Every dollar matters in a league with a hard salary cap.
In today’s NHL, players aren’t solely judged on their ability, they’re graded on value and efficiency — how impactful are they relative to their contract?
With the offseason looming, let’s analyze every NHL team’s best value contracts from this past season. “This past season” is an important clarification — we’re not projecting the future. The goal is to identify where each club garnered excess value in 2023-24 and how that equation could change with expiring contracts and higher cost extensions kicking in. Here’s how we’ll conduct this exercise.
• We’ll be using Dom Luszczyszyn’s player model as a measuring stick. Net Rating provides an all-in-one performance metric that weighs factors such as point production, play-driving, defensive impact, penalties drawn, blocked shots, faceoffs, penalty-kill impact and more. That impact is then translated to a market value — what that player’s contributions should be worth — and that market value is compared to their actual cap hit.
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• Entry-level contracts won’t be included.
• Players’ Net Rating will be prorated over 82 games in case they missed some time because of injuries. With that said, only skaters with more than 50 games played will be analyzed; no goalies.
• The model occasionally overrates the market value of depth players. In situations where I felt there was an obvious, egregious flaw in the model’s results for the “best” value contract this season, I called an audible and picked another player.
• Player bonuses will not be factored in.
• Players who changed teams midseason or this offseason will not be included.
Without further ado, let’s start with the Eastern Conference teams.
Boston Bruins
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+2 | $775,000 | 0 (UFA) | |
+2 | $1M | 0 (UFA) | |
0 | $2M | 1 | |
-2 | $1.05M | 0 (UFA) | |
+1 | $2.3M | 1 |
Best contract in 2023-24: Danton Heinen
Boston doesn’t have many skaters on contracts you’d call a steal, but management found solid depth pieces last offseason for dirt cheap prices. The best of the bunch was Danton Heinen, who scored 17 goals and 36 points in 74 games, on top of quality two-way results, at a league minimum of $775,000.
James van Riemsdyk chipped in with 38 points in 71 games, including crucial power-play scoring at times, for $1 million.
Morgan Geekie was a versatile Swiss Army knife. He could play anywhere in the lineup, center or wing, added a heavy, battle-winning presence and scored 17 goals and 39 points. That’s solid all-around value for $2 million.
Kevin Shattenkirk was a veteran third-pair and power-play presence. He had some ups and downs defensively but played well overall considering his bargain price point.
Trent Frederic scored a career-high 18 goals and 40 points; he has one more year left at $2.3 million.
I was a little surprised that Charlie Coyle, who scored 25 goals and 60 points in a top-six role on a $5.25 million cap hit, didn’t end up on this list.
Buffalo Sabres
Player ▲ | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+6 | $4.75M | 2 | |
+1 | $2.5M | 0 (RFA) | |
+12 | $6M | 0 ($11M x 8 extension kicking in) |
Best contract in 2023-24: Rasmus Dahlin
Rasmus Dahlin wasn’t knocking on the door of the Norris Trophy race this year, but he still scored 20 goals and 59 points and had above-average defensive metrics. He played like a bona fide No. 1 defenseman, which is great value for $6 million. He’ll need to take another step forward, however, because he has a massive $11 million AAV extension kicking in next season.
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Alex Tuch tied Dahlin for the Sabres’ scoring lead with 59 points. He regressed from his monster 36-goal, 79-point campaign in 2022-23, but with most of the Sabres’ core becoming more expensive, having him for two more years at under $5 million is a vital contract.
After that, the pickings were slim. Henri Jokiharju modestly outplayed his $2.5 million deal as a sturdy, no-frills No. 4/5 defenseman.
Carolina Hurricanes
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+8 | $762K | 0 (UFA) | |
+15 | $5.3M | 1 | |
+15 | $5.28M | 1 | |
+4 | $762K | 0 (UFA) | |
+11 | $5.25M | 0 (UFA) |
Best contract in 2023-24: Jaccob Slavin
The Hurricanes are an analytics darling, which means a depth contributor like Jalen Chatfield finishes higher on this list than he probably should. Don’t get me wrong, Chatfield has blossomed into an excellent third-pair defender and belongs in this discussion because of his $762,500 cap hit, but his impact is slightly overstated analytically.
It was a luxury for the Canes to ice Jaccob Slavin and Brady Skjei on the left side for only a combined $10.55 million. Slavin is a bona fide No. 1 defenseman, while Skjei was one of the league’s best second-pair defensemen this year, scoring 13 goals and 47 points. Skjei’s deal is up this summer and Slavin will be a UFA next season, though, which coupled with Carolina’s other expiring contracts will make for some difficult decisions.
Up front, Stefan Noesen scored 14 goals and 37 points and injected tons of energy and physicality in the bottom six for $762,500.
Columbus Blue Jackets
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+3 | $800,000 | 0 (RFA) | |
-2 | $975,000 | 0 ($1.1M x 1 extension kicking in) | |
+4 | $3.75M | 2 |
Best contract in 2023-24: Yegor Chinakhov
Last summer, Columbus re-signed Yegor Chinakhov to a one-year, “show me” contract. The speedy 23-year-old sniper responded by breaking out with 16 goals and 29 points in 53 games. Chinakhov’s progress was one of the few bright spots for the Blue Jackets, even as he missed time with injury. It will be fascinating if that’s a large enough sample for the club to commit long-term to him as an RFA this summer.
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Internally, the Blue Jackets love Boone Jenner. It’s not just the gritty power forward style, his ability to score 20-plus goals, his faceoff prowess and his experience logging huge all-around minutes at a $3.75 million cap hit. It’s also the intangibles of his work ethic and leadership, which are critical for a young roster trying to turn the page and become competitive.
Detroit Red Wings
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+10 | $2.75M | 0 (UFA) | |
+6 | $3M | 1 | |
-1 | $1.46M | 0 ($3.4M x 4 extension kicking in) | |
+4 | $4.125M | 0 (UFA) | |
-2 | $2M | 0 (UFA) |
Best contract in 2023-24: Patrick Kane
Coming off the uncertainty of a major hip procedure, Patrick Kane became a great value signing for the Red Wings, scoring 20 goals and 47 points in 50 games. He was dynamic and creative with the puck and wasn’t anywhere close to being as large of a defensive drag as he was in his final year in Chicago.
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Shayne Gostisbehere excelled as an offensive specialist, racking up 56 points from the blue line, tied for 13th best among all NHL defensemen.
Up front, Michael Rasmussen’s steady year-over-year progression has been cool to watch. The big-bodied 2017 No. 9 pick can drive play with his puck retrieval skills, kills penalties, is a versatile piece that can move up and down the lineup and can chip in with 15-plus goals and 30-plus points.
Olli Määttä is a steady, reliable third-pair defender (and the Red Wings outscored opponents by 12 goals during his five-on-five shifts) but his Net Rating is an example of the model overrating depth contributions. At $3 million, he’s performing at around market value rather than significantly outperforming it.
Florida Panthers
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+20 | $2.66M | 0 ($5.75M x 8 extension kicking in) | |
+24 | $6.5M | 0 (UFA) | |
+13 | $4.16M | 1 | |
+8 | $3.5M | 0 (UFA) | |
+5 | $2.25M | 0 (UFA) |
Best contract in 2023-24: Gustav Forsling
Gustav Forsling proved he’s a legitimate No. 1 defenseman this year. It wasn’t just the excellent skating and all-around play-commanding ability that we’re already used to — he showed he could run the show by himself when Aaron Ekblad and Brandon Montour both missed time early in the season. He cost $2.66 million against the cap in 2023-24 and the $5.75 million AAV, eight-year extension he signed already profiles like a steal.
At forward, Sam Reinhart scored 57 goals and 94 points for $6.5 million. Carter Verhaeghe’s one of the league’s most underrated scorers — he’ll be in line for a huge raise at the end of next season.
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The Panthers can likely only afford to keep one of Reinhart or Montour this summer. Montour’s production fell sharply this season, but he’s still established himself as an outstanding top-four defender.
Oliver Ekman-Larsson, meanwhile, has had a renaissance season in Florida after being bought out by Vancouver. OEL excelled playing on the top pair early in the season when Ekblad and Montour were hurt. As the blue line became healthier, he settled well into a third-pair role, scoring nine goals and 32 points in the regular season.
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Montreal Canadiens
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
-1 | $766K | 1 | |
-1 | $1.4M | 1 | |
+5 | $4.875M | 2 | |
+13 | $7.875M | 6 |
Best contract in 2023-24: Johnathan Kovacevic
The Canadiens cashed in on pending UFA Sean Monahan, their best value contract at the deadline, to acquire a first-round pick. There aren’t many huge wins after that, but Montreal did pick up some value on the margins.
Johnathan Kovacevic is an extremely reliable defensive presence on the third pair. He drove decent two-way underlying metrics and the Habs outscored opponents by 10 goals during his five-on-five shifts. I’m not sure I buy the numbers on Jordan Harris, though. He was in and out of the lineup at times, and while he’s a competent depth defenseman, his $1.4 million cap hit doesn’t scream value contract.
Mike Matheson isn’t a perfect player, but the smooth-skating offensive defender averaged a monster 25:33 per game and scored 62 points for less than $5 million.
Nick Suzuki scored a career-high 77 points and drove excellent two-way numbers — his contract will only continue to look better as he enters his prime, especially with the cost of top-six centers spiking as the cap rises.
New Jersey Devils
| Player | Net Rating | Cap hit | Years left |
|---|---|---|---|
0 | $1M | 1 | |
+16 | $7.875M | 7 | |
+14 | $7.25M | 3 | |
+16 | $8M | 6 | |
+4 | $3.15M | 2 |
Best contract in 2023-24: Jesper Bratt
New Jersey’s disappointing season is reflected on this list. Yes, the Devils have some team-friendly contracts but none of the 2023-24 performances jumped off the page as jaw-dropping steals.
Jesper Bratt led the club in scoring with 83 points and is locked up long-term for under $8 million. Jack Hughes and Nico Hischier are on bargain contracts that will age beautifully but Hughes missed significant time with injuries and Hischier’s two-way results weren’t nearly as dominant as 2022-23.
Curtis Lazar deserves some love for his vital, understated bottom-six contributions. The 29-year-old’s grit, defensive IQ, versatility and secondary scoring (25 points in 71 games) made him a fan favorite in New Jersey this season.
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New York Islanders
| Player | Net Rating | Cap hit | Years left |
|---|---|---|---|
+18 | $4M | 1 | |
+3 | $1M | 0 (UFA) | |
+6 | $2.5M | 1 | |
+6 | $5M | 1 | |
-4 | $825K | 0 (UFA) |
Best contract in 2023-24: Noah Dobson
Noah Dobson was one of the top defensemen in the Norris conversation until he faded down the stretch. It was still an outstanding breakout season, as he racked up 70 points in addition to handling the most minutes and toughest matchups of his career. He and frequent partner Alex Romanov, who improved substantially in his second year with the Islanders, cost only a combined $6.5 million against the cap. Both of them will need sizable raises next summer, however, which will only make New York’s cap situation tougher to navigate.
Kyle Palmieri had by far his best Islanders season, scoring 30 goals at an affordable rate.
Mike Reilly provided quality depth on the blue line, including 24 points in 59 games, at a bargain price.
New York Rangers
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+24 | $9.5M | 5 | |
+4 | $825K | 0 (UFA) | |
+13 | $5.625M | 5 | |
+4 | $2.325M | 1 | |
+13 | $6.5M | 3 |
Best contract in 2023-24: Adam Fox
I don’t agree with the exact order of these names (I would have had Alexis Lafrenière higher if this was based purely on vibes and the eye test), but all of these were excellent contracts for the Rangers.
Adam Fox is arguably a top-three defenseman in the NHL but will cost just $9.5 million against the cap for the next five years. On the bottom pair, Erik Gustafsson chipped in with 31 points and was outstanding when Fox got hurt.
Vincent Trocheck and Lafrenière teamed up to form two-thirds of the Rangers’ top line for less than $8 million between the two of them. Trocheck scored 77 points as an all-situations ace, while Lafrenière broke out with 28 goals and 57 points. Lafrenière got dinged by the model for below-average defensive numbers (Rangers surrendered 3.01 goals against per hour during his five-on-five shifts) but this was a dream year for him, followed by an even more dynamite playoffs.
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Finally, Chris Kreider scored 39 goals despite being paid like a low-end first-line winger.
Ottawa Senators
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+3 | $2M | 0 (RFA) | |
+16 | $8.2M | 4 | |
+6 | $4.6M | 3 | |
+6 | $4.975M | 3 | |
-1 | $2.95M | 2 |
Best contract in 2023-24: Erik Brannstrom
With Jake Sanderson’s ELC excluded, it was challenging to find Senators players who outperformed their contracts by a significant margin. Truthfully, all of these players’ intrinsic value isn’t much higher than their 2023-24 cap hits.
If we’re highlighting modest wins, you could point to Erik Brannstrom, who excelled in a third-pair role and posted substantially improved defensive metrics. Brady Tkachuk scored a career-high 37 goals. Artem Zub was brilliant as Sanderson’s partner on Ottawa’s shutdown pair. Drake Batherson’s 28 goals and 66 points were nice value for a tick under $5 million, but his play-driving metrics were a little bit soft.
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Philadelphia Flyers
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+7 | $775K | 0 ($2.7M x 4 year extension kicking in) | |
+7 | $1.5M | 0 ($6.5M x 8 extension kicking in) | |
+6 | $2.1M | 1 | |
+12 | $5.5M | 1 | |
+1 | $1.6M | 1 |
Best contract in 2023-24: Nick Seeler
The Flyers had several players who provided excellent bang for buck.
Nick Seeler was a defensive rock in the bottom four at the league minimum cap hit. He and Sean Walker controlled 56.7 percent of expected goals and outscored opponents by six goals at five-on-five prior to Walker’s trade, which is extremely impressive.
Owen Tippett had 28 goals for $1.5 million. Morgan Frost scored 41 points in 71 games while driving vastly better defensive numbers compared to 2022-23.
Travis Konecny led the club in scoring by a 15-point margin — he’s setting himself up for a significant raise at the end of next season.
Cam York averaged 22:37 per game and scored 10 goals and 30 points for $1.5 million.
Pittsburgh Penguins
| Player | Net Rating | Cap hit | Years left |
|---|---|---|---|
+8 | $4.025M | 1 | |
+12 | $5.125M | 4 | |
0 | $925K | 1 | |
+17 | $8.7M | 1 | |
+7 | $6.1M | 4 |
Best contract in 2023-24: Marcus Pettersson
Marcus Pettersson is by far the Penguins’ best shutdown defenseman. He’s long and rangy defensively, intelligent positionally and even chipped in with a career-high 30 points. Pittsburgh outscored opponents by a whopping 20 goals when Pettersson was on the ice at five-on-five.
Bryan Rust looked rejuvenated this season. He was fast, disruptive on the forecheck and scored 28 goals and 56 points in 62 games.
Drew O’Connor scored 16 goals and had outstanding penalty-killing numbers because of his quickness, all for a $925,000 charge.
At the top of the lineup, Sidney Crosby continues defying age as he racked up 42 goals and 94 points. Kris Letang is prone to the big mistake but he continues driving sterling offensive results and eating huge minutes despite lacking a high-end partner since Pettersson mostly played next to Erik Karlsson.
Tampa Bay Lightning
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+14 | $1.5M | 0 ($6.5M x 8 extension kicking in) | |
+26 | $9.5M | 3 | |
+1 | $762K | 0 ($975K x 2 extension kicking in) | |
-1 | $1.125M | 1 | |
+13 | $7.875M | 1 |
Best contract in 2023-24: Brandon Hagel
Brandon Hagel’s minuscule $1.5 million cap hit is a huge reason the Lightning were comfortable trading away two first-round picks to acquire him in 2022. The speedy 25-year-old left winger scored 75 points in 82 games while having a terrific defensive impact at even strength and on the penalty kill.
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Nikita Kucherov was a Hart Trophy finalist for piling up 144 points — 54 points more than his next closest Lightning teammate. He’s one of the most gifted players on the planet yet clocks in below $10 million.
On the back end, Darren Raddysh has been a pleasant breakout surprise since the 2023 playoff series against the Toronto Maple Leafs. The 28-year-old right-shot defender made $762,500 and averaged over 19 minutes per game with 33 points
Toronto Maple Leafs
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+7 | $2M | 1 | |
+7 | $1.4M | 0 (RFA) | |
+31 | $11.6M | 0 ($13.25M x 4 extension kicking in | |
+1 | $800K | 0 (UFA) | |
+14 | $6.96M | 0 ($11.5M x 8 extension kicking in) |
Best contract in 2023-24: Jake McCabe
Jake McCabe was arguably the Leafs’ most reliable two-way defenseman this season. He was sturdy defensively, mean and physical to play against and broke the puck out with poise in a critical top-four role. He came in at a sweet $2 million cap hit because of Chicago’s salary retention.
Timothy Liljegren is an analytics darling but I’m not convinced he delivered a ton of surplus value. He battled injuries and was prescribed sheltered matchups despite an uptick in his ice time. If we’re highlighting defensemen further down the lineup, Simon Benoit deserves a shoutout for his performance at the league minimum $775,000 rate.
Up front, Auston Matthews and William Nylander were electric in the final year before their respective extensions kick in. Matthews scored 69 goals and played Selke-caliber defense. Nylander scored 40 goals for a second consecutive season at under $7 million on top of notching a career-high 98 points.
Washington Capitals
Player | Net Rating | Cap Hit | Years Left |
|---|---|---|---|
+10 | $5M | 4 | |
+2 | $1.9M | 2 | |
+3 | $3M | 2 | |
-3 | $1.3M | 1 | |
-3 | $1.225M | 0 (UFA) |
Best contract in 2023-24: Dylan Strome
Dylan Strome is the Capitals’ de facto No. 1 center and led the club with 67 points. Can you imagine how dire Washington’s center situation would be if the Blackhawks hadn’t let him walk as an RFA and fall into the Capitals’ lap?
Trevor van Riemsdyk graded out as Washington’s best blueliner other than John Carlson in 2023-24. He drives quality defensive results in the bottom four because of his steady, smart play.
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Nic Dowd is arguably the best fourth-line center in the league. He’s fed to the wolves with difficult matchups and a ton of defensive zone starts yet consistently excels in suppressing shots, scoring chances and goals against.
Martin Fehervary was an effective stay-at-home partner on the top pair for Carlson. He defends well and has above-average size. He’s a bit limited offensively, but there’s nothing to complain about relative to his $2.675 million cap hit.
(Photos of Rasmus Dahlin and Gustav Forsling: Steph Chambers / Getty Images and Sergei Belski / USA Today)