Tampa Bay Lightning 20 Worst Contracts in the Salary Cap Era
The Tampa Bay Lightning won the Stanley Cup in 2004, 2020, and 2021 and we are here to discuss the mistakes that were made between those two championships (with 1 recent addition). Jay Feaster was the architect of the first title, but would eventually run into problems trying to keep that roster intact under a salary cap. He would be supplanted by Brian Lawton in 2008. You’d be forgiven if you’d forgotten that Brian Lawton was once the GM in Tampa, as his tenure lasted less than 2 years, yet that reign of terror errors produced 1/3 of the names on this list (at least the version in my 2020 book with 15 names). He made a giant splash with his very first signing, Vincent Lecavalier, inventing the long-term back dive. Unfortunately, that treaty, innovative though it may have been, was arguably the worst deal anyone has signed in the last 20 years.
Lawton’s name does not appear anywhere on their best contracts list, but the futility of his management did help the team bottom out to secure the high draft picks that produced Stamkos and Hedman. There’s an argument to be made that the Lightning never win the 2020 & 2021 Cups without Lawton scorching the Earth to fertilize the soil before the arrival of Steve Yzerman. That’s the bright side Tampa fans, but there are a few active deals post-championship that may be showing up here (Nick Paul already) during the summer (depending if I get around to updating all the team lists). As you can see on their rankings report card below, this list ranks low league-wide, but high in buyout money (thank Vinny).
Updated June 6, 2025: Today Brian Lawton followed me on Twitter….
This was originally published in my 2020 book The Definitive Guide to Salary Mismanagement, 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 The book is still available on Amazon, though some of the stats on active contracts are now out of date.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 Sept 7, 2024: Adjusted for $88M cap. Demoted Nick Paul.
1. Vincent Lecavalier
Adjusted Cap Hit: $110.1M, $10.0M (avg)
Value Returned: $35.1M, $3.2M (avg)
% Earned: 32%
“This is a great day for all Lightning fans.”
Vincent Lecavalier notched 40 goals and 92 PTS in 2008 and was a year from unrestricted agency when the Lightning locked him up with this massive 11-year extension. Former player agent Brian Lawton had been officially hired as VP of Hockey Operations a month earlier, prompting Jay Feaster to quit as General Manager 2 days before this was signed, claiming Lawton and the owners were running the team and his services were no longer required. Lawton was named Feaster’s successor, and made his first big splash with this pact.
If the Lecavalier contract was a specific point of contention that contributed to Feaster’s departure, he would eventually get the last laugh, as it started turning sour before it even had a chance to start. The star dropped from 92 PTS in 2008 down to 67 PTS in 2009. Vinny’s days as an elite goal producer were formally behind him and struggled to stay healthy after turning 30, which is a risk when giving an 11-year contract to a 29-year-old. Over 4 seasons, the center scored at a 67-point rate before Tampa used a compliance buyout to escape this liability.
Vinny landed on his feet, procuring another generous sum of money from the Flyers that you can read about on their worst contracts list. Don’t feel bad for Vinny though, he’ll continue getting $2M+ pay cheques from the Lightning until 2027. Scientists will have cloned dinosaurs before Vinny stops banking that Tampa money.
2. Matt Carle
Adjusted Cap Hit: $42.2M, $7.0M (avg)
Value Returned: $19.5M, $3.3M (avg)
% Earned: 46%
"It's not something I'm happy about, but Father Time rules all, I guess."
Matt Carle was a sought-after commodity in the summer of 2012 as the 2nd best defenseman available after Ryan Suter. Carle settled in Tampa, producing good results in year one. Sadly, his point production and ice time dropped significantly each season, down to 64 GP, 9 PTS, and 16.8 average ice time in year four.
Carle became a regular healthy scratch towards the end, so nobody was surprised when Yzerman exercised the buyout option to help free up money to retain Steve Stamkos. This was close to the end of the road for Carle, who only played 6 more NHL games after this termination. Matt lost his battle to Father Time sooner than most.
3. Ryan Callahan
Adjusted Cap Hit: $41.2M, $6.9M (avg)
Value Returned: $13.0M, $2.2M (avg)
% Earned: 32%
"Tampa Bay has been a great place to live and play from the day I got there. As soon as the season ended I knew it was a place I wanted to be."
Ryan Callahan was captain of the New York Rangers and a pending UFA when Yzerman acquired him in the Martin St. Louis trade. Stevie signed him to this extension days before the winger was set to hit the open market, and is one of the bigger blemishes on his Tampa tenure. Callahan had a decent first year scoring 54 PTS, but it was all downhill after that, with 28 PTS in year two and 4 PTS in year three (when a chronic hip injury limited him to 18 GP).
The Lightning were bailed out of the last year when career ending back surgery ended Callahan’s tenure prematurely. There is a case that reoccurring injuries were a major contributing factor to his demise, and that I’m just a heartless asshole for putting his name on this list. Whether or not this was Ryan’s fault, it was a bad investment. He had already suffered a serious knee injury 2 months before trading for him, when the Rangers weren’t interested in retaining him long-term and dumped him on another team.
4. Ryan Malone
Adjusted Cap Hit: $45.1M, $6.4M (avg)
Value Returned: $24.0M, $3.4M (avg)
% Earned: 53%
"With this particular contract and in the role that they had Ryan in if he stayed, I think this was a pretty logical step. He's fine with it. Nobody wants to get bought out of their contract, but it provides him with an opportunity to move on.”
Ryan “Bugsy” Malone tallied a career high 51 PTS (plus 16 in the playoffs) in 2008 before becoming an unrestricted free agent, and helped the Pittsburgh Penguins advance to the Stanley Cup final. Tampa traded a 3rd round pick for exclusive negotiating rights, and signed him on the eve of free agency.
There were flashes of decency over the first 4 years, including a silver medal for Team USA in 2010, but the production started to nose dive in year five, scoring just 8 PTS in 24 GP during the lockout shortened 2013 season. Speaking of nose dives, he was arrested for DUI and cocaine possession in 2014, and Yzerman bought out the final year shortly thereafter. Bugsy played 6 more games in the NHL before retiring.
5. Vinny Prospal
Adjusted Cap Hit: $20.9M, $5.2M (avg)
Value Returned: $7.4M, $1.9M (avg)
% Earned: 35%
“We expect great things from Vinny in 2008-09 and beyond. He fits uniquely alongside Marty St. Louis and Vinny Lecavalier on our MVP line and the new ownership group is thrilled these three forwards will lead us into battle next season.”
Jay Feaster was still the GM of the Lightning when this was signed, but it occurred during the period where he claimed that the decision-making process had been hijacked by Brian Lawton and the owners. Prospal had potted an impressive 71 PTS the previous season at age 32, and had a long history with this organization.
If anything, it could be argued that he was underpaid, as comparable older players had been able to obtain greater sums for fewer points. Vinny’s production dropped to 45 PTS in year one, prompting Lawton to buyout the final 3 years. Either he was trying to erase Feaster’s mistake, or he was cleaning up his own mess.
6. Andrej Meszaros
Adjusted Cap Hit: $34.9M, $5.8M (avg)
Value Returned: $20.8M, $3.5M (avg)
% Earned: 60%
“The Lightning are extremely pleased to have Andrej under contract for the next 6 years. Andrej will be a very big part of our hockey club moving forward. At 22 years of age he will only continue to improve and mature as a player.”
Andrej Meszaros was a restricted free agent after scoring 36 PTS at age 21 for the Ottawa Senators. Bryan Murray reported that the Sens and their young RFA were far apart in negotiations, and that Brian Lawton had been threatening to sign him to an offer sheet. In lieu of a hostile poaching, Murray opted to trade Meszaros to the Lightning for Fillip Kuba and a 1st round pick (that became Kyle Palmieri).
This investment wasn’t all bad, showing fleeting moments of mediocrity, but he only topped 30 PTS once in 6 years and ultimately the price paid was too much. The Lightning bailed after Brian Lawton was fired, shipping Meszaros off to Philly for a 2nd round pick. Andrej wrapped this up in Boston, before moving on to Buffalo.
7. Marc Denis
Adjusted Cap Hit: $15.1M, $5.0M (avg)
Value Returned: $3.6M, $1.2M (avg)
% Earned: 24%
"He is a workhorse and a fierce competitor with one of the best glove hands in the league. He is also a young man who has not yet reached the prime of his career. We have scouted Marc extensively and had actually targeted him as early as the trade deadline this past season. Our belief in his skills and his ability to fit in well within our locker room has never wavered. We are confident Marc will bring us the type of reliable and consistent goaltending we need in order to return our franchise to the type of success we have enjoyed in the past.”
Marc Denis delivered the best campaign of his career in 2004, playing in 66 GP with a .917 SV%. After returning from the lockout, the goaltender was slightly below average over 49 GP with the Blue Jackets at age 28. The Lightning traded Freddy Modin and Fredrik Norrena in June 2006 to acquire Denis and punched this ticket a few days later.
His tenure in Tampa was a disaster, playing 54 GP with an .879 SV% and -33 goals saved above below average. He finished this deal in the AHL before being bought out. This was an awful waste of money with Feaster claiming they “scouted Marc extensively”. You wouldn’t want to be the scout who recommended this acquisition. Awkward.
8. Matt Walker
Adjusted Cap Hit: $9.9M, $2.5M (avg)
Value Returned: $3.3M, $0.8M (avg)
% Earned: 33%
“Matt is the big, physical, intimidating presence that we lacked on the blue line last season”
There is nothing in the career stats of Matt Walker to suggest that he’s worth anything more than the league minimum. Then suddenly one day he scores 14 PTS in 65 GP for the Chicago Blackhawks and hits the UFA market. Brian Lawton saw some kind of magic and decided to give him a 4-year term at an average adjusted cap hit of $2.3M AAV. Have you ever heard about the curious case of Jeff Finger? This is a cousin of that family of contracts, born exactly one year later.
Walker only lasted 1 year in Tampa, but at least he lasted longer than Brian Lawton. Walker was traded to Philadelphia for Simon Gagne within 2 months of Steve Yzerman getting the GM job. The Flyers were in a cap crunch and forced to shed the Gagne contract, but the winger had a no trade clause and was reportedly very restrictive on his list of possible destinations. This gave Yzerman tremendous leverage to throw Walker into the deal. He barely played for the Flyers.
I had to double check to make sure this contract wasn’t a typo at Cap Friendly. This would rank high on the list of largest contracts awarded to players that 99% of hockey fans never heard of, but behind Jeff Finger of course...
9. Mattias Ohlund
Adjusted Cap Hit: $35.1M, $5.0M (avg)
Value Returned: $9.4M, $1.3M (avg)
% Earned: 27%
"With so many options in front of him, having him elect to play in Tampa demonstrates the faith he has in our team's strategy and vision for success, which should be exciting for our fans. This signing accomplished two primary goals for us. First, we have added the top-two defenseman we coveted to lead our blue line and second, we have found a leader and a mentor for Victor Hedman as he prepares to play in the NHL this fall."
Mattias Ohlund was a solid defenseman in Vancouver, but he never should have been awarded a 7-year deal at age 33. He was brought in as a mentor to Victor Hedman, whom the Lightning had just drafted 2nd overall. This had the potential to become a far greater calamity, another failed product of the Brian Lawton regime, had the team not been bailed out by LTIR.
Ohlund was quasi-useful in year one, before requiring arthroscopic surgery on his right knee in the offseason. His productivity was noticeably diminished in year two, and would require surgery on both knees after advancing to the Conference finals. Without the LTIR relief, this contract would have been much higher up the list. It was considered for injury exemption, but included because he also significantly under-performed his pay grade when healthy.
10. Eric Bewer
Adjusted Cap Hit: $21.1M, $5.3M (avg)
Value Returned: $12.9M, $3.2M (avg)
% Earned: 61%
"He was an important part of our team after being acquired at last year's deadline and he played a key role in the playoffs both on and off the ice."
The Tampa Bay Lightning traded a 3rd round pick (that became future Stanley Cup champion Jordan Binnington) to acquire Eric Brewer from the St. Louis Blues before he was set to become an unrestricted free agent. The veteran blueliner was well past his prime when Yzerman rolled the dice on this 32-year-old player with a 4-year contract.
Early in the deal when Brewer had the opportunity to play with Victor Hedman, he produced quasi-satisfactory numbers. But the final two years when he was demoted to a lower pairing to play with Barbeiro and Sustr, his production dropped well below his pay grade, including being a healthy scratch on multiple occasions. In the final year he was traded to Anaheim for a 3rd round pick. The Ducks flipped him to Toronto.
11. Brad Lukowich
Adjusted Cap Hit: $7.6M, $2.5M (avg)
Value Returned: $2.9M, $1.0M (avg)
% Earned: 38%
“He plays the game with his heart on his sleeve and he does whatever it takes to win. He knows our system, he knows our core personnel, he knows how we do things in Tampa and what we expect from our players, and he is a winner. He is also a very good teammate and a popular player in the locker room. He has personality and spirit and old-school flair about him. We like everything about him and we are thrilled to welcome him back to our hockey team.”
Brad Lukowich won the Stanley Cup with the Lightning in 2004, but did not rejoin the team after the 2005 lockout. When he became available as an unrestricted free agent in the summer of 2007, Jay Feaster jumped at the opportunity to bring one of their former championship teammates back into the fold.
Unfortunately, this tenure did not lead to glory. The Lightning cut bait after one season, throwing him into the Dan Boyle trade to San Jose. The Sharks then dumped his contract on the Canucks as part of the Christian Ehrhoff trade, where the defenseman played mostly in the AHL. All told, he scored more PTS in the AHL than the NHL over these 3 years. That’s a fail.
12. Teddy Purcell
Adjusted Cap Hit: $17.6M, $5.9M (avg)
Value Returned: $12.7M, $4.2M (avg)
% Earned: 72%
“I really don’t think there is a better fit for me and I still believe I can get better every day, so I’m looking forward to remaining with the Lightning and taking my game another step.”
Teddy Purcell scored above a 60-point rate during his previous 2 seasons in Tampa and got paid like a 60-point player. Then in year one of this pact, that output dropped to 42 PTS in 81 GP, prompting Yzerman to trade him that summer for Sam Gagner (who had just finished his worst season as a pro). Purcell’s scoring rate dropped even further in Edmonton, but the Oilers were still able to ship him off to Florida as a rental for a 3rd round pick.
At this stage of his career, Purcell still had some value, he was simply paid too much for that level of production. This was however, the end of the road. Teddy signed another 1-year contract with LA for $1.8M where he was a point per game player for their farm team. I do need to give this guy props for one thing, great podcast guest. His appearances on Spittin Chiclets are legendary.
13. Braydon Coburn
Adjusted Cap Hit: $13.0M, $4.3M (avg)
Value Returned: $3.8M, $1.3M (avg)
% Earned: 30%
“You can never have too many defensemen”
Steve Yzerman traded Radko Gudas with 1st and 3rd round draft picks to acquire Braydon Coburn from the Philadelphia Flyers in 2015 with one year remaining on his previous deal. Philly had been relying on the defenseman to log over 22 minutes per game, but upon arrival in Tampa, the ice time was slashed. The veteran was going to become unrestricted in 2016 at age 31, but Stevie wouldn’t let that happen, inking this extension in February.
Coburn was compensated like he was still playing 22 minutes per game and scoring 25 PTS. His actual stat line warranted a much lower price, down in the $1.5M range. Perhaps he brought some intangibles to the locker room, but was still substantially overpaid for the role he was playing. That’s an expensive “mentoring-leadership premium”.
14. Mike Smith
Adjusted Cap Hit: $6.8M, $3.4M (avg)
Value Returned: $2.9M, $1.4M (avg)
% Earned: 42%
"It goes without saying Mike has a bright future"
When Mike Smith signed this early extension back in 2008, he had still only played 2 seasons in the NHL, showing some promise in a back-up role in Dallas. The goaltender was shipped to Tampa as part of the return in the Brad Richards trade and quickly won the primary starting job.
His first full season in Tampa was a success, posting a .916 SV%, as this contract would likely have been more expensive had they not extended him early. Yet once the contract actually started, Smith would struggle with an .899 SV% over 64 regular season games. He left for Arizona in free agency, but had to take a pay cut.
Note: The career Mike Smith went on to have does at least show that Tampa was stupid for believing in him.
15. Pavel Kubina
Adjusted Cap Hit: $11.0M, $5.5M (avg)
Value Returned: $5.7M, $2.9M (avg)
% Earned: 52%
Pavel Kubina was at the end of his career when he signed this 2-year deal with Tampa, early in Yzerman’s GM tenure, having just scored 38 PTS with Atlanta Winnipeg. The Bolts did get him at a discounted price relative to his previous deal, but he also wasn’t the same player upon arrival in Florida. Year one he plunged down to 23 PTS, then 18 PTS in year two. That’s despite getting above average power play ice, but scoring far below the average defenseman PP rate. He was average at even strength and hurt them on the power play. They were able to trade him to Philly in the 2nd year for 2nd and 4th round picks.
16. Valtteri Filppula
Adjusted Cap Hit: $31.5M, $6.3M (avg)
Value Returned: $27.0M, $5.4M (avg)
% Earned: 86%
“The reason we used the compliance buyout is to give ourselves flexibility, to give ourselves options. We don’t want to go now and turn around and put ourselves in the same position with a contract that doesn’t make sense, so we have to be careful in that respect. We want to be as competitive as we possibly can.”
Steve Yzerman had a history with Valtteri Filppula going back to their days in Detroit and poached the center from the Wings in free agency with a substantial 5-year commitment at age 29, using the cap space saved in the LeCavalier compliance buyout. Filppula crushed his career best in 2012 with 66 PTS, but saw his scoring rate chopped in half during the lockout shortened 2013 campaign before reaching the open market.
The age and decline did not discourage his former teammate from paying him like a 60-point center, and in year one, Yzerman got what he paid for. But once Val’s 30th birthday was in the rear-view mirror, the production would slip below the pay grade. This deal did get a passing grade overall, but was still worse than the other contenders who failed to qualify for this list (Val was an emergency replacement after Ryan McDonagh earned a championship exemption).
17. Nate Thompson
Adjusted Cap Hit: $8.4M, $2.1M (avg)
Value Returned: $3.5M, $0.9M (avg)
% Earned: 42%
Nate Thompson scored at the highest rate of his career during the lockout shortened 2013 season, notching 27 PTS per 82 GP averaging 14.3 minutes of ice time to earn this 4-year contract. He was a defensive center, so it’s unlikely they expected a surge of offensive output at any point in his future, but the one important thing that did diminish was ice time. Thompson became overpaid when his ice time dropped below 13 minutes, into a 4th line penalty killer role. Most of this contract was played out in Anaheim, with the Ducks trading 4th and 7th round picks to get him.
18. Brian Boyle
Adjusted Cap Hit: $7.7M, $2.6M (avg)
Value Returned: $4.0M, $1.3M (avg)
% Earned: 52%
Brian Boyle mostly played the role of a bottom six center who could kill penalties, grinding his opponents down with physical play; a character guy, and at the right price could fill a valuable role on any team. They just priced him a little too high. Boyle's 3-year, $2 million per year deal leaned on intangibles, but the offensive output lagged. The contract's value wavered as Boyle's role couldn't fully match the financial commitment. They were able to trade him to Toronto in the final year for a second round pick. I wouldn’t call this a “bad” contract, just overpriced. I’m running out of bad deals.
19. Dan Girardi
Adjusted Cap Hit: $6.9M, $3.5M (avg)
Value Returned: $3.7M, $1.8M (avg)
% Earned: 53%
Dan Girardi was nearing the end of his career when he came to Tampa at age 33 and his average ice time had been in decline for 5 consecutive seasons (from 26.2 to 19.1). He endured some hard miles in a Rangers uniform, making several runs deep into the playoffs. That ice time continued to decline in Tampa, dropping down to 17 minutes. Defensive limitations and decline in play underscored the contract's diminishing value. He retired from hockey when this expired, but not before making another deep playoff run with the Lightning, falling short of a title again.
20. Nick Paul
Adjusted Cap Hit: $22.4M, $3.2M (avg)
Value Returned: $21.3M, $3.0M (avg)
% Earned: 95%
Perhaps it’s premature of me to include Nick Paul on this list after just two seasons in the books, but my modelling algorithm did not like the direction this was heading. We are now into the range of Tampa “bad” contracts that aren’t all that “bad”, which is not uncommon with teams who win multiple championships. We’re talking about a player who has maxed out at a 33-point scoring pace, and while he’s physical filling the role of a grinder, those players are at higher risk of decline as they age. It’s the term and player type that give me (and my algorithms) cause for concern. Granted if he ages well, he may be removed from future versions of this list. Keep in mind too, he did score some big playoff goals for Tampa, he also hasn’t won a championship with them.
Update: Nick Paul had a strong year two and was demoted further down the list. Could warrant permanent removal if sustainable.