The Canucks are navigating stormy seas as they close out a challenging season, destined to finish at the bottom of the standings after trading their captain, Quinn Hughes. This rebuild follows another tough year, during which they parted ways with their top forward, J.T. Miller.
Vancouver's situation has been rough, compounded by several unfavorable contracts. Perhaps the most burdensome of these belongs to Elias Pettersson, who is wrapping up another underwhelming season, his second in a row.
With two lackluster seasons behind him and six years left on a contract worth $11.6 million annually, the Canucks face a dilemma. Is there a way to move on from Pettersson, or are they tied to the 27-year-old for the foreseeable future?
Pettersson inked his deal just over two years ago on March 2, 2024, following a 102-point season and amidst an 89-point campaign. The hope was that this contract would carry him through his prime and lead to significant achievements for Vancouver.
Yet, with $63.8 million still owed, the return on investment has been disappointing. The contract is notoriously tough to move, designed to be buyout-proof with five $5 million bonuses spread across the final five seasons. These bonuses limit the savings for Vancouver if they opt for a buyout, leaving them with few options other than a trade.
If Pettersson were earning $5 million or $6 million, his role as a middle-six center with offensive flair would be manageable. However, his hefty salary means Vancouver can't afford to provide the support needed to maximize his potential. It's a sticky situation for both parties.
So, what's the way forward? There's talk of interest from an Eastern Conference team, likely the Red Wings.
With their Swedish connections, Detroit could be a good fit, positioning Pettersson as a second-line center behind Dylan Larkin, reducing the pressure on him. Detroit might be able to handle Pettersson's salary, but would likely want Vancouver to retain some cap hit, something the Canucks are hesitant to do.
If Vancouver isn't willing to retain salary, they have two main options. They can keep Pettersson, hoping he rebounds enough to become tradeable, similar to the Penguins' approach with Tristan Jarry.
Alternatively, they could trade him for another expensive contract or multiple poor-value deals. Alberta's Flames and Oilers have players like Jonathan Huberdeau and Darnell Nurse, who are similarly tied to hefty contracts.
Both Huberdeau and Nurse have contracts that are hard to move due to their high price tags. Huberdeau has five years left at $10.5 million annually, while Nurse's deal runs four more years at $9.25 million AAV. Trade protection clauses in their contracts add another layer of complexity.
Nurse's full no-movement clause through the 2026-27 season transitions to a 10-team no-trade list afterward. Huberdeau's contract includes a full no-move clause for three more years, then shifts to a 12-team no-trade list. While both could use a fresh start, Vancouver's rebuilding phase makes it unlikely they'll attract veteran players.
Vancouver's position isn't strong, and unless a team takes a gamble on Pettersson, they might be stuck with his $11.6 million contract. Although such deals are challenging to move, history shows it's not impossible. Dion Phaneuf and Oliver Ekman-Larsson are examples of players with large cap hits who were eventually traded.
However, there's a cautionary tale in Marc-Edouard Vlasic, whose declining play made him untradeable despite potential asset packages. Pettersson isn't there yet, but another season or two like the last, and moving him without significant cap retention might become unavoidable.