The Vegas Golden Knights have only been in existence for a small fraction of the salary cap era, so doing my standard top 20 wasn’t feasible. Though they arguably have enough to do 15 thanks to the championship. The organization has been aggressive and cut-throat, signing big deals then shipping players out to make room for new expensive players (some of the castaways are included below). Management has developed a bad reputation in that regard. This ruthless management style produced a Stanley Cup, but as mentioned on Chiclets, every time a shiny new weapon is added to the arsenal, many in that dressing room will be left wondering if they’ll be shipped out in the summer to make room.
Their rankings report card below does come with an asterix because there are half as many contracts as my other lists. Yet this list ranks #10 in total Stanley Cups, which is sad for several other fan bases suffering much longer droughts. If you’re wondering, I do currently have a Seattle list of 5 best and 5 worst, hence why there are 32 teams in the rankings. I’ll post those when there’s enough for 10 good and 10 bad. It’s a work in progress. The goal posts are always moving, and new deals are signed every day!
(technically not every single day, but metaphorically)
This was originally published in my 2020 book Hunting Bargains in a Salary Cap World, and has now been updated with new contracts. I will continue to update each team’s list every summer going forward. The rule is that only active contracts can move up or down. Expired deals cannot pass each other (with a few exceptions). The book is still available on Amazon, though some of the stats on active contracts are now out of date. You may yet find it interesting because there were detailed stat graphics that you won't find here. One thing you won't find here are entry level contracts because they all come from the same cookie cutter and require less skill at the negotiating table.
1. Jonathan Marchessault
Adjusted Cap Hit: $30.7M, $5.1M (avg)
Value Returned: $36.4M, $6.1M (avg)
% Earned: 118%
This contract did not earn a spot on this list until the 2023 Stanley Cup playoffs, after which he skyrocketed to #1 by scoring 13 goals and 25 PTS in the postseason, earning a Conn Smythe trophy. You’ll find every single Conn Smythe trophy winner on one of my best contract lists, unless it was won on an ELC (which is rare). He signed this midway through the best season of his entire career, which can often be a recipe for disaster, but they still got him at a price $2.5M less than the stat line should have been worth (it was in progress and not yet completed). While his scoring rate did drop from 80 PTS per 82 GP that contract year down to the 50s and 60s, the fact they signed him at a discount meant he still returned good value those campaigns. Even if it didn’t, this would still be at the top of their list thanks to capturing playoff MVP and a championship.
2. Shea Theodore
Adjusted Cap Hit: $37.1M, $5.3M (avg)
Value Returned: $46.7M, $6.7M (avg)
% Earned: 125%
The top spot on this Vegas list was initially a slam dunk (until Marchessault won the Conn Smythe), with Shea breaking out into a legit top pairing defenseman and power play quarterback in year two when he scored at over a 50-point pace before potting nearly a point-per-game in the playoffs. That’s a nice chunk of change, enough that he would never need to work another day in his life when it expires, but he did leave a pile of money on the table. It will be harder to hit a big home run at age 29, especially given the direction the league is heading.
He should have bet on himself. Granted, a big share of the money left on the table would have been taken by the Taxman had he signed this in Anaheim. In years 2, 3, and 4 Shea averaged 57 PTS per 82 GP with an expected free agent value between $7.5M and $8M. That’s what we call a bargain.
3. Chandler Stephenson
Adjusted Cap Hit: $11.2M, $2.8M (avg)
Value Returned: $26.1M, $6.5M (avg)
% Earned: 232%
Chandler Stephenson was a just a bottom 6 forward in Washington, but earned a Stanley Cup ring in 2018. He had only scored 4 PTS in 24 GP when traded to Vegas mid-season for a 5th round pick. His output immediately improved, scoring at a 44-point pace the remainder of that campaign, which ended prematurely due to Covid. After the bubble playoffs, he inked a 4-year extension at a generous price considering his full-season stat line (which includes the poor output in Washington).
He eventually found his way onto a line with Mark Stone, and broke out into a 66-point player by year two, producing at more than double his pay grade. You can hardly blame him for accepting an $11M offer given his career stats, but he left some money on the table by not betting on himself, as this treaty won’t expire until after his 30th birthday when it will be harder to hit a home run on the UFA market.
4. Alex Tuch
Adjusted Cap Hit: $33.7M, $4.8M (avg)
Value Returned: $42.3M, $6.0M (avg)
% Earned: 125%
In the final year of his ELC, Alex Tuch scored at a 58-point pace with an expected free agent value just under $5M. He was paid exactly what his stat line deserved, but did not account for potential future growth. Year one he battled injuries and only scored at a 33-point pace when healthy, but just as this was starting to look bad, he bounced back in year two, to a 49-point pace.
Shortly after the bounce back, he was traded to Buffalo for Jack Eichel and broke out to an even higher level, producing at nearly a $6M rate on a per game basis. By year four, he was playing on the Sabres top line scoring better than a point per game (at least when this was written), and assuming he can sustain that for a few seasons, this is a sensational bargain.
5. Mark Stone
Adjusted Cap Hit: $76.8M, $9.6M (avg)
Value Returned: $49.4M, $6.2M (avg)
% Earned: 64%
Initially this Mark Stone contract raised some alarm bells with the 8-year term at age 27, and when he developed chronic back issues in the early years, those alarms only got louder. His impact was unquestionable when healthy, as this otherwise “loaded” team missed the playoffs without him. They went from missing the playoffs without Stone, to winning the Stanley Cup with him back in the line-up (with the rest of the roster being very similar year-over-year). Regardless of what happens after that Stanley Cup victory, this deal is worth every penny just for his contribution to that championship. He scored some big goals and absolutely would have received some votes for the Conn Smythe.
6. Logan Thompson
Adjusted Cap Hit: $2.3M, $0.78M (avg)
Value Returned: $11.4M, $3.8M (avg)
% Earned: 488%
Logan Thompson had 8 minutes of NHL experience when he agreed to this 3-year extension. It’s rare for any player to lock in for 3 years this close to the league minimum, but you can understand that Logan had no idea if he could handle the NHL (frankly McCrimmon had no guarantees either). Soon after locking in at this low price, Robin Lehner suffered a serious injury, thrusting Thompson into the #1 role. He excelled, producing a .913 SV% in 17 starts. He maintained rookie status in year two, and did an admirable job protecting their net after they lost Lehner for the entire season.
The young goaltender might have left some money on the table, but he’ll be 28 when this expires, which is still young in goalie years. He still has a potential home run opportunity in his future. On a personal note, I own a few Logan Thompson rookie card and want to see this kid have a great career.
7. Marc-Andre Fleury
Adjusted Cap Hit: $21.6M, $7.2M (avg)
Value Returned: $17.0M, $5.7M (avg)
% Earned: 79%
Marc-Andre Fleury performed brilliantly in his first Vegas season after coming over from Pittsburgh in the expansion draft, posting a .927 SV% in the regular season and helping the Knights advance to the Cup final. They awarded him with a generous extension in the summer, right before Father Time drove a sword into his back. By the time the contract started, the Flower had devolved into a below average goaltender, leading the team to acquire Robin Lehner as an insurance policy. Robin would overtake Fleury as the primary starter in the playoffs.
The following season Fleury was outstanding and won the Vezina trophy, forcing Lehner into a back-up role. However, due to salary cap constraints, the team was forced to trade the defending Vezina winner for basically nothing (which is rare to say the least). Fleury would struggle in Chicago, playing behind a considerably inferior team. Sure, there was only one good year here, but every Vezina winner is on one of my best lists.
8. Nate Schmidt
Adjusted Cap Hit: $4.8M, $2.4M (avg)
Value Returned: $10.8M, $5.4M (avg)
% Earned: 218%
Nate Schmidt had been struggling to climb the depth chart in Washington when he was selected by Las Vegas in the expansion draft. This allowed McPhee to get Nate’s signature on a 2-year extension at a low-price tag that would end at age 27 with a chance to be unrestricted. Once in Vegas, Schmidt’s role was massively expanded, which brought with it an offensive breakout. Performance enhancing drugs may have provided some assistance, as Nate was suspended for a positive test.
9. Max Pacioretty
Adjusted Cap Hit: $28.6M, $7.2M (avg)
Value Returned: $20.1M, $5.0M (avg)
% Earned: 70%
The Las Vegas Golden Knights paid an expensive price to acquire Max Pacioretty from Montreal (Tatar, Suzuki, and a 2nd round pick) and they weren’t about to let him become an unrestricted free agent. They signed him to a 4-year extension on the day of the trade, which was at an expensive price considering he only scored at a 47-point pace in his final Montreal season. His first year in Vegas was on his previous contract, only scoring at a 50-point pace, which is below this pay grade. It’s possible the price would have been cheaper had they waited, but it’s okay because he had a renaissance after his 30th birthday, scoring at an 80ish-point pace for the first 3 years. The end was marred by injuries, but on a per game basis this was a quality investment.
10. William Karlsson
Adjusted Cap Hit: $47.7M, $6.0M (avg)
Value Returned: $37.2M, $4.6M (avg)
% Earned: 78%
I owe William Karlsson an apology. When this contract was first signed, I had it ranked among their best contracts (albeit in their young franchise history), until year three when he dropped down to a 43-point pace and I made the regrettable decision to put him as their worst contract on my updated 2022 list. In my defense, the team had not been around long enough to give me a rich selection of bad investments to choose from. Then as he was listed on my blog as their worst contract, the 2023 playoffs happened, and William Karlsson was phenomenal, both offensively and defensively. So good was his defensive play that the Oilers coach was going to great lengths to try and keep McDavid off the ice against Karlsson. That Edmonton series was the pivotal series in their playoff run, and Karlsson was easily the MVP of that series. So please Billy, accept my apology. I was wrong.