New Jersey Devils 15 Worst Contracts (2005-2022)

This was originally published in my 2020 book The Definitive Guide to Salary Mismanagement, 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 The book is still available on Amazon, though some of the stats on active contracts are now out of date.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.

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.

If you’d like to browse my other best/worst contract lists, click here. 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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Lou Lamoriello was General Manager of the New Jersey Devils for the first 10 years of the salary cap era, before getting dismissed in 2015. He had delivered 3 Stanley Cups to the franchise over his tenure, but the memory of those accomplishments had become overshadowed by a series of high-profile mistakes. The Devils advanced to the Stanley Cup final in 2012, but the Kovalchuk signing that helped them get there would eventually turn sour when he abruptly returned to Russia.

"Quite frankly, all the players are getting paid too much and all the contracts are too long. But if you want to compete in this market and you want to win, there are some things you have to do. You have to pick the right people and that's the case here.”

-Lou Lamoriello

One common mistake that Lou often made was giving out substantial term to veterans over the age of 30. Whether Lou was dismissive of Father Time, or used that extra term as a mechanism to lower the annual cap hit, there is no doubt that this strategy produced negative results and played a role in his downfall. A majority of the team’s worst contracts were forged in his final 4 years on the job. He was replaced by Ray Shero, who was not responsible for any of the contracts you’re going to read about here.
 
 
1. Anton Volchenkov
 

Signed By:	Lou Lamoriello		Position:	D
Date:	2010-07-01		Age July 1st:	28
Term:	6 years		Playoff GP:	24
Total Money:	$25.5M		Playoff PTS:	2
Cap Hit:	$4.3M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	32.3	222	32	208
Per 82 GP	5.4	82	12	77	17.4

"I would have liked to stay in Ottawa.”

– Anton Volchenkov

Anton Volchenkov always had a low offensive ceiling and was brought to New Jersey to provide physicality in a defensive role. There was a weak crop of defensemen available on the free agent market on July 1st 2011, so there were limited options available for any GM seeking to fix their blueline.
 
Volchenkov’s ice time began to decline immediately after his arrival, and his already miniscule scoring rate similarly dropped. The toll of his physical play added up, and the experiment was an absolute failure. Anton lasted just 4 seasons before Lou exercised a compliance buyout. He was never brought in to score PTS, but had dropped down to just 16 minutes per game in the final season. That’s unacceptable compensation for that kind of deployment.
 
 
2. Cory Schneider
 

Signed By:	Lou Lamoriello		Position:	G
Date:	2014-07-09		Age July 1st:	29
Term:	7 years		Playoff Wins:	1
Total Money:	$42M		Playoff SV%:	0.950
Cap Hit:	$6M		Stanley Cups:	0

 

	Avg Adj Cap Hit	GP	W	GAA	SV%
Total	6.4	197	73	2.71	0.910

"I'm not looking at this as I'm replacing Marty Brodeur. I think I'm more continuing the legacy of great goaltending in New Jersey.”

– Cory Schneider

The Devils traded the first round pick that became Bo Horvat to acquire Cory Schneider from the Canucks, a move that drew harsh criticism from Canucks fans who were upset that they traded their goalie of the future. Cory’s first 2 years in New Jersey (under his old deal) were a stunning success, prompting Lou to give him a long-term extension.
 
He continued playing at an elite level in year one of this agreement, until he approached his 30th birthday, then his performance slipped below average and injuries became a problem. By year five he was playing mostly in the AHL, struggling to stop pucks at the NHL level, as Bo Horvat has blossomed into a star player. The Devils opted to buy out the final 2 years.
 
 
3. Michael Cammalleri
 

Signed By:	Lou Lamoriello		Position:	F
Date:	2014-07-01		Age July 1st:	32
Term:	5 years		Playoff GP:	0
Total Money:	$25M		Playoff PTS:	0
Cap Hit:	$5M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	28.1	171	111	399
Per 82 GP	5.6	82	53	191	18.2

"Quite frankly, all the players are getting paid too much and all the contracts are too long"

- Lou Lamoriello

Mike Cammalleri scored 45 PTS in 63 GP in the final year of his previous pact, and found himself a General Manager with an extraordinary bravery for signing long-term extensions to 30-something players. This investment was bad from the beginning, as the Squid was far removed from peak productivity. He had not topped 70 GP in a season since 2009, so the Devils knew they were buying a player with a historical inability to stay healthy, and that’s exactly what happened.
 
Had this only been a 2-year term, it would have been borderline defensible. Year one he scored 27 goals in 68 GP, leading the team, then popped 38 PTS in 42 GP in year two before a hand injury ended his campaign. By year three he scored 31 PTS in 61 GP before being bought out. Another cautionary tale of signing an over-30 player to a 5-year contact.
 
 
4. Brian Rolston
 

Signed By:	Lou Lamoriello		Position:	F
Date:	2008-07-01		Age July 1st:	35
Term:	4 years		Playoff GP:	19
Total Money:	$20.3M		Playoff PTS:	8
Cap Hit:	$5.1M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	28.2	279	127	725
Per 82 GP	7.1	82	37	213	16.0

"Brian Rolston has developed into one of the top two-way players in the game and certainly will add to our centre-ice position and also to our power play"

– Lou Lamoriello

Brian Rolston sustained satisfactory productivity well past his 30^th birthday, yet had been showing signs of decline, with his point totals shrinking from 79 to 64 to 59 in the previous 3 seasons. Lou decided that it would be prudent to bestow a 4-year term to this 35-year-old winger at an exorbitant cost. Rolston’s scoring plummeted immediately, as he was not able to surpass 39-points in a single season over this span.
 
If I told you that you could get a 30ish point winger for $7M, is that something you might be interested in? I didn’t think so. Lamoriello tried placing Rolston on waivers in year two, but could not entice another team to take this sour asset off his hands. Lou eventually managed to trade Rolston to the Islanders before the final season, in an exchange of bad contracts that saved them some money to re-sign Parise. By age 38 Rolston scored just 24 PTS in 70 GP, the last season of his NHL career that finished in Boston.
 
 
5. Travis Zajac
 

Signed By:	Lou Lamoriello		Position:	F
Date:	2013-01-16		Age July 1st:	28
Term:	8 years		Playoff GP:	19
Total Money:	$46M		Playoff PTS:	4
Cap Hit:	$5.75M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	51.3	566	277	847
Per 82 GP	6.4	82	40	123	18.9

"He's developed himself into an all-situation, complete player. He's one of our core leaders. He has been from day one.”

– Lou Lamoriello

Travis Zajac was 6 months away from unrestricted free agency when Lou retained his services with this generous bid. The center had reached his career high 67 PTS at age 24 in 2010, but only scored at a 42-point pace in the 2 seasons was followed.
 
Over the first 7 seasons, Travis failed to eclipse the 50-point threshold, and has been more like a $4.6M player on a $6.3M average adjusted cap hit. Over this span, the Devils have just one single playoff appearance, a first round loss. There is no standard of measure by which this venture could be deemed a success. That’s way too much money for what he’s been providing.
 

 6. Andy Greene
 

Signed By:	Lou Lamoriello		Position:	D
Date:	2014-07-30		Age July 1st:	32
Term:	5 years		Playoff GP:	23
Total Money:	$25M		Playoff PTS:	5
Cap Hit:	$5M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	27.2	374	78	403
Per 82 GP	5.4	82	17	88	21.3

"Everyone knows how much Andy means to our organization. He's our top defender. He carries the most time on the ice. He's on the ice for power play, penalty killing. We have to find ways to get him off the ice. That's how important he is.”

– Lou Lamoriello

Most GMs will try to avoid giving a 5-year term to a 32-year-old player, but Lou Lamoriello lacks that inhibition. Greene had played his entire career with this organization, sadly that career came after their Stanley Cup victories. Every year of this contract saw a decline in his average ice time as he mostly hovered around the 13-point mark.
 
The highlight was 2019 at age 35 when he scored 25 PTS on his way to helping me win a Fantasy Hockey championship (in a deep league where blocks count). Greene wasn’t exactly bad, he was just $2M overpaid multiplied by 4 (he was very nearly worth his salary in 2019), similar to Colin White. The team did salvage some value, trading him to the Islanders in the final year as a rental for a 2nd round pick, a strong return.
 
 
7. Colin White
 

Signed By:	Lou Lamoriello		Position:	D
Date:	2006-07-10		Age July 1st:	28
Term:	6 years		Playoff GP:	24
Total Money:	$18M		Playoff PTS:	2
Cap Hit:	$3M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	27.3	347	54	239
Per 82 GP	4.5	82	13	56	20.0

“This is a hockey and business decision. Absolutely, this is most difficult. I’ve had Colin since he was 17. We’ve had a friendship. But you have to be able to separate that from the business side.”

– Lou Lamoriello

Colin White was an unrestricted free agent who ultimately decided to return to New Jersey where he had played his entire career, winning 2 Stanley Cups. I have waivered in the past as to weather or not White deserved to be labelled as a bad contract, as he suffered a serious eye injury in year two that could have had lingering effects (my injury exemptions tend to be applied with subjective discretion).
 
This contract was tantamount to paying $4.5M to a defenseman worth $2.3M, playing a predominately defensive/physical role. The team eventually determined that he wasn’t worth the price, opting to buyout the final year. Had this been 4 years at $2.5M AAV (adjusted), it would have been defensible. Instead of $10M, they gave him $27M. The decision to terminate may have had something to do with Zach Parise’s pending UFA status back when the Devils still thought they had a shot at retaining their star.
 
 
8. Ilya Kovalchuk
 

Signed By:	Lou Lamoriello		Position:	F
Date:	2010-09-03		Age July 1st:	27
Term:	15 years		Playoff GP:	23
Total Money:	$100M		Playoff PTS:	19
Cap Hit:	$6.7M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	112.6	195	174	678
Per 82 GP	7.5	82	73	285	23.7

"We're pleased to be able to establish clearly defined rules for these types of contracts going forward and just as happy we can turn the page on uncertainties relating to several other existing contracts"

– Bill Daly

In past iterations of my worst contract lists, I’ve ranked this particular pact higher up the roll, mostly due to the semantics and controversy that surrounded it when signed. The first attempt was rejected by the NHL, prompting Lou to tweak the terms. After further quarrel with Gary Bettman, the league slapped a penalty on the Devils, stripping them of a first round draft pick (not to mention being the driving force behind the cap recapture penalty in the upcoming CBA). This accord was supposed to last past Ilya’s 40th birthday when he would have presumably long since retired and the NHL could slap the team with a further penalty for attempting salary cap circumvention.
 
(insert dramatic pause) But….
 
It actually turned out to be not that bad at all. Kovalchuk was good for his 3 years in New Jersey. In 2012 he scored 83 PTS plus an additional 19 PTS in the playoffs playing a key role in their advancing to the Stanley Cup finals. Gary lost his backbone and reneged on the draft pick penalty. When the enigmatic winger decided to bolt back to the KHL after 3 just years, the cap recapture penalty turned out to be very small because the accountants who formulated the penalty in the 2013 CBA had not anticipated retirement that early. At the end of the day, this all worked out pretty good for New Jersey. There’s a case it doesn’t belong here at all.
 
 
9. Henrik Tallinder
 

Signed By:	Lou Lamoriello		Position:	D
Date:	2010-07-01		Age July 1st:	31
Term:	4 years		Playoff GP:	3
Total Money:	$13.5M		Playoff PTS:	0
Cap Hit:	$3.4M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	17.7	210	34	207
Per 82 GP	4.4	82	13	81	20.6

"I'm excited definitely to get away from New Jersey; not the organization, but a couple of individuals over there on the coaching side"

– Henrik Tallinder

The Devils poached Henrik Tallinder from the Buffalo Sabres in unrestricted free agency and the first year went well under head coach Jacques Lemaire, who leaned on the Swede to play 22.5 minutes per game. Where the wheels came off the bus was the summer of 2011 when Peter Deboer was hired as the new coach.
 
Tallinder would miss 5 months with a blood clot, but after his return, the relationship between him and DeBoer deteriorated. Henrik became a regular healthy scratch, and was eventually traded back to Buffalo in a low-yield salary dump. This marked the end of Tallinder’s NHL career.
 
 
10. Dougie Hamilton
 

Signed By:	Tom Fitzgerald		Position:	D
Date:	2021-07-28		Age July 1st:	28
Term:	7 years		Playoff GP:	0
Total Money:	$63.8M		Playoff PTS:	0
Cap Hit:	$9.1M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	63.8	62	30	197
Per 82 GP	9.1	82	40	261	21.2

"We believe that the magnitude of his contributions on the ice will be equal to his impact on our culture as we continue to position ourselves for long-term success. I am proud of the work our entire staff did to promote the amazing attributes of this organization and to bring aboard one of the most sought-after free agents this year.”

– Tom Fitzgerald

For his last 2 seasons in Carolina, Hamilton scored at a pace of 70 and 63 PTS per 82 GP, which warranted a free agent salary in the $8M to $9M range. This was not an overreach by Devils management, provided they received a 60-70 point defenseman. In his first New Jersey season, Dougie was injured and only managed 30 PTS in 62 GP, or a 40-point pace (which prorated for 82 GP carries an expected free agent salary of $5.6M).
 
There is time here for Hamilton to prove me wrong and recapture his top form, but if he’s going to be a 40 or less point scorer going forward, then he’s being overpaid by $3M+ times 6 more years. Not good. Hamilton did improve considerably in year two when healthy, scoring at a 70-point pace in the first half of the season.  This deal might need to be removed from this list in the summer.
 
 
11. Daniel McGillis
 

Signed By:	Lou Lamoriello		Position:	D
Date:	2005-08-04		Age July 1st:	33
Term:	2 years		Playoff GP:	0
Total Money:	$4.4M		Playoff PTS:	0
Cap Hit:	$2.2M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	8.8	27	6	32
Per 82 GP	4.4	82	18	97	14.2

"This addresses all types of situations on our defense. Probably the most excited I've heard Larry Robinson in a long time is when I told him the addition of these three players.”

– Lou Lamoriello

Dan McGillis scored 28 PTS in 80 GP for the Boston Bruins prior to the 2005 lockout. When play resumed and McGillis was 33-years-old, Lou brought him in to help fill the void left by Scott Neidermayer’s departure. When Lou informed head coach Larry Robinson that McGillis was coming to town, Larry was thrilled.
 
Dan didn’t play any pro hockey during the lockout, and when play resumed, he performed magnificently, scoring 66 PTS in 108 GP for the New Jersey Devils in the AHL, with only 26 GP in the NHL. That’s an expensive price to pay for a minor leaguer.
 
 
12. Jay Pandolfo
 

Signed By:	Lou Lamoriello		Position:	F
Date:	2008-07-01		Age July 1st:	33
Term:	3 years		Playoff GP:	7
Total Money:	$7.5M		Playoff PTS:	1
Cap Hit:	$2.5M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	10.7	113	19	134
Per 82 GP	3.6	82	14	97	14.4

"We're delighted to have Jay back, he wanted to be back, we wanted him back. You find a way."

– Lou Lamoriello

Jay Pandolfo had played for the Devils his entire career, and played a role in multiple Stanley Cup victories. He had just completed a very pedestrian season with 24 PTS in 54 GP, and Lou’s reward probably had more to do with past accomplishments than current contribution.
 
Pandolfo did not have much left in the tank, and in year one produced a paltry 10 PTS in 61 GP. Year two was even worse, prompting Lamoriello to buy out the final year. This should have been the end of his career, but he stuck around for 2 more years and didn’t get any better.
 
 
13. Dainius Zubrus
 

Signed By:	Lou Lamoriello		Position:	F
Date:	2013-07-01		Age July 1st:	35
Term:	3 years		Playoff GP:	0
Total Money:	$9.3M		Playoff PTS:	0
Cap Hit:	$3.1M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	11.3	156	36	193
Per 82 GP	3.8	82	19	101	16.2

“As I said at the end of the year, my first choice is staying where I am. That hasn’t changed. I feel the same way. As of now, I’m still a Devil.”

– Dainius Zubrus

Dainius Zubrus missed half of the lockout shortened 2013 season with wrist surgery, opting to return to New Jersey for a slightly smaller salary than they had been paying him before. The Devils would soon find out that Zubrus had passed his expiration date, as he played 156 games and scored 36 PTS (19-point pace).
 
In the spring of 2015 Lou was replaced as General Manager by Ray Shero, who would buy out the remainder of the Zubrus contract soon after taking the job. There was one more contract waiting for Dainius after this was terminated, scoring 9 PTS in 50 GP for the San Jose Sharks. That was the end of his pro career.
 
 
14. Dainius Zubrus
 

Signed By:	Lou Lamoriello		Position:	F
Date:	2007-07-03		Age July 1st:	29
Term:	6 years		Playoff GP:	41
Total Money:	$20.4M		Playoff PTS:	13
Cap Hit:	$3.4M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	28.9	398	188	590
Per 82 GP	4.8	82	39	122	16.7

“I don’t think about whose shoes I have to fill. I’m coming in, and I am my own player.”

– Dainius Zubrus

Dainius Zubrus had just completed a 60-point season split between Buffalo and Washington (where he substantially outperformed his pay grade) before reaching unrestricted free agency at age 29. There were very likely other teams offering a higher annual salary, but probably few offering that salary for that much term, allowing Lou to lower the annual cap hit.
 
Dainius never again approached 60 PTS, and would average 39 PTS per 82 GP over these 6 seasons. It was like paying $4.8M to a player worth $3.8M. Not the worst transaction in league history, but still too much money. He would ink an even worse deal after this expired.
 
 
15. Vitaly Vishnevski
 

Signed By:	Lou Lamoriello		Position:	D
Date:	2007-07-10		Age July 1st:	27
Term:	3 years		Playoff GP:	3
Total Money:	$5.4M		Playoff PTS:	0
Cap Hit:	$1.8M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	8.2	69	7	48
Per 82 GP	2.7	82	8	57	15.5

"Vitaly Vishnevski is a defenseman who brings a physical presence to our hockey team. He has both size and experience, and we feel he can play our type of hockey."

– Lou Lamoriello

Lou had no illusions that he was buying an offensive contributor when he made this 3-year commitment to Vitali Vishnevsky, who had never eclipsed 16 PTS in a season in his 7-year career. Martin Skoula had inked a similar pact a week earlier.
 
Lou’s offensive expectations may have been low, but he had to at least be hoping that Vitaly would be able to play more than 15.5 minutes per game for the money he was banking. The good news, Lou was able to exploit a loophole in the CBA, allowing the Russian to return home to play in the KHL after clearing waivers, saving the Devils money against the cap lieu of exercising a buyout.