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Malkin Signs Eight-Year Extension With The Pittsburgh Penguins

(Pittsbugh, PA June 13,2013) The Pittsburgh Penguins have agreed to terms with forward Evgeni Malkin on an eight-year $76 million contract extension, it was announced today by executive vice president and general manager Ray Shero.

The deal begins with the 2014-15 season and runs through the 2021-22 campaign, and has an average annual value of $9.5 million. He will earn $9.5 million for each of the eight seasons.

Malkin, 26, is one of just three Penguins in franchise history to win multiple Art Ross Trophies as the NHL scoring leader (2012, ’09), joining Mario Lemieux and Jaromir Jagr. He has also won the Hart Trophy (2012), Ted Lindsay Award (2012) and Calder Trophy (2007). A three-time 100-point producer and a four-time 30-plus goal scorer, Malkin has been named team MVP on three occasions (’08, ’09, ’12); earned a spot on the NHL’s First-Team All-Star squad three times (’08, ’09, ’12); and has been named to four NHL All-Star Games (’08, ’09, ’11, ’12).

The 6-foot-3, 215-pound Malkin is one year removed from capturing the Art Ross Trophy (leading scorer), Hart Trophy (NHL MVP) and Ted Lindsay Award (NHLPA most outstanding player) while leading the NHL with 109 points (50G-59A) during the ’11-12 season. Malkin became the ninth player in franchise history to reach the 50-goal mark.

Malkin, who hails from Magnitogorsk, Russia, helped the Penguins win the franchise’s third Stanley Cup championship in 2009. He joined Mario Lemieux as the only players in team history to win the Conn Smythe Trophy as NHL postseason MVP after tallying a league-best 36 points (14G-22A) in 24 playoff games.

During the regular season that year, Malkin captured his first NHL scoring title, establishing career highs in points (113) and assists (78) while appearing in all 82 games. Malkin became just the fifth player since 1967 to win both the regular-season and playoff scoring titles, joining Lemieux, Wayne Gretzky, Guy Lafleur and Phil Esposito.

Malkin, who was drafted by the Penguins in the first round (2nd overall) of the 2004 NHL Draft, currently ranks seventh on Pittsburgh’s all-time point list with 560 career points (217G-343A) in 458 regular-season contests. His 37 career game-winning goals rank fourth in club history, while his 81 power-play goals place fifth.

Malkin has starred many times for Russia on the international stage, representing his homeland in a pair of Olympic Games (2006 and ’10), as well as the World Championships, World Junior Championships and the World Under-18 Championships.

During the 2012 World Championships, Malkin led his country to a gold medal while establishing a Team Russia record with 19 points (11G-8A) in 10 games. He was named tournament MVP and Top Forward.

Malkin has played four seasons (2003-06; ’12-13) with his hometown Metallurg Magnitogorsk of the Kontinental Hockey League (KHL). He finished the ’12-13 season ranked third in the KHL scoring race with 65 points (23G-42A) in just 37 games during the lockout.

Filed in: NHL Teams, Pittsburgh Penguins, | KK Hockey | Permalink
  Tags: evgeny+malkin

Comments

Vladimir16's avatar

2 players with a 17.4 cap hit next season and a 18.2 cap hit for the next 8 yrs. Man, that’s a lotta cap hit.

Posted by Vladimir16 from Grand River Valley on 06/13/13 at 08:51 AM ET

Primis's avatar

Its ok I’m sure Evilpens will insist this is all Bylsma’s fault.

Posted by Primis on 06/13/13 at 09:05 AM ET

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Man, Pittsburgh was in a bad spot.  Malkin obviously didn’t help them out at all.

I think my favorite part is going to be when he complains in a few years about how there aren’t enough other players on the team to help him.

Posted by HockeyinHD on 06/13/13 at 09:35 AM ET

Savage Henry's avatar

There’s no reason to think that revenues (and thus the cap) won’t shoot straight up after next season.  A few years into this contract, $9.5M won’t seem too bad.

Posted by Savage Henry on 06/13/13 at 09:45 AM ET

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Malking…freudian slip?

Posted by bsalamon on 06/13/13 at 09:58 AM ET

Paul's avatar

I don’t know what it is bsalmon, I do the same thing with Ovechkin, adding a g on the end.

Posted by Paul from Motown Area on 06/13/13 at 10:03 AM ET

Evilpens's avatar

OH ! and about that Clown Dreger saying Malkin could be traded Full NMC in knew contract

But got ripped when I said Dreger has no clue what he is talking about

Posted by Evilpens on 06/13/13 at 10:58 AM ET

awould's avatar

That’s a big cap hit.

The cap rose from $39MM to $64MM in the first 7 years. Most of that increase occurred in the first 4 years when it increased $14MM. That sort of increase was largely a result of them not getting the basic economics right. The owners had no desire to see it rise so quickly, of course. Which is why it won’t again. They have a much better handle on the money and how it impacts the cap.

In the first go-round, the first year to second year increase was $39MM to $44MM. This time, it goes from $60MM to $64MM. That’s about a 50% decline in the growth rate in year one.

I don’t see the salary cap raising enough to off-set the giant hit coming from Malkin/Crosby and Letang when he signs his massive deal next year. Along with the rest of their entire D-corps except for $5MM Paul Martin.

I think my favorite part is going to be when he complains in a few years about how there aren’t enough other players on the team to help him.

Not sure if Malkin is a complainer like that, but somebody in the Pens organization will say it.

I understand wanting and needing to resign Malkin. And I get that you have to pay a price. But I think Shero is starting to look like the GM that wants to have his cake and eat it too. He’ll keep making 2-3 trades a year to keep ahead of it is my guess. Maybe he’ll get lucky.

Posted by awould on 06/13/13 at 11:16 AM ET

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There’s no reason to think that revenues (and thus the cap) won’t shoot straight up after next season.  A few years into this contract, $9.5M won’t seem too bad.

It will to Sidney Crosby, who makes less.

Hey, I wonder how that’s going to go over? smile  Couldn’t happen to a more upstanding, stiff-upper-lipped guy.

Posted by HockeyinHD on 06/13/13 at 11:32 AM ET

awould's avatar

It will to Sidney Crosby, who makes less.

Yeah, I thought about that too. Sid took less than he could’ve gotten to keep some room for a decent team. Malkin’s deal kind of screws that plan a bit. At least, the spirit of it.

Posted by awould on 06/13/13 at 12:16 PM ET

Teddybear's avatar

Crosby makes less than Malkin ? Umm what ?

Crosby makes $12M the next 3 years and between 2014 and 2022, Crosby will make $83.4M, whereas Malkin will make $76M.

So, 83.4 is less than 76 ???

Posted by Teddybear from Sweden on 06/13/13 at 12:36 PM ET

awould's avatar

Posted by Teddybear from Sweden on 06/13/13 at 01:36 PM ET

I guess if you cherry-pick the term you can make it look like a lot of things.

His contract pays less per year over the duration. It pays a whopping $12MM now, at the tender age of 25. When he’s 35 years old, he’ll be paid $3MM a season. Zetterberg will be making $7.5MM at that age. Datsyuk will be making something close to that or more. Ryan Suter will be making $8MM. Players at that age aren’t usually shipped off to pasture, especially elite players.

Barring injury, there’s really no reason to think he’ll be retired. Perhaps his concussion history will play a big role in whether he is playing that long, but that’s sort of irrelevant to the discussion about what each player will earn based on their contract.

So if Malkin and Crosby both play those last three years, Crosby will be playing for $3MM and Malkin will be coming off a $9.5MM contract and teed up to sign a new contract, which will likely be a lot more than $3MM.

Posted by awould on 06/13/13 at 12:55 PM ET

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Man, Pittsburgh was in a bad spot.  Malkin obviously didn’t help them out at all.

That’s a 500k per pay increase, which is good for 8th highest paid player in the NHL when it kicks in.

People need to start grasping that in the past, cap hit =/= compensation. The circumvention deals just died six months ago. Now salary ~ cap hit. The days of pretending Henrik Zetterberg signed for $6 million, when it’s closer to $8 million are dead going forward..

Posted by larry on 06/13/13 at 02:00 PM ET

awould's avatar

People need to start grasping that in the past, cap hit =/= compensation

I think GMs and players need to start grasping that. These types of deals will crush their cap space and kill any chance of icing a solid team with depth.

I read before that the CBA will effectively cause a “have/have not” situation in the NHL where the ‘star’ players get paid like nothing changed and the other 16 guys on the team get a pay cut. The Pens will be a good organization to watch for that happening as once Letang signs his deal, they’ll have an abundance of well paid stars. Chicago too.

Posted by awould on 06/13/13 at 02:17 PM ET

Evilpens's avatar

Letang is GONE !! awould

Posted by Evilpens on 06/13/13 at 03:39 PM ET

awould's avatar

Posted by Evilpens on 06/13/13 at 04:39 PM ET

He’ll make big money someplace else then. Who will replace him for Pens?

Posted by awould on 06/13/13 at 04:01 PM ET

Luongo-is-my-hero's avatar

I dont see the gripes with that. It seems like a lot, but you have to consider he coulda been making 12.85 million instead of 9.5 if he REALLY wanted to.  Malkin is one of the top 3-4 players in the world if you want to nitpick between crosby datsyuk ovie and him.  Hes making more because he signed later. and everyones salary just got reduced too.  there are at least 25 teams that would probably pay him 10 easy, if not more.  If he ever made it to free agency, be assured at least 10 teams would be willing to offer him max cap

Posted by Luongo-is-my-hero on 06/13/13 at 04:38 PM ET

Evilpens's avatar


.(JavaScript must be enabled to view this email address) They had Simon Despres on the roster all yr But Clown fart Inc. doesn’t like young players & played TURDS like Marcia Eaton, Derrek Engelland & Matt Niskanen

Plus they have Derek Pouliot coming too

Posted by Evilpens on 06/13/13 at 06:19 PM ET

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The days of pretending Henrik Zetterberg signed for $6 million, when it’s closer to $8 million are dead going forward..

Yes, I know.  My point is that Malkin didn’t help the team out by, say, taking the same cap hit as Crosby did… not that he should have tried to finagle a now-illegal form of contract.

It’s not the end of reality as we know it, but Malkin didn’t exactly cut the Pens a hometown discount.

Posted by HockeyinHD on 06/13/13 at 06:56 PM ET

Luongo-is-my-hero's avatar

crosby took that cap hit as symbollic of his number, and he signed his deal earlier

Posted by Luongo-is-my-hero on 06/13/13 at 07:56 PM ET

awould's avatar

What a sentimental guy. Wonder how that have gone if he wore #25 instead of #87.

Also, he signed his contract less than 1 year ago. Not exactly a different era….

Malkin got a payday. Nothing wrong with that. Curious to see how Shero will figure out a support cast for the two stars, and how Bylsma will somehow do more with less. Guess we’ll find out.

Posted by awould on 06/13/13 at 08:21 PM ET

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