Braden Holtby knew that a decent portion of the offseason would be consumed by contract negotiations with the Washington Capitals, yet the result that arrived Friday afternoon, a day after an arbitration hearing, came together rather quickly.
Holtby, a restricted free agent, signed a five-year, $30.5 million contract with the Capitals, beating the deadline for a decision that would have bound the goaltender to the team on a one-year contract valued by the arbitrator’s ruling.
The amount of that award would have likely been close to the $6.1 million average annual value of the contract Holtby ended up signing, but would have almost certainly led to another protracted round of negotiations next summer.
Instead, the 25-year-old has the security he coveted, locking up his first long-term contract after finishing his third full season in Washington, while the Capitals gained the comfort knowing that a player who set and matched multiple team records last season will be with the team for years to come.
“I mean, you see what he accomplished last year and the effect he’s had on our team,” Capitals general manager Brian MacLellan said. “He’s a perfect fit for what we think we have. He fits well with his teammates. He fits well with the defensemen, and the coaches like him. He’s a good teammate, a good person, and I think he’s just touching the surface of what he could become.”
What Holtby could become is apparent in the financial terms of the deal, with only six other goaltenders in the NHL commanding more money annually. That list, led by the New York Rangers’ Henrik Lundqvist, also includes the Columbus Blue Jackets’ Sergei Bobrovsky, the Nashville Predators’ Pekka Rinne and the Montreal Canadiens’ Carey Price.
MacLellan paused when presented with the idea that either the contract, or Holtby’s performance last season, makes him an elite goaltender, but said that he believes by the time the contract is played out, Holtby “has potential to be top five [or] top two.”
Holtby, for his part, said he believes that he needs to continue to work hard to prove that he’s worth such a contract, understanding the investment the organization made in his abilities.
“It’s trying to push your level of play to the limits, and I don’t know what that limit is,” Holtby said. “I just want to keep moving forward until the day comes where I can say I worked my hardest and improved as much as I could, as much as myself would let me.
“As far as things to prove, I don’t want to prove the numbers. I want to prove that I’m valuable to the organization, that I can help this team win a Cup. That’s the goal. That’s what my goal has been since I can remember. That’s a challenge that I’m very fortunate to have in front of me, that I can try to push myself to that limit.”
The contract will pay Holtby a $3.5 million this coming season with a $3 million signing bonus — something that MacLellan said Holtby’s camp wanted. He will then will make $7 million in 2016-17 and 2017-18 and $5 million in 2018-19 and 2019-20, according to Canadian broadcaster Sportsnet. Montreal-based TVA Sports reported the contract also includes a no-movement clause that will kick in on July 1, 2017.
It’s a significant bump for Holtby, who made $2 million last season. On performance alone, the increase was warranted: Holtby tied a franchise record with 72 appearances, including a stretch of 27 consecutive games, and finished with a 2.22 goals-against average, a .923 save percentage and 41 wins, all of which were career highs.
He also had a 1.71 GAA and a .944 save percentage in the playoffs, including a shutout of the New York Rangers in Game 3 of the teams’ Eastern Conference semifinal series.
Washington now has approximately $5 million remaining against the salary cap, accounting for the savings that will kick in when one of the other goaltenders, Justin Peters or Philipp Grubauer, is sent to the minor leagues.
Much of that salary will likely go to left wing Marcus Johansson, whose salary arbitration hearing will be held on Wednesday. The two sides do not have to exchange figures until Monday morning, but Johansson, who would likely slot in on the third line next season following the Capitals’ acquisitions of T.J. Oshie and Justin Williams, still figures to see a sizeable bump from the $2.175 million he made in 2014-15 after career highs of 22 goals and 47 points.
• Zac Boyer can be reached at zboyer@washingtontimes.com.
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