Goaltending can be the most valuable asset to your team or just one component depending on who you ask. Last season, the New York Islanders seemed unlikely to make playoffs with the worst penalty kill in the league and second most shots on goal allowed.[2] However, their goaltenders, Ilya Sorokin and Semyon Varlamov, kept them in contention with save percentages of .909 and .918, respectively.[3] Goaltenders are the last line of defense and often act independently in a team-focused sport. Their value is evident during high pressure moments, defense against a break-away or during an overtime shootout, as they are the only players on the ice for the full sixty minutes of a game.
Growth of the League (and Players’ Contracts)
Earlier this summer, the National Hockey League (NHL) announced an $88 million salary cap for the 2024-25 season, a $4.5 million increase, and the largest increase since 2018 following a freeze during the COVID-19 pandemic.[4]The NHL has a hard salary cap that is determined by league revenue and split evenly between owners and players.[5] The cap is expected to further grow to roughly $92 million, $97 million, and $101 million, respectively, across the next three seasons.[6]
With the expanded cap, teams are stepping up to reward their key players. Last season, the Toronto Maple Leafs extended their two All-Stars to large contract extensions before they hit free agency.[7] William Nylander inked an 8-year contract with an average cap hit of $11.5 million annually.[8] Meanwhile Auston Matthews broke records with a four-year extension with a cap hit of $13.25 million, making him currently the highest paid player in the league.[9]
The Funny Thing About Goalies
Unlike skaters, goaltending contracts have not had the same growth trajectory. This summer both Boston Bruins’ Jeremy Swayman and Ottawa Senator’s Linus Ullmark signed contract extensions for 8 and 4 years, respectively, both at an annual cap hit of $8.25 million.[10] Average goaltender contracts range from 7- to 8-years with an average cap of $8 million to $9 million:
Two notable exceptions are Florida Panthers’ Sergei Bobrovsky and Montreal Canadiens’ Carey Price. In 2019, Bobrovsky signed a 7-year, $70 million contract with a $10 million cap hit.[12] The year prior, Price signed a historic 8-year, $84 million contract with a $10.5 million cap hit, making him the highest paid goaltender in NHL history.[13] At the time of signing, he had recently become the first goaltender to win four awards in one year: the Hart Trophy for most valuable player, the Vezina Trophy for best goaltender, the William H. Jennings Trophy for best goals-against average, and the Ted Lindsay Award for most outstanding player as voted by players.[14]
Now, Price’s contract has been a continuous issue for the Canadiens.[15] After a knee injury in 2021, Price was put on long-term injury reserve.[16] After not playing at all during the 2022-23 season, he is also expected to never return,leaving the Canadiens without their star goaltender for the last four years of his contract.[17] Similarly, Bobrovsky’s contract had continuously raised eyebrows until the Panthers’ recent Stanley Cup dominance.[18]Despite being a two-time Vezina Trophy winner, his play statistics had not supported signing the veteran player to the second highest annual goaltender salary.[19] For the first four years of his current 7-year contract his save percentage averaged between .900 and .913.[20] While his numbers were fine, they were just that and it took until the 2023 Stanley Cup run and 2024 Stanley Cup victory for the hockey world to stop believing the Panthers overpaid for him.[21]
Role of Goalie Tandems
The New York Rangers have more to worry about than just their starting goaltender. While their starter Igor Shesterkin’s contract is up for renewal, their secondary goaltender, Jonathan Quick, will also be a free agent this summer.[22] At 39, Quick, a three-time Stanley Cup champion and recipient of a Conn Smythe Trophy, has continued to bring an elite level of play during his tenure with this team.[23] However, due to his age, there is the question of how long Quick will continue wanting to play at this level.[24]
Goaltenders have avoided starting on back-to-back nights, a trend started by Ilya Bryzgalov and the Philadelphia Flyers in 2013.[25] Since 2007, the frequency of back-to-back goaltender play has dropped from 9.7% to 2.6% in 2019.[26] This rest day for goaltenders led to the realization that utilizing backup goaltenders provides a potential advantage seen by the tandem’s resulting save percentages.[27] The role of the tandem goaltender pairings has shifted the position from its solidary role to a more team-oriented mindset.[28] As the Rangers continue this race for their first Stanley Cup since the 1990s, goaltending may be the final puzzle piece.
While the team has a talented prospect pool, many of their goaltending prospects, including Dylan Garand, have yet to play beyond the American Hockey League (AHL) level.[29] At only 22 years old, Garand, currently playing for the Hartford Wolfpack, is likely a few years away from regularly playing for the NHL.[30] With Quick’s uncertain future and the Rangers prospect pool young and untested, the organization needs to consider what their future would look like. Even after signing Shesterkin, who will complete his tandem?
This summer, there are numerous goaltenders hitting free agency, including elite goaltenders like Las Vegas Golden Knight’s Adin Hill, Carolina Hurricanes’ Frederik Anderson, Detroit Red Wings’ Alex Lyon, and Washington Capitals’ Charlie Lindgren.[31] However, after investing in Shesterkin, how do the Rangers expect to navigate the remainder of their cap space when they (1) need a second goaltender in the tandem and (2) have franchise players like Artemi Panarin and Jacob Trouba also preparing to hit free agency in 2026.[32]
Igor Shesterkin’s Free Agency
Shesterkin made headlines prior to the start of this season for rejecting an 8-year $88 million contract, which would have set his cap hit at $11 million.[33] This would have made him the highest paid goaltender in the league ever. However, the rumor mill believes Shesterkin is waiting for an offer that will make him the highest paid Ranger on the roster.[34] This would require the Rangers to offer him at least $11.7 million per year.[35] This would account for 13.3% of the Rangers cap space, just half a percent more than star winger Artemi Panarin’s current contract.[36] While Shesterkin is unarguably one of the best goaltenders currently in the league, it may not be worth prioritizing him independently over the tandem goaltender format.
Now, the Rangers will be faced with a difficult decision as both their goaltenders are due for contract renewals. Despite having opened the first game of the season with a shutout, last season introduced questions about Shesterkin’s consistency of elite goaltending[37] While Shesterkin is currently making $5.67 million a season, Quick had an average salary of $825,000 which was recently increased to $1.28 million this year.[38] However, during the 2023-24 season, rather than Shesterkin standing out, his save percentage and goals against per game matched Quick’s[39]
Additionally, in comparison to the current three highest paid active goaltenders, Shesterkin has yet to match their accomplishments.[40] It begs the question of whether the Rangers have the means to invest this highly in Shesterkin. In a review of the goaltenders’ average save percentage and goals against per game in the three years prior to signing their contract, there is nothing that stands out about Shesterkin’s game play to justify a salary of over $2 million more than the next player. [41]
Shesterkin started this season with a 6-2-1 record with 1 shutout across nine games.[43] With a save percentage of .933 during the first month of the season, he is showing he can prove his worth.[44] Shesterkin isn’t worried about getting signed, but he might need to consider where he would go if New York can’t match what he thinks he is worth. All goaltenders experience hot streaks and slumps, but if Shesterkin can continue his strong start to this season, the Rangers will need to match his request.
In the past three seasons, Shesterkin has played at least 50 games per season and is known as a face of their franchise.[45]This season will require his play to prove he is worth over $11 million in order to justify the Rangers investing in him over the rest of the team.[46] Is Shesterkin worth more than the $88 million offer presented to him? He would likely say so.[47] However, despite winning the President Trophy last year, the Rangers has struggled to reach the Stanley Cup Finals since 2014. The Rangers may need to prioritize their franchise as a whole when determining whether one goaltender is truly the most important piece of the puzzle.
JUHI PATEL (deputy editor-in-chief) is a 2L at Villanova University Charles Widger School of Law. She self-identifies as an off-brand New York Sports fan rooting on the Islanders, Nets, and Bills. She is a part of the Soccer Negotiation Competition Team and is interested in labor, employment, and intellectual property law.
References:
[2] Pete Jensen, NHL EDGE stats: Varlamov fueling Islanders’ playoff push under Roy (Apr. 12, 2024) NHL. https://www.nhl.com/news/nhl-edge-semyon-varlamov-fueling-new-york-islanders-playoff-push
[3] NHL Play Goaltending Stats 2023-2024 (last visited Oct. 30, 2024) ESPN. https://www.espn.com/nhl/stats/player/_/view/goaltending/season/2024/seasontype/2/table/defensive/sort/savePct/dir/desc
[4] Jack Murray, NHL Announces $88M Salary Cap for 2024-25 Season, Up $4.5M from 2023-24 (June 8, 2024) Bleacher Report. https://bleacherreport.com/articles/10124090-nhl-announces-88m-salary-cap-for-2024-25-season-up-45m-from-2023-24
[5] Kurt Badenhausen, NHL Salary Cap Rises 5.4% As COVID-19 ‘Debt’ Estinguished (June 11, 2024) Sportico. https://www.sportico.com/leagues/hockey/2024/nhl-salary-cap-rises-covid-debt-1234783831/
[6] Id.
[7] Ryan Gagne, How does William Nylander’s new contract compare to that of Auston Matthews and Mitch Marner? Have the Maple Leads made the right call? (Jan. 8, 2024) sportskeeda. https://www.sportskeeda.com/us/nhl/how-william-nylander-s-new-contract-compare-auston-matthews-mitch-marner-have-maple-leafs-made-right-call
[8] Id.
[9] Id.
[10] Spotrac, Jeremy Swayman Contract Details (last visited Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/player/_/id/27075/jeremy-swayman and Spotrac, Linus Ullmark Contract Details (last visited Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/player/_/id/15283/linus-ullmark
[11] Spotrac, NHL Salary Rankings (Goaltenders) (last visited Oct. 30, 2024) Spotrac.https://www.spotrac.com/nhl/rankings/player/_/year/2025/position/g/sort/cap_total
[12] Spotrac, Sergei Bobrovsky Contract Details (last visited Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/player/_/id/8782/sergei-bobrovsky
[13] Spotrac, Carey Price Contract Details (last visited Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/player/_/id/1837/carey-price
[14] Canadian Press, Canadiens goaltender Carey Price wins Hart Trophy (June 24, 2015) SportsNet. https://www.sportsnet.ca/hockey/nhl/canadiens-goaltender-carey-price-wins-hart-trophy/
[15] Stu Cowan, Stu Cowan: Why Carey Price’s contract is a complicated mess for the Canadiens (Sept. 6, 2023) The Montreal Gazette. https://montrealgazette.com/sports/hockey/nhl/hockey-inside-out/stu-cowan-carey-prices-contract-is-still-a-big-problem-for-canadiens
[16] Id.
[17] Id.
[18] Kevin Skiver, Sergei Bobrovsky contract, explained: How Panthers goalie’s mega deal became worth it in the 2023 NHL playoffs (June 3, 2023) The Sporting News. https://www.sportingnews.com/us/nhl/news/sergei-bobrovsky-contract-panthers-goalie-deal-nhl-playoffs/kdtfdydhyyftfrcgsarbai5g
[19] Id.
[20] Id.
[21] Id.
[22] Spotrac, Jonathan Quick Contract Details (last visited on Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/player/_/id/6216/jonathan-quick
[23] Id.
[24] Id.
[25] Dom Lusczynszyn, Why NHL coaches need to revisit the idea that goalies shouldn’t start on back-to-back nights (Dec. 12, 2019) The Athletic. https://www.nytimes.com/athletic/1450527/2019/12/12/why-nhl-coaches-need-to-revisit-the-idea-that-goalies-shouldnt-start-on-back-to-back-nights/?source=user_shared_article
[26] Id.
[27] Id.
[28] Ryan S. Clark, Why NHL teams are turning to goalie tandems more and more (Dec. 12, 2022) ESPN. https://www.espn.com/nhl/story/_/id/35212103/why-nhl-teams-turning-goalie-tandems-more-more
[29] Alan Selavka, New York Rangers prospect rankings: goalies (Jul. 7, 2024) Forever Blue Shirts https://www.foreverblueshirts.com/new-york-rangers-analysis/new-york-rangers-prospect-rankings-goalies/
[30] Id.
[31] Spotrac, NHL Free Agents (Goaltenders) (last visited on Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/free-agents/_/year/2025/position/g/sort/contract_value
[32] Spotrac, New York Rangers Multi-Year Salary Cap Table (last visited on Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/new-york-rangers/yearly
[33] Eric Jackson, Why Rangers’ Igor Shesterkin Turned Down Record $88M Deal (Oct. 10, 2024) Sportico. https://www.sportico.com/leagues/hockey/2024/rangers-igor-shesterkin-turns-down-contract-offer-1234800699/
[34] Mollie Walker, Igor Shesterkin must now prove he’s worth it to Rangers in risky contract gambit (Oct. 8, 2024) New York Post. https://nypost.com/2024/10/08/sports/igor-shesterkin-has-to-prove-hes-worth-it-to-rangers-in-risky-contract-gambit/
[35] Walker, supra note 26.
[36] Id.
[37] Eric Willsen, Can the Rangers still rely on Shesterkin this season? (Nov. 27, 2023) Empire Sports Media.https://empiresportsmedia.com/new-york-rangers/can-the-rangers-still-rely-on-shesterkin-this-season/
[38] Spotrac, Igor Shesterkin Contract Details (last visited on Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/player/_/id/29734/igor-shesterkin and Spotrac, Jonathan Quick Contract Details (last visited on Oct. 30, 2024) Spotrac. https://www.spotrac.com/nhl/player/_/id/6216/jonathan-quick
[39] ESPN, Igor Shesterkin Stats (last visited on Oct. 30, 2024) ESPN. https://www.espn.com/nhl/player/stats/_/id/3151297/igor-shesterkin and ESPN, Jonathan Quick Stats (last visited on Oct. 30, 2024) ESPN. https://www.espn.com/nhl/player/stats/_/id/3634/jonathan-quick
[40] ESPN, NHL Player Goaltending Stats (last visited on Oct. 30, 2024) ESPN.https://www.espn.com/nhl/stats/player/_/view/goaltending/season/2022/seasontype/2/table/defensive/sort/savePct/dir/desc and Vezina Trophy (last visited on Oct. 30, 2024) records.NHL.com https://records.nhl.com/awards/trophies/vezina-trophy
[41] Id.
[42] Id.
[43] See ESPN, supra note 39.
[44] Id.
[45] Sara Civian, Don’t Blame Igor Shesterkin For Wanting More Than $88 Million From the Rangers (Oct. 11, 2024) Bleacher Report. https://bleacherreport.com/articles/10138909-dont-blame-igor-shesterkin-for-wanting-more-than-88-million-from-the-rangers
[46] Walker, supra note 26.
[47] Civian, supra note 34.
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