Pittsburgh Penguins 20 Best Contracts in the Salary Cap Era
The Pittsburgh Penguins best contracts list is a celebration of the Crosby-Malkin Dynasty, who along with Kris Letang have been the primary drivers of success for the franchise winning 3 Stanley Cups, and dominate the top of their best contracts list. Ray Shero was the big boss man in Pittsburgh for 8 of these years, and put most of the pieces in place for the 2 titles won by his replacement Jim Rutherford (who does deserve some credit for that success, but not all of it). Jimmy did not autograph any of the contracts given out to Letang, Crosby, or Malkin but did acquire some key pieces needed to win the championships.
The team’s #1 best deal also ranked in the #1 position league-wide, as Crosby has the only contract with multiple Conn Smythe trophies as playoff MVP. Adjacency to Crosby and Malkin did contribute greatly to the inflated production of some Penguins teammates, some more than others, but the rising tide raises all boats. Gino did capture the Art Ross and Conn Smythe trophies in the final year of his ELC, which was among the best entry level seasons since the ELC was invented. As you can see from their rankings report card below, they are top 10 in several stat categories, but number one in none.
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 The book is still available on Amazon, though some of the stats on active contracts are now out of date.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 28, 2024: Adjusted for $88M cap. Only active contract is #1.
1. Sidney Crosby
Adjusted Cap Hit: $119.5M, $10.0M (avg)
Value Returned: $140.1M, $11.7M (avg)
% Earned: 117%
"He came back after he talked to Pat and said this AAV is really what I want to help the team. He's never been reluctant to help the team and we certainly appreciate that. It says a lot about Crosby."
How much is Sidney Crosby worth? Whatever he wants to get paid. If he demanded the maximum 20% of the salary cap, somebody would give it to him. Whether he’s RFA or UFA doesn’t really matter, if the best player in the game ever made it to July 1st, somebody is drafting that offer sheet. Sid was scheduled to become UFA at the end of his previous deal, but he never made it close to the open market.
He didn’t ask to become the league’s highest paid player, he didn’t even ask for a higher cap hit than his rival Alex Ovechkin. Instead they cleverly crafted a 12-year back-diving deal that would pay him a whole bunch of money up front, circumventing the salary cap, then dropping down to $3M salary the final 3 years (while his cap hit was lower than Ovie, Crosby’s actual salary was significantly higher). This type of contract was soon going to become illegal, but in the meantime, it allowed the Penguins to give Sid a bunch of money up front to lower his annual cap hit.
Some pundits were critical of the deal given Sid’s recent concussion issues, but that dissention would soon fade into oblivion, as Crosby quickly re-established himself as the game’s best player, winning the Hart trophy in 2014. The first 6 years produced 4 Hart nominations, 2 Stanley Cups, 2 playoff MVPs, and over 500 PTS. It looks like they’ll avoid cap recapture by Sid simply playing out the whole contract.
2. Sidney Crosby
Adjusted Cap Hit: $63.7M, $12.7M (avg)
Value Returned: $59.8M, $12.0M (avg)
% Earned: 94%
“Individual honours and scoring championships are great, but my No. 1 goal is to win the Stanley Cup.”
Sidney Crosby won his first Hart trophy in 2007 as a sophomore, and had already established himself as one of the league’s best players when his ELC expired. Instead of asking for longer term, the two sides would agree on a 5-year deal with the potential to make him an unrestricted free agent at age 25.
Sid didn’t win any Hart trophies on this contract, but he was nominated twice and the Penguins won the Stanley Cup in year one. On a per game basis, these were the most productive years of his career, scoring 371 PTS in 257 GP, which translates to 118 PTS per 82 GP. Crosby was on pace to score 132 PTS in 2011 before a concussion at the Winter Classic ended his season. The injury would spill over into the following her, costing him most of the 2011/12 campaign. Anyone who doubted how effective he’d be upon his return were soon silenced when he scored 37 PTS in 22 GP.
3. Evgeni Malkin
Adjusted Cap Hit: $87.8M, $11.0M (avg)
Value Returned: $64.4M, $8.0M (avg)
% Earned: 77%
"You know, Dallas offered my son a bigger contract than Pittsburgh.”
Evgeni Malkin autographed this new extension a full year before his previous contract was set to expire, despite receiving a much larger offer from the Dallas Stars. Having won the Hart trophy in 2012, Gino was in a position to demand a much higher price on the open market. Shero was never forced to match a bigger Dallas offer, because the Stars weren’t even allowed to talk to the Russian for at least another year. When Malkin’s dad revealed the Stars offer a few months later, it stirred a tampering controversy.
While injuries did again limit his regular season ceilings, Malkin made a substantial contribution to 2 Stanley Cups victories with 46 playoff PTS in those championship runs. Arguably he could have been named playoff MVP in 2017 if not for Crosby. Gino maxed out at 98 PTS in year four, and would average 94 PTS per 82 GP over the first 6 seasons.
4. Kris Letang
Adjusted Cap Hit: $67.1M, $8.4M (avg)
Value Returned: $80.0M, $10.0M (avg)
% Earned: 119%
"He’s a very important player for us. He’s getting better as a defenseman. His best days are ahead of him. It’s fortunate for us that we can sign him and keep him playing for the Penguins.”
Kris Letang had been playing at a discounted price for the preceding 4 years, and was scheduled to become an unrestricted free agent when that previous pact expired. The Penguins already had a difficult salary cap situation, so there was expectation that Letang would need to take a “hometown discount” if he wanted to remain with the franchise, with Shero offering 8 years $54M. Eventually they settled on $58M, which wasn’t exactly a “discount”, but it was easily less than he could have obtained on the open market.
Letang had issues staying healthy on this contract, but still produced 66 PTS per 82 games, averaging over 25.7 minutes per game of ice time. He played a key role in their 2016 Stanley Cup championship, and missed the 2017 playoffs with an injury.
5. Evgeni Malkin
Adjusted Cap Hit: $62.2M, $12.4M (avg)
Value Returned: $49.2M, $9.8M (avg)
% Earned: 79%
"There was never ever a consideration of trading Evgeni Malkin. I have never offered Evgeni Malkin to any team"
While some of Malkin’s early accomplishments might have been obscured by the large shadow cast by Sidney Crosby, Gino was nominated for the Hart trophy twice under his entry level contract, the first coming a few weeks before he inked this 5-year extension. There had been prior rumours that the Penguins were trying to trade Malkin because they theoretically wouldn’t be able to fit both he and Sid under the salary cap long-term. Shero soon put that gossip to bed, though I’m sure there would have been a few teams at least kicking tires.
The first 2 seasons were decidedly mediocre and limited by injuries. Anyone who thought this was the beginning of Gino’s demise would soon be proven wrong with a sensational 2012 where he scored 50 goals, 109 PTS, capturing that elusive MVP award. Anytime you can get one of those, it’s worth whatever the price you paid. The injury bug would strike again over the final 2 seasons, but he still managed to finish the treaty averaging 97 PTS per 82 GP, which is pretty damned good.
6. Kris Letang
Adjusted Cap Hit: $19.7M, $4.9M (avg)
Value Returned: $34.3M, $8.6M (avg)
% Earned: 174%
"If you put money aside, I'd rather stay here and have fun. I have something great with these guys. We're like a family now. We're young and growing together. It's a really important part of my decision."
Kris Letang had not yet evolved into one of the top point producing defensemen in the league when he signed this 4-year deal following his ELC, having peaked at 33 PTS. Sergei Gonchar and Alex Goligoski were still ahead of him on the power play depth chart, so he had not yet begun to tap that ceiling, but it was still clear that he was an excellent blueliner and one of the best skaters in the league.
This was an entirely fair price at the time it was signed, comparable to contracts signed by Alex Edler and Marc Vlasic two years earlier. In the first year, Letang nearly doubled his point production up to 50 PTS in 82 GP, while averaging close to 24 minutes of ice time per game, quickly becoming the Penguins best defensemen. Not surprisingly, injuries did limit the maximum potential of this deal, where he averaged 61 PTS per 82 GP at a bargain price. This may not have produced any Cups, but he did notch 31 PTS in 41 playoff GP.
7. Jake Guentzel
Adjusted Cap Hit: $32.1M, $6.4M (avg)
Value Returned: $43.8M, $8.8M (avg)
% Earned: 137%
"Jake established himself as an impact player for our team from the beginning, especially during 2017 Stanley Cup playoffs”
Jake Guentzel very quickly established himself as a key member of the Penguins forward arsenal, scoring 13 goals and 21 PTS during their run to the 2017 Stanley Cup as a rookie. The young winger scored another 21 PTS in 12 GP during the 2018 playoffs, and the following season had scored 33 PTS in 36 GP when he signed this extension in December.
As year one of this treaty was underway, Jake was lighting the league on fire with 43 PTS in 39 GP amidst a series of serious team injures before falling victim to the injury bug himself. He might not have put up numbers like this if he didn’t play on a team loaded with this much talent, but there would unquestionably be substantial demand for his services if he reached the open market.
8. Sergei Gonchar
Adjusted Cap Hit: $45.4M, $9.1M (avg)
Value Returned: $46.1M, $9.2M (avg)
% Earned: 102%
"Sergei had interest from numerous clubs over the past two days. The market for defensemen accelerated very quickly Monday night and all day Tuesday. We had several teams interested, but from a hockey perspective Pittsburgh was clearly the best fit for Sergei."
Sergei had long been among the best offensive defensemen in the NHL when the lockout ended in 2005, and had no shortage of suitors for his services when he became an unrestricted free agent at age 31 that summer. The Russian would choose a bankrupt franchise that had not made the playoffs in 3 years, but one thing they had that nobody else could offer was the chance to play with the league’s new young phenom Sidney Crosby.
There was a sense of optimism over-flowing from Pittsburgh, as Mario Lemieux was able to lure several key veterans to join the team. Gonchar would become the backbone on the blueline for 2 Penguins trips to the Stanley Cup finals before Letang eventually emerged as their top guy. Sergei logged a ton of ice time and remained very productive into his mid-30s, averaging 66 PTS per 82 GP. Also chipped in 44 playoff PTS in 60 GP, winning the Cup in 2009.
9. Marc-Andre Fleury
Adjusted Cap Hit: $50.4M, $7.2M (avg)
Value Returned: $38.2M, $5.5M (avg)
% Earned: 76%
"He is coming off a tremendous performance in the playoffs and he was one of the main reasons we reached the Stanley Cup Final. It's great news for the Penguins organization and our fans to continue to sign our core group of young players."
Over the first 2 years of the CBA, the only contract given to a goalie under the age of 26 longer than 3 years was the 15-year pact awarded to Rick DiPietro, which famously ended in ruin. The next was the other goalie drafted 1st overall Marc-Andre Fleury, who had just helped the team advance to the Stanley Cup final.
It didn’t take long to win his first Cup, hoisting the trophy in year one of this deal. Marc wasn’t exactly spectacular, but he did provide steady goaltending for an offensive powerhouse, with a Win-Loss record of 246-122 and a .914 SV %.
He also helped me win a fantasy hockey championship under this contract, which is what I will always remember him for. The funniest part is that when I made the trade to acquire him that season, it was originally vetoed by the league with people complaining that I was getting ripped off. I politely let everyone know that they were all idiots (I was trading both goalies from a terrible Leafs team and Vanek for Fleury). Eventually I managed to get the trade pushed through, changed my team name to UNLEASH THE FLEURY, won the championship, and had a very satisfying last laugh. Thanks Marc.
10. Alex Goligoski
Adjusted Cap Hit: $8.1M, $2.7M (avg)
Value Returned: $19.2M, $6.4M (avg)
% Earned: 236%
“Alex is a skilled young defenseman and a tremendous skater, and we are pleased to sign him to a multi-year deal as we continue to build our young core. He gained some valuable experience this season and made contributions to our Stanley Cup run. He is another example of a great future here in Pittsburgh.”
Alex Goligoski had only accumulated 50 games of NHL experience (including playoffs, scoring 23 PTS, a 37-point pace) when Ray Shero managed to lock the young defenseman into a 3-year bridge at a very low price tag. Shortly thereafter, Alex started logging an increasing number of minutes, becoming a legit top pairing blueliner.
In total, he scored 115 PTS in 223 GP (42-point pace), plus an addition 9 PTS in 13 playoff games. This contract ranked very high on the “bargain scale”, as they received a 40-point defenseman for 38 cents on the dollar. Shero traded Goligoski to Dallas in year two for James Neal and Matt Niskanen, which turned out to be good value even though neither Neal or Niskanen won Stanley Cups in Pittsburgh.
11. Brian Dumoulin
Adjusted Cap Hit: $2.1M, $1.0M (avg)
Value Returned: $5.7M, $2.9M (avg)
% Earned: 274%
“I definitely want to make the team. That’s my goal. But just signing a one-way deal doesn’t guarantee I’ll be on the team. I really need to earn my spot and create a spot for myself.”
Brian Dumoulin had only played 14 regular season games on his entry level contract, and had no bargaining leverage when negotiating his next deal, signing for close to the league minimum. Brian has not played in the AHL since, earning full-time duty in year one.
This contract did not qualify as a result of offensive production, it’s here for how heavily they leaned on Dumoulin to play important minutes for 2 Stanley Cup victories at a bargain price tag. Try finding another 2-year contract in the salary cap era that won championships both seasons (hint: it’s very rare). Dumoulin played 22 minutes per game in the 2017 playoffs without Letang in the line-up. Rutherford paid him $24.6M when this pact expired.
12. Ian Cole
Adjusted Cap Hit: $7.7M, $2.6M (avg)
Value Returned: $7.4M, $2.5M (avg)
% Earned: 95%
“I wanted to go nowhere else and, fortunately for me, they wanted me to come back, too.”
– Ian Cole
Ian Cole was acquired from the St. Louis Blues in exchange for Robert Bortuzzo and a 7th round pick, inking a new bridge deal a few months later. Cole wasn’t projecting to be an offensive defenseman, but provided a steady presence on the blueline.
The first two years of this treaty produced 2 Stanley Cups, where Cole played an important role. He was very dependable in the playoffs, also contributing 12 PTS. When this ticket was close to expiring, Rutherford shipped him out as a rental as part of the 3-team trade to obtain Derick Brassard (which proved to be bad move). The Senators flipped Cole to Columbus, but Ian would have less success after leaving this winning culture.
13. Chris Kunitz
Adjusted Cap Hit: $14.5M, $4.8M (avg)
Value Returned: $12.1M, $4.0M (avg)
% Earned: 83%
"We have a chance to win every year."
Chris Kunitz had spent the last few years building a solid reputation as Sidney Crosby’s sidekick, but was never able to parlay that elevated production into an appropriately large pay day. It was not the case that other General Managers simply didn’t buy his value absent of the adjacency to greatness, but rather Kunitz never tested the open market, signing early extensions right up until his eventual departure in July 2017 at age 37.
Normally a player who scored 35 goals can command a greater return on the open market than this, but Kunitz opted to stay with Pittsburgh for a discount and it paid off. This was hardly Kunitz best contract when looking at regular season production, with his scoring pace and ice time dropping each season. This contract qualified for the list due to 23 playoff PTS over 2 Stanley Cup championships. He never did come close to 35 tucks again (scoring 17, 17, and 9 over these 3 seasons), but finished his career with 4 rings. Well done.
14. Justin Schultz
Adjusted Cap Hit: $1.8M, $1.8M (avg)
Value Returned: $6.8M, $6.8M (avg)
% Earned: 388%
"I said right after we won that Pittsburgh was my No. 1, it's been my No. 1 all through this process”
Jim Rutherford sent a 3rd round pick to the Edmonton Oilers to obtain Justin Schultz at the 2016 trade deadline. The defenseman became an unrestricted free agent on July 1st after the Penguins declined to extend him a qualifying offer at the required price of $3.9M after winning the Stanley Cup. Justin was at a low point in his value, having just dipped to 18 PTS in 63 GP. He did play 15 games on the road to the Cup, but was also a healthy scratch in the playoffs.
Justin never had any intention of leaving the Penguins in the middle of a Stanley Cup celebration, and came back to the team at a cheap price. Sometimes betting on yourself pays off, with Schultz having a career year with 51 PTS, plus an additional 13 PTS in the playoffs, playing a key role in the absence of Kris Letang, winning another Cup. The Pens got a 50-point defenseman for 25 cents on the dollar.
15. Bryan Rust
Adjusted Cap Hit: $15.3M, $3.8M (avg)
Value Returned: $26.7M, $6.7M (avg)
% Earned: 175%
“He can move up and down the lineup and play both wings, albeit the right side is more natural for him. And he’s a good penalty-killer. Getting him locked into four years was important. We’re happy to have him.”
Bryan Rust contributed 13 playoff goals to 2 Stanley Cup victories during his first 2 years in the NHL, but still had not topped 38 PTS in the regular season when he signed this contract. The salary he procured was right in line with his production, but the winger decided to accept a 4-year term that would delay an opportunity to test unrestricted free agency until age 30.
Rust confessed that he was looking for longer term job security instead of a short trip to the UFA market. Bryan surely left a few dollars on the table after having a sensational breakout performance in year two with 56 PTS in 55 GP, averaging close to 20 minutes per game of ice time. The Pens paid 50 cents on the dollar for that stat line.
16. Pascal Dupius
Adjusted Cap Hit: $4.2M, $2.1M (avg)
Value Returned: $14.7M, $7.4M (avg)
% Earned: 350%
By age 32, Pascal Dupuis had settled in as a 30ish point producer and wasn’t going to break the bank as a free agent. The production started trending upwards after he started playing with Sidney Crosby, who was his primary center the season before this pact was signed. Technically is stat line should have been worth twice as much money, but there was surely recognition on both sides that his stats were inflated by the best player in the league sharing the ice. Dupius was able to find a higher gear during these two seasons, bring his PTS per 82 GP up to 59 and 65. He ran into injury issues on his next contract.
17. Chris Kunitz
Adjusted Cap Hit: $10.3M, $5.1M (avg)
Value Returned: $19.3M, $9.6M (avg)
% Earned: 187%
The same off-season that linemate Pascal Dupius received his aforementioned 2-year deal, Chris Kunitz received an extension of his own, but for twice as much money. It’s another case where his production should have been worth more money, but he surely recognized that all his value was attached to Sid. Perhaps somebody would have offered more if he had tested the open market, but certainly nobody was paying him the full price of his stat line if Crosby wasn’t coming along with him. Granted we’ll never know what the market would have paid, but we do know this deal was a bargain, scoring at an 89-point pace in year one, 71 in year two.
18. Tristan Jarry
Adjusted Cap Hit: $11.3M, $3.8M (avg)
Value Returned: $17.7M, $5.9M (avg)
% Earned: 157%
Matt Murray left the Pittsburgh Penguins after the 2020 Covid bubble, at which point the heir apparent Tristan Jarry had only accumulated 67 career NHL games played spread across 3 seasons (posting a .917 SV% in 39 GP the campaign before getting the call to be their #1 goalie). Jarry became their primary starter and accosted himself well, aside from a few bouts of inconsistency and struggling in the playoffs (never making it out of round 1). In 162 regular season games, he posted a .913 SV% and won 58% of his starts. That’s excellent for that price.
19. Jordan Staal
Adjusted Cap Hit: $23.2M, $5.8M (avg)
Value Returned: $27.3M, $6.8M (avg)
% Earned: 118%
It didn’t take any hardball tactics to get Jordan Staal’s name on a second contract, as the kid made the big show as an 18-year-old and was very good right away. By the last year of his ELC, he was playing nearly 20 minutes per game, scoring 49 PTS. They reached an agreement on a 4-year treaty in January, at a slight discount for what his stat line should have been worth. While he did score exactly 49 PTS again in year one, his PTS per 82 GP in years two and three were 59 and 66 (the two highest totals of his career (though he did hit 59 again)). Sadly for the Penguins, they were not able to reach an agreement on a 3rd contract, resulting in a trade to Carolina for Brandon Sutter, Brian Dumoulin, and the 1st round pick that became Derrick Pouliot.
20. Marc-Andre Fleury
Adjusted Cap Hit: $4.7M, $2.3M (avg)
Value Returned: $8.5M, $4.2M (avg)
% Earned: 181%
Marc-Andre Fleury was the first overall pick in 2003 and was considered by everyone to be their star goalie of the future. He even played 22 NHL games as an 18-year-old, which no goalie has done since. He only had 72 games of NHL experience when his ELC expired, and had not yet posted a save percentage above .900. The talent was evident, but they needed to see him be an elite goaltender before paying him accordingly. They gave him a 2-year bridge deal to prove his value, and he took them to the Stanley Cup final in year two, losing to my Detroit Red Wings. By then he was a star.