Late in the first round of the 2010 NHL draft on Friday, Philadelphia Flyers general manager Paul Holmgren was seen speaking with San Jose Sharks general manager Doug Wilson.  The two GM’s were seen together again on Saturday, just as the second round was about to begin.  Goaltender Evgeni Nabokov is set to become an unrestricted free agent on July 1, as the Sharks have decided to go the typical Flyers rout and grab a goaltender on the cheap. Rumors began circulating that a deal was close between the two organizations, and sure enough, the news broke at the end of the draft that a verbal agreement had been set.
In brief, the Flyers have permission to negotiate with Nabokov until free agency.  If a contract is brokered between Nabby and the Flyers, then San Jose will receive a 7th round draft pick in the 2011 NHL draft.  If talks falter as they had with defenseman Dan Hamhuis earlier in the week, the Flyers lose absolutely nothing Рno picks, no money, no players.  It’s basically the best possible position that the Flyers could be in heading towards free agency, and fans should be thankful that Holmgren is playing it smart and safe.
There is another potential upside with this move as far as the salary cap goes.  While Nabokov made $6 million last season, he will be turning 35 in July and may be eligible for a 35-and-over incentive-laden contract, similar to the one the Flyers negotiated with defenseman Chris Pronger shortly after last year’s draft.  Basically, the salary cap hit for players age 35 and older that sign multi-year contracts remains in effect even if the player retires before the contract is up. The way that teams use this to their advantage is that they sign longer deals with reasonable average salaries that are high on the short-term and low on the long-term.
Hypothetically, the Flyers could sign Nabokov to a seven-year deal (assuming he retires at 42) and reach an average salary below $3 million. If Nabby chooses to retire at 38, the Flyers could buy out the remainder of his contract, which would be much less than his initial payments.
The agreement between the Sharks and the Flyers may not be making waves like Chris Pronger trade last year, but it’s refreshing knowing the Flyers may finally have an elite goaltender in between the pipes next season, isn’t it?
That would be excellent. Then we could have a goalie who falls apart at the end of the season for several years, instead of having to get a new one every year.