Montreal Canadiens UFA Primer— Salary Cap and Trade Targets

The NHL’s free agency period will open on Monday at 12:00 pm ET, giving the Montreal Canadiens very little time to pivot from their successful 2024 NHL Entry Draft.

Adding players such as Ivan Demidov and Michael Hage to the prospect pool ensures the Habs have talent and depth at every position. Now they will attempt to navigate the choppy waters of free agency, a situation that’s not as cut and clear as you may think. While there’s no doubt the Canadiens could stand to improve their lineup, they have to keep the team’s long-term rebuild plans in mind.

“We’ve gone through the scenarios, of what kind of players we might be looking at,” explained Jeff Gorton. “We’ll see on Monday whether or not those people think the same way we do. I think we have the ability to be better, and we’re going to try to do that. We have a lot of young players that are developing. I wouldn’t want to stunt someone’s growth with a long term deal for an older player.”

Montreal Canadiens Salary Cap Situation

There are still a few contracts left to sign, with restricted free agents Arber Xhekaj and Justin Barron set for modest raises. Jesse Ylonen and Mattias Norlinder, on the other hand, will head to free agency as they were not tendered a qualifying offer by the Canadiens.

The only significant considerations that need to be kept in mind from a salary cap point of view are the contract extensions that will eventually be offered to young standouts Juraj Slafkovsky and Kaiden Guhle. As of Monday at noon, the Canadiens can officially sign both players, and there’s word that they’re interested in getting them under contract relatively soon, which would help the team gauge how much salary cap space they’ll have to work with moving forward.

But as of now, the Canadiens have ample cap space. Depending on some minor upcoming decisions regarding depth players, general manager Kent Hughes will have roughly $17 million in available funds. That includes placing Carey Price’s contract on the long-term injured reserve, which means he actually has closer to $7 million in available funds, with an option to liberate over $10 million in additional LTIR salary cap space.

Don’t be surprised if some trade talk regarding Carey Price’s contract surfaces in the near future. The Canadiens will pay Price’s signing bonus on Monday, which means there’s only one signing bonus left to pay before his contract ends, which should make trading Price‘s deal a little easier.

MUST READ: 2024-25 Montreal Canadiens Salary Cap Situation: An Summer Of Opportunity

Montreal Canadiens Reported Interest – Trades And Free Agency

The Canadiens have a lot of irons in the fire. In recent weeks, they’ve been linked with essentially every high profile trade target and unrestricted free agent. We have to keep in mind that the Kent Hughes management group puts an onus on due diligence. This means they’re likely to reach out to investigate price tags when it comes to most available players, but it does not necessarily mean they’re actively trying to acquire the players in question. They’re simply doing their homework, as is expected from any proactive management group in sports.

It’s also worth to remember there have been few, if any leaks coming from the Canadiens front office in the last year. If there is any pertinent information regarding the Habs out there, it’s likely to come from the other party involved in the discussion.

As for the team’s intentions, Gorton did confirm the Canadiens are quite active in various different negotiations.

“We are armed with a lot to trade, to make trades happen,” he said. “We’re in a lot of conversations that we wouldn’t be in if we weren’t [armed with a lot to trade]. I know it’s redundant, but we’ll look at anything. We’re trying to win. We’re trying to move this thing forward.”

Montreal Canadiens-Related Reports

There were some whispers the Habs have shown interest in unrestricted free agent Patrick Kane, but seeing as he doesn’t fit the preferred age group of the rebuild, and is clearly on the decline despite still bringing some value to the table, the odds Montreal would head down that road are quite low.

Rutger McGroarty, on the other hand, does fit the age group, which means his best years are ahead of him, and thus, he is a legitimate trade target. The Habs have held discussions with the Winnipeg Jets as to the price tag for the disgruntled forward, but they have not progressed to the point that anyone could suggest a deal is imminent.

Friedman on 32 THoughts said that the Jets and Canadiens did have conversations about Rutger McGroarty this weekend but obviously they didn’t get a deal done.

Said Minnesota was talking with WPG too, but opted instead to trade up for, and select, Zeev Buium.

— Ryan Praught (@RyanPraught) June 30, 2024

Some Canadiens fans are holding out hope Steven Stamkos could be on the team’s radar, a dream that holds a little more water now that the Tampa Bay Lightning have traded for Jake Guentzel’s rights. All signs point to Stamkos hitting free agency, where, by all logic, he should have his pick of the litter. He’s no longer a dominant player, but he still has the ability to improve most NHL lineups. On that note, unless Hughes and Co. convince Stamkos that he should not maximize his value on the free market and sign a reasonable contract with the Habs, I have a hard time seeing a situation in which he’d decide Montreal is the right time at this point in his career. He only has so many years left to enjoy success, and the Canadiens are still a few years out from becoming considered Cup contenders.

The Canadiens have also inquired as to Martin Necas’ price tag. The restricted free agent is coming off a steal of a deal for the Carolina Hurricanes that paid him just $3 million per season, which means the name of the game for his camp is finding a rich, long-term deal. Again, that’s not the ideal framework for a contract when it comes to the Habs, but at 25-years-old, he does fit inside the projected window in which the Canadiens will become highly competitive.

And finally, we also have to remember the Canadiens touched base with the Anaheim Ducks as to the availability of Trevor Zegras. He’s available, but much like Necas, it would cost an arm and a leg to acquire him, and that’s before you enter contract negotiations and come to an agreement on a rich extension.

MUST READ: Canadiens Analysis – Pros And Cons Of A Potential Trevor Zegras Trade

Montreal Canadiens Brass Tacks

While much has been made about the Canadiens taking the next step, there are very few unrestricted free agent targets that make sense, both for the team and the players in question. That’s why we’re seeing more reports as to potential trades.

The top UFA targets are better suited for teams that are in win now mode, and that includes Jonathan Marchessault, as well as former Canadiens Tyler Toffoli and Sean Monahan. That doesn’t mean the Canadiens will be inactive one free agency opens, but they’ll be in a much better position to turn to free agency next summer, or once they’ll establish the cap hits needed to extend both Slafkovsky and Guhle to long-term deals.