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Lundqvist signs 7 year extension

Hank is here to stay.

Hank is here to stay.

According to Larry Brooks of the New York Post, Henrik Lundqvist has signed a 7 year extension worth $8.5M per year. This should put any doubts about who the number 1 goalie is to rest, as Hank now becomes the highest paid goalie in the NHL. The raise is a modest $1.75 million from his current contract, so the cap hit, while large, is manageable.

Lundqvist, who turns 32 in March, has a contract that will pay him $1.5 million more than the previously highest paid goalies Pekka Rinne and Tuukka Rask. This is also the largest contract ever given to a goalie, and will likely remain the largest contract ever given to a goalie. Hank had the rare scenario of All-World talent, a team that desperately needs him, and a team with the means necessary to keep him. Plus, no goalie will be topping $8.5 million any time soon.

This season, Lundqvist has posted a 2.51 GAA and a .917 SV%, a far cry from his career numbers of 2.26 GAA and .920 SV%. But those numbers are misleading thanks to two games in California. Hank’s November stats: 2.27 GAA and .924 SV%. Much more in line with his career numbers.

In Lundqvist, the Rangers have not only the highest paid goalie in the league, but the best goalie in the league. What sets Lundqvist apart from every other goalie in the league is consistency. Tim Thomas had some stellar years. Jonathan Quick had a great season. Pekka Rinne had two remarkable years. But Lundqvist is as consistent as they come. Hank has not posted a SV% below .920 in the last five seasons. The three years (06-08) he did post under a .920 SV% were seasons he arguably stood on his head every night.

In addition to consistency on the ice, Hank has been remarkably healthy over his career. The Vezina winner has never missed significant time with injury, and has only had a few bumps and bruises along the way. Considering he has eclipsed the 70-game plateau four times in his career, that is incredible.

By locking up Lundqvist to a second long term contract, the Rangers have solidified their future in net is solid until 2021, when the contract expires. The risk in a deal this long, with Hank turning 32 this March, is that he will be 39 when the deal expires. Spending $8.5 million on a 39 year old goaltender might be a little rough, but the cap isn’t always going to be $64.3 million. In fact, there are already predictions of a $70 million cap for next year. Plus, Hank’s contract doesn’t qualify for the cap recapture penalty, so he can retire at any time. Keeping Hank in New York was always going to be a pricey endeavor thanks to the contracts handed to Pekka ($49M), Quick ($58M) and Rask ($56M), so there was really no way the Rangers were going to let Hank hit free agency.

26 Responses to “Lundqvist signs 7 year extension”

  1. Hatrick Swayze says:

    First….always wanted to do that.

    In other news, I got the double Hatrick at an open hockey skate this morning before work. 2 apples to go with it.

    I knew something big was going to happen today.

  2. @Centerman21 says:

    Wow. And with how Shakey he has looked so far this year. They give him 7 more.

    • Dave says:

      2.24 GAA and .924 SV% in November. His numbers right now are skewed thanks to Anaheim and SJ.

  3. The Suit says:

    For the record, I’m good with length and cap hit. No concerns here.

    • Hatrick Swayze says:

      +1

      They didn’t really have a choice. I do like 7 years instead of 8… I don’t think they ever had control over the cap hit though. 7.5, 8, 8.5. Term was the bigger battle here and that 1 year is more important to me.

      That said, goalies in general are getting overpaid these days. There are many capable, cheaper alternatives.

      • The Suit says:

        I don’t disagree, but his contract is in the same ballpark as Pekka and Rask and Quickie and I think Hank is better than those three. Hopefully them hips and knees hold up.

        • Mr. Snrub says:

          Think he’ll start using less butterfly and more stand-up?

          /waits for Justin to swoop in

        • Hatrick Swayze says:

          I met a guy about a year or two ago before a Rags Devs game at the Rock who allegedly was a medical professional who formerly worked inside of the Rangers organization. He apparently worked on Lundy, along with some other goalies before that. Whether thats true or not, I’ll never know, but the guy for sure was in the field of medicine and his hypothesis at goal tending is what I’m really getting at here.

          We were talking about Marty and how it was pretty insane that he’s been able to keep up his level of play for so long. All of his goalie records, games played, etc. The guy basically said that he thinks all of those records will pretty much be left alone because from a durability standpoint, butterfly goalies are at a significant disadvantage than some of the older standup/ hybrid keepers.

          Basically, the butterfly style of play is a bit harder on the body, joints, etc and ultimately leads to the deterioration of goalies giving them shorter average careers, or at least won’t be able to have as many peak years.

          Granted the guy, didn’t flash credentials on me, but he seemed pretty credible and had some sound theories.

          Regardless… buckets of beer (5 16 oz bottles) at bars just outside of the rock go for about $15… really can’t beat those pregame prices.

          • Justin says:

            Ha, I’ll tackle both of these at once. Snrub, I figured your comment was tongue-in-cheek, but stand up ain’t ever comin’ back.

            Which dovetails nicely into Hatrick’s comment. The guy you spoke to is correct about how much harder the butterfly is on goalie’s joints. However, the equipment is starting to catch up. Goalies are starting to wear the pads looser, with better landing gear, which makes it easier on the knees. Also, elastics are starting to be used to anchor skates to pads (both toe attachments and bottom straps) which historically lead to stress on the knees, ankles and hips. I think we are going to start seeing more durability long-term from the butterfly crowd going forward.

            As for the deal, I don’t have a problem with it. Cost of doing business for a player of that caliber. Especially with the cap on the rise and dollar/term maximums in place, we are going to start seeing a lot more resources being spread around NHL rosters. I think Hank’s deal with blend right into the background within 2-3 years.

        • @Centerman21 says:

          They say the contract signed by the NHL & the Canadian TV station will give each NHL team a little more money to spend. I truly believe the cap goes up substantially this summer. I think we see a 70+ sal cap. 73-74 is my guess. All the outdoor games this year. Who knows.

  4. Chris F says:

    Hank is 31, so this brings his tenure with NY to 38. Not crazy, if you consider he’s of the same caliber as Brodeur and he’s still quite serviceable at 41.

    I was very much against an 8×8 contract extension for Hank, because I did not want the organization to dampen it’s ability to keep key players long-term. If Hank can stay elite for the next 5 years, and then remains above average his last 2, and if the contract won’t result in personnel losses elsewhere on the roster, than this is a good move, especially at this point. Hank needed the show of confidence.

  5. Mr. Snrub says:

    Since the cap will be, what, $73 million or so next year, it’s important to consider that $8.5 million might not be THAT much in 2020-21 or 2021-22. Or so I hope…

  6. Dave says:

    I am ok with this contract. It’s a $1.7m raise on his current deal. Not eligible for recapture.

  7. Chris F says:

    Can you guys post a link to the press conference when it is available?

  8. Gary says:

    Hoping that the contract was part of some of his consistency issues this season. Okay Henrik, you’re good to go. Now get going! Dial in and earn it.

  9. Rangers Fan in Boston says:

    Well Cam Talbot is officially trade bait now. Maybe not necessarily this year, but next year for sure.

    • Dave says:

      Or he can be the backup at league minimum.

      • Rangers Fan in Boston says:

        Well he’s a UFA after next season, so if he’s playing well into next season, there is a nice opportunity there to get some value.

      • Spozo says:

        This is an angle I didn’t think of until your above response. Last year between Hank and Biron he Rangers had 8.175 million of cap hit locked up in goal. Next year they will have 9.062 million in cap hit locked up in net. Last year the salary cap was 60 million so roughly 7.3% of the cap was spent in net. Next year the cap is believed to go up to about 73 million so they will have roughly 8% of the cap committed to goalie. That’s really not a terrible percentage when you have the games best goalie (arguably but without a doubt top 3). Yes Lundqvist increased his cap hit by 1.7 million but the big picture look at how the Rangers spend money per position really didn’t change much.

  10. Walt says:

    First of all great news for Hank, the Rangers, and the fans. Now that the contract has been signed, Hank better start playing like the old Hank, and start carrying this team when we can’t score for him.

    There should be no distractions now, Hank can deposit the money in the bank, and will be set for life! Let’s go rangers!!

  11. Mikeyyy says:

    Good now him and br can play pe knuckle on the long onane rides when they get older.

    Back in my day goalies didn’t wear a cup. We had balls of steel

  12. Chris F says:

    Despite his inconsistent start to this, his 9th, season, and ignoring some of my earlier criticism of his performance this year, it never ceases to amaze me that Lundqvist was selected in the final round of the draft, 205th overall selection.

    What a find!

    Here’s to another 7 years and hopefully finally a Cup!

  13. Bloomer says:

    Hanks contract is an albatross, it will weight down the franchise. Further, it will permanently put the team up against the cap and prevent them from having any wiggle room to sign other decent players. I see no Coupe La Stanley in the cards for the Rangers and I don’t want to see any whining on this blog from die hard fans, when this deal blows up in their face.

    The deal has been sealed for 7 years of mediocrity for the New York Rangers.

  14. flatbush says:

    Smart to get this done now. You know someone would offer more.