The Montreal Canadiens could be getting set to make a big move this week. In particular, the move is aimed at getting the Habs under the salary cap. The club is currently $5.93 million over the cap, according to PuckPedia, and will need to become compliant at some point before the start of the season.
The contract in question is legendary goalie Carey Price. Price, while basically retired, will be entering the final year of his current eight-year, $84 million contract. The contract was signed back in 2018. However, Price could not finish it as a knee injury prevented him from continuing in the NHL.
Price last played during the 2021-22 season, but was a shell of his former self. The Canadiens hastened their rebuild, using Price’s contract to hit the salary cap floor. But now, the Canadiens are a playoff team and find themselves currently over the cap ceiling.
But instead of moving Price’s contract to LTIR, the Canadiens want to move it. As RG Media’s Marco D’Amico reported, the deal could come at some point this week. The issue holding back the move is Price’s bonus. A $5.5 million bonus is due on September 1. Once the bonus is out, the actual monetary value of Price’s contract falls to about $2 million.
As such, the contract, despite its $10.5 million book value, is only worth a fraction in real-money terms. It’s unclear what the Canadiens will be seeking in return. The expectation is likely a mid-round pick.
Destinations for Price’s Contract
As D’Amico noted, the teams eyeing Price’s contract could be rebuilding clubs like the Chicago Blackhawks and San Jose Sharks. These clubs could be looking to get over the salary cap floor in order to remain compliant.
The salary cap floor this season is $70.6 million. As it stands, PuckPedia shows the Blackhawks are almost $7 million over the floor. Meanwhile, the Sharks exceed the floor by about $7.5 million.
D’Amico also noted that a team like the Pittsburgh Penguins could be looking to acquire Price’s contract. The club is expected to gut its roster by dealing high-priced veterans. So, the Pens may struggle to stay above the cap floor. That would make Price’s contract an interesting one.
Canadiens fans should also keep an eye on a contender desperate enough to stay under the cap ceiling. Such a club could trade for the contract and then place Price on LTIR. That move could alleviate their cap situation temporarily.
Price Trade Could Open Door for Canadiens’ Next Move
The Canadiens’ current cap situation has prevented them from making their next move. The club cannot add another piece given their tight situation. It’s worth pointing out that Price’s contract is not on LTIR, as that is not possible during the offseason.
So, moving Price’s contract will allow the Canadiens to shed $10.5 million off the books and get under the cap. That move could open the door for another key acquisition.
The Canadiens have been in the market for a top-six center this entire offseason. Since Kirby Dach remains a question mark, the Habs will be looking to add someone. The deal may not be imminent, but being under the cap could facilitate things moving forward.
Canadiens Expected to Move Big Contract this Week: Report