time. I love everything about it."
Kyle Turris signed this extension with one year remaining on his previous deal, when he had never exceeded 30 PTS in a season. Then during the lockout shortened campaign, scored at a 50-point pace while playing almost 20 minutes a night, which would have elevated his sticker price (Matt Duchene signed for the same price earlier that summer on a 2-year bridge).
The salary itself wasn’t an issue given what Turris had produced at the time it was signed, but the 5-year term was a major miscalculation. Either he did not have an accurate assessment of his future self worth, or maybe he was just grateful that Ottawa saved him from a toxic situation in Arizona Salt Lake City. In either case, he lost millions of dollars in potential earnings, but fortunately, all that money would be reimbursed by David Poile after Kyle was traded to Nashville in the final year, which you can read about on the Predators worst contracts list.
7. Jason Spezza
Adjusted Cap Hit: $16.8M, $8.4M (avg)
Value Returned: $23.9M, $12.0M (avg)
% Earned: 143%
"I think it's great to have it done early. It shows the confidence they have in me to get a deal done so soon."
After scoring 90 PTS at a bargain price, Jason Spezza was rewarded with an identical deal to what was remaining on the Heatley contract (who was owed $4.5M for 2 more seasons). It was also the same price that Eric Staal had been paid 2 days earlier following a 100-point season and a Stanley Cup win.
Despite off-season back surgery, Jason picked up where he left off the year before. The Senators got 179 PTS in 143 GP (103 PTS per 82 GP) and a Stanley Cup final appearance. That’s well worth the price. Spezza’s production was bolstered by playing on a dominant line with Alfredsson and Heatley, which proved to be no match for a potent Anaheim defense in the finals. The Senators paid Jason $49M when this contract expired.
8. Marian Hossa
Adjusted Cap Hit: $35.9M, $12.0M (avg)
Value Returned: $32.5M, $10.8M (avg)
% Earned: 91%
"It was a quite a shock to say the least. We had just finished a three-year contract. I was just starting to think about the future with the Senators ... with security and confidence to go on when the phone rang ..."
Marian Hossa completed back-to-back 80-point seasons prior to the 2005 lockout and inked this new 3-year treaty upon his return. The ink on the paper hadn’t even dried before John Muckler turned around and traded Hossa to the Thrashers Jets for Heatley, then signed the new player to a 3-year deal for $3M less in salary.
Hossa’s new contract did not rank high on the bargain scale, but rather a reasonably fair payment for elite scoring production, as Hossa averaged 90 PTS per 82 GP and reached the century mark in year two with 100 PTS. While another team may have reaped the benefits of Hossa’s elite scoring, the Senators did get a few 50-goal seasons from Heatley and a trip to the Cup final.
Marian’s two full seasons in Atlanta Winnipeg were the highest scoring of his career, but he never crossed the 80-point threshold again. Despite that drop in output, he remained a very effective player for several years, winning 3 Stanley Cups over the age of 30. His next contract was a 1-year “bet on yourself” and “bet this team is going to win the Cup again” deal.
9. Mark Stone
Adjusted Cap Hit: $12.8M, $4.3M (avg)
Value Returned: $23.1M, $7.7M (avg)
% Earned: 181%
“Mark became one of our better players, if not one of the best, right at the end of the year in particular, but throughout the stretch run and when we were trying to make the playoffs. Not only did he score a number of goals but he stole a lot of puck and played honest, two-way hockey.”
Mark Stone had only played one full season in the NHL when he signed this contract, scoring 64 PTS and earning himself a Calder trophy nomination. That level of production should warrant a much higher salary than what he got, so it would be interesting to know what was said in the bargaining process for him to accept a 3-year deal at a discounted price. It was nearly a carbon copy of what Ondrej Palat signed one year earlier.
It could have been lack of experience or knocks on his skating that drove his price down, but either way, over these 3 seasons Stone played 204 games, scoring 177 PTS, with 417 shots; earning himself fair compensation on his next deal. Though his career in Ottawa would not last much longer after this bargain expired.
10. Drake Batherson
Adjusted Cap Hit: $30.8M, $5.1M (avg)
Value Returned: $38.6M, $6.4M (avg)
% Earned: 125%
“He possesses a strong ability to play at both ends of the ice, is a key power-play contributor and someone we expect to be a prominent player for us for several years to come.”
Drake Batherson scored 34 PTS in 56 GP during the final season of his ELC, which carried an expected free agent value around $4.6M. The Senators decided to offer him an 6-year deal, likely expecting his production ceiling was going to grow. In year one, it did, at least in a limited sample thanks to an injury. Batherson scored 44 PTS in 46 GP, which when prorated over 82 GP has an expected free agent value of $7.9M. This has the potential to be a massive bargain if he continues showing improvement.
11. Mike Fisher
Adjusted Cap Hit: $8.6M, $2.9M (avg)
Value Returned: $17.9M, $6.0M (avg)
% Earned: 207%
“The organization is one of the best in the league, and you hear that from guys coming in and guys leaving, that a lot of people want to play here.”
Mike Fisher had accumulated 248 NHL GP (plus 39 more in the playoffs) before the 2005 lockout and signed a very fair 3-year bridge upon his return at age 25. The center would push his offensive ceiling higher, averaging 53 PTS per 82 GP for 50 cents on the dollar.
Fisher established himself as a legit 2-way center by getting a Selke Trophy nomination in 2006 despite only playing 68 games. Over 3 seasons he played 215 regular season games, scoring 139 PTS, with 558 shots, 1682 face off wins, 538 hits, 16 short-handed PTS, and a Stanley Cup finals appearance. Mike signed a long-term extension to stay in Ottawa after this expired, saying “a lot of people want to play here”…
12. Mike Hoffman
Adjusted Cap Hit: $23.8M, $5.9M (avg)
Value Returned: $29.2M, $7.3M (avg)
% Earned: 123%
“It’s just a great day for the organization. I shouldn’t tell you this but I actually hugged Randy Lee.”
Mike Hoffman was one year away from unrestricted free agency having scored 56 goals over the previous 2 seasons, when he signed this 4-year deal at age 26. The winger sold 3 UFA years and punted his next contract to after his 30th birthday when it would be harder to hit a home run. It would have been a more profitable decision to go shorter term and hit the open market sooner. Perhaps Mike and his fiancée just loved living in Ottawa and felt a strong comradery with the organization and players.
The team certainly benefitted by getting a quality goal scorer at a modest price, helping them get to the conference final in year one. Then shit got nasty and Hoffman’s lady would tear the team apart, forcing the Sens to trade a strong asset in exchange for a low-level prospect and a bad contract. The Sharks then immediately flipped Hoffman to Florida for 3 draft picks, yielding a higher trade return than what Ottawa got. Ouch.
13. Antoine Vermette
Adjusted Cap Hit: $8.6M, $4.3M (avg)
Value Returned: $14.0M, $7.0M (avg)
% Earned: 163%
“He has the potential to be more. I think in the next two years, you’ll see better offensive production from him”
The Senators reaped the benefits of Antoine Vermette’s previous bargain price, and managed to squeeze him into another cheap 2-year bridge. He should have been worth something closer to what Mikko Koivu and Stephen Weiss had signed one year earlier. Part of the reason that Bryan Murray was able to get him at this low price tag was because it walked Antoine on the fast track to unrestricted free agency at age 27.
Vermette’s production in year one took a significant step backwards, scoring 28 PTS in 68 GP for Ottawa (37-point pace), which was still fair production for the price he was being paid. The Senators then traded him to Columbus for Pascal LeClaire and a 2nd round pick (that became Robin Lehner).
After moving to Columbus, Antoine caught fire and had the best statistical season of his career in the 2nd year of the contract, returning a phenomenal bargain for Ottawa Columbus. Also maintained his status as a dominant face-off man.
14. Jean-Gabriel Pageau
Adjusted Cap Hit: $2.3M, $1.2M (avg)
Value Returned: $8.5M, $4.3M (avg)
% Earned: 364%
"We saw someone that took on a bigger role with our team and I think the way he was used as far as penalty killing and I think from the time he was called up until the end he was one of our team leaders in hits. Just his compete factor helped our whole team have success."
JG Pageau had still not played a full NHL season when he signed this contract, having just played 50 games, scoring 19 PTS, averaging 14.2 minutes of ice time. This was a completely fair deal for what he had accomplished, accepting a 2-year bridge that if anything was about $200K below market.
Pageau immediately climbed up the depth chart, becoming a full-time 43-point player averaging 16.7 minutes in year one, moving himself into bargain status. While his regular season scoring rate dropped the following season, he made up for it in the playoffs, scoring 8 goals playing a major role in the Senators advancing to the Conference final. That helped him earn a substantial pay raise one month later.
The team spent $1.8M on 76 regular season PTS, 302 shots, 11 short handed PTS, and 1172 face off wins (53% W%). That’s great value.
15. Thomas Chabot
Adjusted Cap Hit: $66.2M, $8.3M (avg)
Value Returned: $59.1M, $7.4M (avg)
% Earned: 89%
“We knew there'd be some tough days, but now we're looking forward to the great days and getting Thomas under contract is part of our long-term plan. There's a long-term process here, but we feel we're definitely headed in the right direction. Having Thomas play probably for the nine prime years of his career is a great thing for our fans.”
Thomas Chabot was a fast bloomer, scoring at a 64-pace in his sophomore season, which was worth a little over $8M. The Senators have been a driver of the new trend of giving young stars big contracts coming out of entry level, which should pay dividends in the future. The downside is that he’s had issues staying healthy, but has earned every penny of his pay cheques when he's on the ice, logging big minutes and creating offense. As the salary cap goes up, this contract will just become an even better deal. The team made an astute assessment of how they could possibly get themselves big discounts on stars in the future.
UPDATED: Injuries have become a reoccurring problem and production has declined, so Chabot was moved down the last August 26, 2004.
16. Antoine Vermette
Adjusted Cap Hit: $3.6M, $1.8M (avg)
Value Returned: $10.2M, $5.1M (avg)
% Earned: 285%
“I’m happy. Ottawa is where I want to play hockey and I love the city. I love the fan base and the support we have there.”
Antoine Vermette scored 21 goals and 33 PTS during his 2nd NHL season in 2006, and was paid was paid a slight discount versus his basket of comparables. It was a fair price for what he had been providing, but also allowed Antoine to bet on himself that he could grow into an even better player.
The center’s production and deployment would start an upward trajectory, scoring 53 PTS in year two, which the Sens received for 28 cents on the dollar. The fact that Vermette killed penalties, played center, and won 55% his face-offs only added to his value. He followed this up with another bargain bridge that would expedite his departure from Ottawa.
17. Mika Zibanejad
Adjusted Cap Hit: $6.5M, $3.3M (avg)
Value Returned: $10.9M, $5.4M (avg)
% Earned: 167%
“We think that Mika on a two-year deal gives him the opportunity to take the next step in his career to become a key centre-iceman for the Senators. We’re very happy with his progress to this point in time and we think he has a bright future.”
Mika Zibanejad’s entry level contract ended on a positive note, with the young center scoring 20 goals and 46 PTS for Ottawa in 2015. He lacked arbitration rights, and accepted a 2-year bridge deal for 75 cents on the dollar. Year one showed a moderate improvement, but it wasn’t enough to dissuade the Sens from making a terrible trade when they shipped him off to New York in the summer for Derick Brassard.
His first season for the Rangers got off to a rocky start when a broken fibula in November knocked him out of the line-up for 2 months. His stat line per 82 GP of 53 PTS and 17.5 average ice time had an expected free agent value of nearly twice what he was being paid. Mika banked $26.8M from the Rangers, which proved to be an even bigger bargain.
18. Anthony Duclair
Adjusted Cap Hit: $1.8M, $1.8M (avg)
Value Returned: $5.0M, $5.0M (avg)
% Earned: 278%
"This signing improves our team speed and scoring depth up front. Anthony's speed and skill can be dynamic and at only 23 years old, we feel he has the chance to grow into a really consistent contributor."
Anthony Duclair was a once promising prospect whose career had hit rock bottom in 2018 when the Chicago Blackhawks declined to extend him a qualifying offer. He would sign in Columbus for the league minimum, and arrived in Ottawa as part of the bounty for the Ryan Dzingel rental, finishing the season with 19 goals and 33 PTS in 74 GP while playing bottom six minutes.
It was good enough to earn a $1M pay raise on a 1-year “prove it” deal. Betting on himself was a smart wager, as Duclair had a breakout campaign on a line with Brady Tkachuk and was on pace to set new career highs in both goals and points when Covid ended the season. The Sens paid 40 cents on the dollar for that stat line and would have owed Anthony a big raise if they went to arbitration, so they opted not to extend him a qualifying offer despite a fantastic season. Blame it on the Covid.
19. Daniel Alfredsson
Adjusted Cap Hit: $28.2M, $7.1M (avg)
Value Returned: $26.1M, $6.5M (avg)
% Earned: 92%
The 4-year extension that Daniel Alfredsson received from the Ottawa Senators at age 36 was not initially intended to last the full 4 years, or at least that was the speculation. The money was very front-loaded, meaning he could circumvent the cap for 2-3 seasons, then retire early and get most of his money. Mikka Kiprusoff signed a similar treaty one year earlier, the big difference being Kiprusoff sucked in his final season and actually retired once he collected most of his money. Whereas Alfredsson remained reasonably productive and stayed playing for the full term.
20. Mark Stone
Adjusted Cap Hit: $8.2M, $8.2M (avg)
Value Returned: $8.8M, $8.8M (avg)
% Earned: 108%
Mark Stone was already considered one of the best two-way wingers in the NHL at age 26, providing elite defense and clutch offense at both ends of the ice. That’s exactly what they got from this deal, but the bad news is that they were not able to reach a long-term agreement to keep him in Ottawa. Yeah they received a fantastic return on this investment, but it also meant that his days as a Senator were numbered. They traded him to Vegas later that season, and the principal piece coming back was Erik Brannstrom who has not lived up to the hype. They would have been better off keeping Stone, but he may have been determined to leave. In which case, better Brannstrom than nothing.