We are now 35 days removed from the opening of the NHL free agency period. Signings continue to occur, but they are only trickling in at this point in the cycle. Now is a good time to assess what has happened in free agency from a data perspective and evaluate how next year’s cap ceiling increase of $4.5 million may have impacted signings compared to previous seasons.
Day 1 free agency spend
The 2024 NHL free agency market saw a Day 1 increase of 72 percent over 2023, marking the biggest NHL spend on the opening day of free agency ever. These numbers represent total committed dollars over the length of the contracts and include non-extension RFA contract signings.
This spike should not be much of a surprise, considering the NHL and NHLPA added a collective $144 million in cap space per season. This increase is expected to continue in perpetuity, with substantial increases anticipated in the coming seasons.
Cumulative spending
Here is how the cumulative spending continued compared to previous seasons.
The 2024 cumulative committed dollars remain the highest ever but have not maintained the same momentum as 2021 and 2022. The 2021 free agency period saw a substantial spike between days 30 and 45, thanks to a series of significant RFA signings, including Andrei Svechnikov, Anthony Beauvillier, Drake Batherson, Filip Hronek, Ilya Sorokin, and Jesperi Kotkaniemi.
Here is how the 2024 NHL free agent spending looks by team.
Nashville made a huge splash in free agency with the signings of blue-chip free agents Jonathan Marchessault, Steven Stamkos, and Brady Skjei. Meanwhile, the Kraken committed the second most dollars in free agency with a pair of seven-year commitments to Chandler Stephenson and Brandon Montour. The Kraken are also expected to sign Matty Beniers to an amount that could make them the biggest spenders this offseason.
Other notable signings
- Unrestricted free agent Elias Lindholm received the most financial commitment, netting $54.3 million over seven years with Boston.
- Anton Lundell netted the most money among restricted free agents this offseason, signing with Florida for $30 million over six years.
- Detroit still needs to re-sign restricted free agents Lucas Raymond and Moritz Seider.
- Other big-ticket RFAs that are unsigned include Seth Jarvis (CAR), Jeremy Swayman (BOS), Dawson Mercer (NJD), and Beniers (SEA).
Speaking of Matty Beniers….
Status of Matty Beniers
Many fans are concerned about the lack of an announcement regarding Matty Beniers re-signing, 35 days into the free agency period. The concern is reminiscent of 2020 when fans responded to every tweet and post with a generic comment of “name?” which has now turned into “Status of Beniers?”
However, there is no need to worry. Without the looming presence of an arbitration hearing, there is no sense of urgency for either side of the negotiating table. Historically, it is common for RFAs without arbitration rights to sign 30 to 90 days into free agency, especially those with an AAV of over $4 million per year.
There could be several valid reasons for not signing Matty right now. Hypothetically, if the team were to sign Matty tomorrow to a contract with an AAV over $7 million, it would put the Kraken over the salary cap. This would signal to other NHL teams that the Kraken need to clear cap space before finalizing their roster in October, giving those teams leverage in trade negotiations.
Ron Francis is known for never tipping his hand, so the quietness around Matty is consistent with his approach. Additionally, Matty’s appearance at the NHL Draft and Dan Bylsma’s comments about discussions with Matty suggest that the relationship with the organization is fine.
Despite concerns from fans, historical trends indicate that the delay in signing Matty Beniers is not unusual. This deal will get done.
It seems like before free agency, the Beniers talk around bridge versus long-term had a lot to do with the available cap space. I’ve been assuming the hold up may be an indication that the Kraken aren’t necessarily done with the roster and the deal may be dependent on options out there.
I still think there may be one more player to be added and if that means bringing in more cap, maybe it’s a bridge. If not, maybe they go long. Either way, I think what you mentioned in the article is a big factor… maybe they’re trying to move someone out.
Go Kraken!!!
Not that I disagree with you but any chatter we’ve heard is really us fans/pseudo-media talking about it. There has been nothing out of the Kraken front office on bridge/long-term or adding another piece. I would like to think they would like to add another piece, but I thought that most of last off-season. At the very least, I think RF is just keeping his options open with the hope of clearing some space and bringing something else in.
My dream scenario is Tanev for N. Robertson. They might need to retain $ but could still create more space for the Matty contract they have in the drawer.
I also think Francis would like to leave some cap space so they can accrue for the trade deadline if necessary.
I’m sure the situation is under control and Matty is on the same page but if I were a team like the Ducks or flames I’d be seriously considering an offer sheet that the kraken could not afford. Sure you give up a 1st and a 3rd but you get a top level player who is developed to a fist or second line level already and has a long bright future. A six year 7.5 contract would look pretty good three years down the road and would be setting back a rival. Offer sheets are rare but this might be a worthwhile option for the right team.
I would think Beniers is not the sort of player to sign an offer sheet.
Daryl
We don’t know anything about how the negotiations are going, typical of RF tight lips. If Matty feels like he’s being pressured into a lower contract via dollar or term…….
MCFace
If they can’t afford it now then they can’t afford it, yes they could and probably would clear cap space if needed but bottom line is that it would hurt us.
I don’t think this is a likely scenario but unless there is some sort of back door deal and RF is trying to make a trade before finalizing the contract we’re unnecessarily treading dangerous waters (no pun intended).
Possible? Sure.
I’m curious about the reality of what is holding up the signing, but whatever it is, I would be very surprised to find out it was the sort of contentiousness that led to the last two offer sheets.
I know it’s frustrating for fans, but I appreciate that Francis keeps a tight lid on things. I think agents and players appreciate it too.
I feel the he’s overly tight lipped often for no reason. I mean do you honestly believe that the inside hockey world doesn’t have a line on what a player’s injury was? I feel that the only people that don’t know are the fans who are supporting the team, as a fan I would kinda like the team to report injuries etc like other teams do. I feel like RF is Mr paranoid.
No it would hurt us to lose a Tanev or a Gourde. We’ll be fine. You make a lot of assumptions, none of them are based in reality
Except that’s not an offer the Kraken can’t afford. There’s movable contract money in several places
I love the everyone being so positive about Francis having this under control but I am not to sure about that. I think Francis could only sign his new free agents at such a high cost because they were going to sign somewhere else for less. Francis created this cap situation by signing a few players at inflated salaries like Tanev and Gourde just to name two. Many of these players, I feel are not good value and that is on Francis. Most league GM’s know the Kraken are in a bad way as far as salary cap goes and I think he is being played. He will be forced to drop a player or 2 and commit to paying some of that salary in order to sign Berniers. The only one who improved last year was McCain and I do not think this team will have that many “originals” improve from last year. Too many aged players with inflated salaries and now he is having a hard time dealing with it. What is the point of having a quality farm system and not playing them in the NHL? Letting the youth play and dropping the over inflated salary players would solve all his problems.
lol no
Tanking the next couple of years for what is still a franchise (and fanbase) in it’s infancy does not in fact solve all of our problems, and would certainly mean the departure of RF lol.
We just are looking for/ making our hockey news at this point. Feels like we are in that awkward news phase where the frenzy of free agency has worn off but the season hasn’t started yet. 🤷♀️🤣