Carolina Hurricanes 15 Best Contracts (2005-2022)

This was originally published in my 2020 book Hunting Bargains in a Salary Cap World, and has now been updated with new contracts. I will continue to update each team’s list every summer going forward. The rule is that only active contracts can move up or down. Expired deals cannot pass each other. Next summer it may even be expanded to top 20. The book is still available on Amazon, though some of the stats on active contracts are now out of date. You may yet find it interesting because there were detailed stat graphics that you won't find here. One thing you won't find here are entry level contracts because they all come from the same cookie cutter and require less skill at the negotiating table.

My latest book The Hockey Economist’s Betting Prospectus is now available. It's a comprehensive commentary on the last 3 years of hockey betting, broken down by team, by category, by strategy, by season. There is plenty of useful information for bettors of all skill levels. It covers pre-pandemic, peak-pandemic, post-pandemic. What worked, what failed. Lessons learned, market trends, team-by-team analysis. What impact did the pandemic have on hockey betting? The market differences between these 3 seasons are discussed at length, and there's a lot to talk about. To read more, visit the Amazon store.
 
Enjoy! Please note: The formatting on the graphics got scrambled being copied from Excel into Google Blogger. It's among the reasons my blog is looking for a new home.

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The Hartford Whalers Carolina Hurricanes struck gold in 2006 when they won the Stanley Cup, the first awarded under the salary cap system. Afterwards, they made the playoffs just once over the next 11 years. The Canes won the ultimate prize and followed that up with over a decade of futility. Jim Rutherford had the longest tenure of all their GMs since 2005, and Jimmy had missed the playoffs for 4 consecutive years at the time he was fired.
 
The Hurricanes best contracts in the in the cap era is front loaded due to the championship, but has had some recent successes with a long low valley in between. Ron Francis helped lay the foundation for the accomplishments of Don Waddell, most especially the Jaccob Slavin deal.
 
In 2019 Carolina broke a streak of 9 consecutive seasons missing the playoffs when they advanced to the conference final.
 
 
1. Sebastian Aho
  

Signed By:	Don Waddell		Position:	F
Date:	2019-07-01		Age July 1st:	21
Term:	5 years		Playoff GP:	30
Total Money:	$42.3M		Playoff PTS:	26
Cap Hit:	$8.45M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	42.6	203	204	575
Per 82 GP	8.5	82	82	232	19.3

“He’s a player who wants to come to Montreal. He agreed to this, he believed it’s a really good offer for him and he wants to be part of the Montreal Canadiens.”

- Marc Bergevin

 
“Sebastian is one of the best players in the league and the centerpiece of what we’re building here. We’ve spoken to him throughout this process and he’s made it clear that he wants to be in Raleigh and be a part of this organization.”

– Don Waddell

I’m considering starting a new conspiracy theory that Marc Bergevin signed this offer sheet as a favour to Don Waddell to get this star player locked in at a good price with the terms and conditions that the Hurricanes wanted. Then the whole organization responds with outrage as they match the offer sheet. Then at some point in the future, Don Waddell “gets revenge” and extends an offer sheet to a Habs RFA that are actually the terms that Bergevin wants.
 
It’s brilliant when you think about it and I’m amazed more GMs don’t conspire together in a similar fashion more often. Aho evolved into a dynamic point per game player at a great price tag. 

(Note: this was written before the predatory offer sheet for Kotkaniemi, which busted my entire theory)
 
 
2. Jaccob Slavin
 

Signed By:	Ron Francis		Position:	D
Date:	2017-07-12		Age July 1st:	24
Term:	7 years		Playoff GP:	42
Total Money:	$37.1M		Playoff PTS:	25
Cap Hit:	$5.3M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	37.5	281	124	557
Per 82 GP	5.4	82	36	163	23.3

"The moves that Ron has made in the past couple months have been unbelievable, and it gets me really excited to be a part of this future in Raleigh for the next eight seasons"

– Jaccob Slavin

You have to give Ron Francis credit for having the foresight to lock Jaccob Slavin into this 7-year extension after playing just 2 seasons in the league, a full year before his ELC was set to expire. Slavin has evolved into one of the NHL’s best 2-way defensemen who plays with remarkable efficiency at both ends of the ice. Ron evidently got zero credit from ownership for this shrewd move, as he was fired before the deal even started.
 
In year one Slavin was among the most important pieces of the team that advanced to the Conference finals, helping Ron’s replacement Don Waddell get a General Manager of the year nomination. Hardly seems fair. One thing is for certain, this move will cost Jaccob millions in potential future earnings, as he could have become an unrestricted free agent in 3 years. He sold 4 UFA seasons for at least $3M less than he could command on the open market. Sure, he won’t be hurting for money anytime soon, but he certainly missed the opportunity to maximize career earnings as he’ll be 31 years old when this expires.
 
 
3. Cory Stillman
 

Signed By:	Jim Rutherford		Position:	F
Date:	2005-08-02		Age July 1st:	31
Term:	3 years		Playoff GP:	29
Total Money:	$5.25M		Playoff PTS:	28
Cap Hit:	$1.75M		Stanley Cups:	1

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	9.9	194	168	428
Per 82 GP	3.3	82	71	181	18.5

"He was a key member of Tampa Bay's power play, and we will look for him to do the same for our team."

– Jim Rutherford

Before the 2005 lockout, Cory Stillman enjoyed by far the best season of his career to that point, scoring 87 PTS (including playoffs) and winning the Stanley Cup with Tampa. Despite that stunning success, he somehow ended up in Carolina on a 3-year deal for half the price you should be paying that level of player, much less one who just hoisted Lord Stanley’s trophy.
 
As impressive as his accomplishments were in 2004, Stillman pushed the bar even higher for the Hurricanes, scoring 76 PTS in the regular season, adding 26 more in the playoffs to win another Cup. Does it even matter what happened after that?  Stillman finished this contract with 168 PTS in 194 regular season GP (a 71-point pace).
 
In year three he did the unthinkable and waived his no-trade clause moving from Carolina to Ottawa for Patrick Eaves and Joe Corvo.
 
 
4. Ray Whitney
 

Signed By:	Jim Rutherford		Position:	F
Date:	2005-08-06		Age July 1st:	33
Term:	2 years		Playoff GP:	24
Total Money:	$3M		Playoff PTS:	15
Cap Hit:	$1.5M		Stanley Cups:	1

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	6.0	144	138	362
Per 82 GP	3.0	82	79	206	18.0

“I am very excited with the addition of Ray, who is a skilled forward who will add more speed and offense to our team.”

– Jim Rutherford

Ray “The Wizard” Whitney was unceremoniously kicked to the curb by the Detroit Red Wings following the 2005 lockout after completing just one season of a 4-year $12.5M contract. The Wings were still a dynasty in progress, and had to make difficult decisions to keep their all-star line-up intact. Management decided he was not going to help them win another Stanley Cup and exercised a compliance buyout.
 
Ray would get the last laugh after signing a 2-year ticket with Carolina at half the salary of his previous deal. The Wizard should have been able to procure a higher salary for what he had accomplished at this stage of his career, but given that he was 33 years old when the NHL returned from the 2005 lockout in a salary cap crunch, his options had to be limited. That’s why there’s over 40 deals from August 2005 across all my best contracts lists, by far the most of any month since the salary cap was introduced.
 
As Detroit was getting upset by the Edmonton Oilers in the first round of the 2006 playoffs, Ray was beginning the journey to his first championship. A groin injury in October did cost him some regular season games, but its those 15 playoff points en route to a championship that earned him this ranking. He’s gone on to a great post-playing career as host of the Spittin Chiclets podcast…
 
 
5. Eric Staal
 

Signed By:	Jim Rutherford		Position:	F
Date:	2006-07-01		Age July 1st:	21
Term:	3 years		Playoff GP:	18
Total Money:	$13.5M		Playoff PTS:	15
Cap Hit:	$4.5M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	22.4	246	227	970
Per 82 GP	7.5	82	76	323	20.9

“He led our team in goals, assists and points last year, and he had a fantastic postseason, making big plays at key times. He is one of the centerpieces for the Hurricanes and we are glad to have him under contract for the next few seasons.”

– Jim Rutherford

Considering that Eric Staal had just completed a 45 goal, 100-point campaign (with an additional 25 PTS in the playoffs) that finished with him lifting the Stanley Cup, he should have been able to obtain a far greater salary than this agreement. Rutherford very likely used the popular strategy of convincing a player that he needs to accept less money in order to keep a championship roster intact. That tactic carries even more weight in a salary cap world.
 
Had they paid Staal like a 100-point player it would have been a mistake, as the young center never again came close to that point total, but still was plenty productive over these 3 years, averaging 76 PTS per 82 GP.
 
 
6. Andrei Svechnikov
 

Signed By:	Don Waddell		Position:	F
Date:	2021-08-26		Age July 1st:	21
Term:	8 years		Playoff GP:	14
Total Money:	$62.8M		Playoff PTS:	5
Cap Hit:	$7.8M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	62.8	78	69	249
Per 82 GP	7.8	82	73	262	17.3

"He is one of the brightest rising stars in our sport and will play a key role in our efforts to bring the Stanley Cup to the Triangle this decade."

-Don Waddell

Andrei Svechnikov was the 2^nd overall pick in the 2018 NHL draft and went directly to the NHL as an 18-year-old, scoring 37 PTS in 82 GP. The team opted to lock him in for 8 years at a price tag higher than he’d been worth in any season during his ELC. Given that they bought 4 years of unrestricted free agency, a premium was required.
 
One year into this contract, it’s not exactly looking like a bargain. Svechnikov played like a $6.5M player in 2020, then slipped to a $5.6M player in 2021, bouncing back to $6.5M in year one of this deal. So his price tag was a little high relative to his production early, but given his young age, in theory he’ll evolve into an even more productive player, and if the cap goes up, he’ll become an even bigger bargain. All signs point to this getting much, much better down the road.
 
 
7. Justin Williams
 

Signed By:	Jim Rutherford		Position:	F
Date:	2005-08-10		Age July 1st:	23
Term:	1 year		Playoff GP:	25
Total Money:	$1.2M		Playoff PTS:	18
Cap Hit:	$1.2M		Stanley Cups:	1

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	2.6	82	76	255
Per 82 GP	2.6	82	76	255	21.1

"It's just the climax, the pinnacle. It's the apex of everything in hockey. Then to see the most iconic trophy that you've only seen in pictures and on TV given to you, hey, that's quite emotional."

– Justin Williams

Over his first four years in the NHL prior to the 2005 lockout, Justin Williams had never topped 44 PTS in a season. The Hurricanes acquired him in 2004 after a trade with the Flyers for Danny Markov, which proved to be a fleecing when Markov was out of the league 3 years later. Justin needed a new deal after the new CBA was signed, accepting a 1-year bridge.
 
Betting on himself paid huge dividends, producing 76 regular season PTS and then 18 more PTS in the playoffs to win the Stanley Cup. Bingo! The Hurricanes rightfully rewarded him with a lucrative pay day shortly after winning the trophy, but would trade him to Los Angeles before it was finished.
 
 
8. Cam Ward
 

Signed By:	Jim Rutherford		Position:	G
Date:	2007-05-31		Age July 1st:	23
Term:	3 years		Playoff Wins:	8
Total Money:	$8M		Playoff SV%:	0.915
Cap Hit:	$2.67M		Stanley Cups:	0

 

	Avg Adj Cap Hit	GP	W	GAA	SV%
Total	4.0	184	94	2.62	0.911

“He has already built an impressive resume for himself at a young age, and we believe he is going to be one of the elite goaltenders in the National Hockey League for a long time.”

– Jim Rutherford

Cam Ward did take a step backwards in 2007 following his impressive Stanley Cup winning season, posting an .897 SV% over 60 GP. Despite that decidedly below average performance, he arguably should have earned a greater salary that this after winning 15 playoff games with a .920 SV% and being named playoff MVP. Ward signed a cheaper version of the Ryan Miller contract from the previous September.
 
The young goalie would improve over the first 2 years of this pact, helping the Canes advance to the Conference Finals in 2009, after which they gave him a monster extension that you can read about on Carolina’s worst contracts list.
 
 
9. Teuvo Teravainen
 

Signed By:	Ron Francis		Position:	F
Date:	2017-06-15		Age July 1st:	22
Term:	2 years		Playoff GP:	15
Total Money:	$5.7M		Playoff PTS:	10
Cap Hit:	$2.86M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	6.1	164	140	352
Per 82 GP	3.1	82	70	176	17.4

"Teuvo is a highly skilled player and an important part of what we are building here"

– Ron Francis

The Chicago Blackhawks were so desperate to shed salary that they foolishly traded one of their most talented prospects to Carolina in order to get Bryan Bickell off the books. In return Carolina sent back 2nd and 3rd round draft picks. He had not yet broken out to that next level of offense generation, but still showed modest improvement upon arrival, helping Ron Francis get him on a reasonable bridge deal similar to what Tomas Hertl signed a year earlier.
 
Teuvo jumped up to 64 PTS in year one and 76 PTS in year two (plus 10 more PTS in the playoffs), significantly outperforming his pay grade. Once Teuvo and Aho started making magic, the Canes hit the jackpot.
 
 
10. Justin Faulk
 

Signed By:	Jim Rutherford		Position:	D
Date:	2014-03-24		Age July 1st:	22
Term:	6 years		Playoff GP:	21
Total Money:	$29M		Playoff PTS:	9
Cap Hit:	$4.8M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	32.0	448	205	1222
Per 82 GP	5.3	82	38	224	22.8

"Justin has proven to be among the best young defensemen in the league as confirmed by his selection to the U.S. Olympic team. He has been and will continue to be the anchor of the Hurricanes’ defense for years to come."

– Jim Rutherford

Justin Faulk was a 2nd round draft pick who left college after one season and played 66 NHL GP as a 19-year-old, logging a heavy workload. By the last year of his ELC, the young defenseman scored 32 PTS while playing 23.4 minutes per game (both power play and penalty kill). Rutherford rightfully felt comfortable offering him a 6-year extension that very quickly became a bargain.
 
In year one Faulk jumped from 32 PTS to 49 PTS and became a legit top pairing defenseman locked in at a great price right through his prime years of production. Good job Jimmy. The output did plunge in the final year after he was traded to St. Louis in September for Joel Edmundson and Dominik Bokk. The Blues immediately signed him to another bigger extension which is a strong contender to one day end up on their worst contracts list. Faulk rewarded the team by having his worst season in the NHL.
 
 
11. Joni Pitkanen
 

Signed By:	Jim Rutherford		Position:	D
Date:	2008-07-02		Age July 1st:	24
Term:	3 years		Playoff GP:	18
Total Money:	$12M		Playoff PTS:	8
Cap Hit:	$4M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	17.2	214	114	452
Per 82 GP	5.7	82	44	173	25.7

“He plays a lot of minutes, and is one of the top puck-movers in the league. We are very pleased that he wanted to return to the Hurricanes.”

– Jim Rutherford

Jim Rutherford traded Erik Cole to the Edmonton Oilers to obtain defenseman Joni Pitkanen in 2008, then signed the Finn to a 3-year extension the next day. Joni had scored 26 PTS in 63 GP during his season in Edmonton, but had been over a 40-point player in Philadelphia.
 
Pitkanen did have some issues staying healthy, but he still posted 46 PTS while playing 27.4 minutes per game in year two, and averaged 44 PTS per 82 GP over the full span of the pact. Carolina rewarded his performance with 3-year treaty at an adjusted cap hit of $5.7M. Unfortunately, that’s where they good news ended, as serious injuries prevented him from finishing that final contract.
 
 
12. Jussi Jokinen
 

Signed By:	Jim Rutherford		Position:	F
Date:	2009-06-29		Age July 1st:	26
Term:	2 years		Playoff GP:	0
Total Money:	$3.4M		Playoff PTS:	0
Cap Hit:	$1.7M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	4.8	151	117	296
Per 82 GP	2.4	82	64	161	17.0

"Jussi was a good addition to our team last season, and he really stepped into his role in the playoffs.  His ability to contribute on the power play and penalty kill, and his versatility at different forward positions makes him a valuable player."

– Jim Rutherford

Jussi Jokinen scored 55 PTS as a rookie in Dallas in 2006, then saw his point totals decline for 3 consecutive seasons down to 27 PTS in 71 GP in 2009, when Carolina acquired the pending RFA from Tampa for Wade Brookbank and Josef Melichar (neither of whom played in the NHL after that season). Rutherford locked him into a 2-year deal at a price that could be considered high for a 27-point scorer.
 
Once Jokinen arrived in Carolina, he recovered his scoring touch and Jimmy cashed in a winning lottery ticket. Jussi scored 117 PTS over those 2 seasons (including a career high 65 PTS at age 26) which is a bargain. Congrats for harnessing “Peak Jokinen” at this price tag.
 
 
13. Ray Whitney
 

Signed By:	Jim Rutherford		Position:	F
Date:	2007-04-13		Age July 1st:	35
Term:	3 years		Playoff GP:	18
Total Money:	$10.65M		Playoff PTS:	11
Cap Hit:	$3.55M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	16.1	228	196	594
Per 82 GP	5.4	82	70	214	18.8

"Ray's leadership on and off the ice is important to our success in the future. He has the dedication and desire to win that a team needs, and he makes the players around him better."

– Jim Rutherford

Ray Whitney was one year removed from helping the team win a Stanley Cup and followed that up with an 83-point campaign. That type of production should typically cost much more, but since Whitney was 35 years old, he was lucky to be getting this much term, allowing Rutherford to shrink the Wizard’s cap hit.
 
It’s hard to say where Ray was more elusive; on the ice with a puck, or in his battle with Father Time. The veteran winger remained productive over all 3 of these seasons, averaging 70 PTS per 82 GP while playing 18.8 minutes per game. The team even earned a trip to the Conference finals. When this deal expired at age 38, Ray banked another $6M from the Phoenix Arizona Coyotes.
 
 
14. Teuvo Teravainen
 

Signed By:	Don Waddell		Position:	F
Date:	2019-01-21		Age July 1st:	24
Term:	5 years		Playoff GP:	30
Total Money:	$27M		Playoff PTS:	20
Cap Hit:	$5.4M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	27.2	166	143	433
Per 82 GP	5.4	82	71	214	18.2

“Teuvo has improved every year of his NHL career and has established himself as a cornerstone forward for the Hurricanes now and into the future.”

– Don Waddell

Teuvo Teravainen was already blossoming into a high-end offensive contributor when he signed this extension in January of 2019, finishing that season scoring 76 PTS. This contract closely resembled the one that Jason Zucker signed one year earlier.
 
Teravainen rose to this level while playing 3/4 of his minutes with fellow Finn Sebastien Aho, as the two have formed a dynamic duo. But before we go attributing Teuvo’s success to being lucky enough to play with Aho, his “Expected Goals For %” is equally high when he’s not on the ice with Sebastien.
 
Don Waddell was able to extract additional value by buying 2 years of unrestricted free agency, which will put Teuvo on the UFA market 2 months before his 30th birthday. He may still be able to hit a home run, as Aho will be UFA that same summer, and they could sell their services as a pair.
 
 
15. Brett Pesce
 

Signed By:	Ron Francis		Position:	D
Date:	2017-08-01		Age July 1st:	23
Term:	6 years		Playoff GP:	40
Total Money:	$24.15M		Playoff PTS:	14
Cap Hit:	$4.03M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	24.5	259	100	439
Per 82 GP	4.1	82	32	139	21.6

"He plays a smart defensive game and has good ability to move the puck and contribute offensively. We plan for him to be a part of the Hurricanes' defensive corps for a long time."

– Ron Francis

Brett Pesce graduated college as an NHL-ready product and only made a brief pit stop in the AHL before becoming a full-time major leaguer. The defenseman had only played 2 seasons in the NHL before Ron Francis decided he was worthy of a 6-year commitment. Ron made a similar decision with Slavin 3 weeks later, solidifying the team’s blueline for years to come.
 
Pesce doesn’t have the offensive upside that Slavin brings to the table, but he’s an incredibly effective 2-way player who comes at a cheaper price tag. Over the first 2 years, Brett averaged 29 PTS per 82 GP while averaging over 21 minutes per game.