New York Rangers 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 The book is still available on Amazon, though some of the stats on active contracts are now out of date.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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New York is the NHL’s largest market and the Rangers are among the league’s richest teams. For years they weaponized their monetary advantage handing out so many monster contracts that it helped convince the other NHL owners that it was necessary to wipe out an entire season to thrust cost certainty and spending restrictions onto the Player’s Association. The fact that the Rangers missed the playoffs for 7 consecutive seasons while also having the highest payroll in the NHL did not alter the outcome.
 
Did the salary cap stop the Rangers from making massive overpayments every July? Not even close. The bad money continued to flow, but the team itself started to find more success. What a difference a Henrik Lundqvist can make. Hemorrhaging money did not sink this Titanic because there was a King keeping it afloat. After ranking each team’s worst contracts, I proceeded to rank each team list from worst to least worst, and the Rangers finished in first place by a mile in nearly every metric.
 
 
1. Wade Redden
 

Signed By:	Glen Sather		Position:	D
Date:	2008-07-01		Age July 1st:	31
Term:	6 years		Playoff GP:	7
Total Money:	$39M		Playoff PTS:	2
Cap Hit:	$6.5M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	52.9	156	40	227
Per 82 GP	8.8	82	21	119	20.0

“31-year-old Wade Redden, a reasonably dependable puck-moving defenseman who had a dreadful 2007-08 in Ottawa and has never been regarded as a game-changer over 11 seasons with the Senators.”

– Larry Brooks

On July 1^st 2008, the two top defensemen available on the free agent market were Wade Redden and Brian Campbell, with the latter having a higher offensive ceiling. Campbell rightfully landed the bigger pay day, but Redden was not far behind. A big difference between the pair was that Wade was 2 years older, as Sather was taking an enormous risk signing a 31-year-old to a 6-year term. The GM surely drew inspiration from the 6-year extension Dan Boyle had signed a few months earlier for the same wage at the same age.
 
While Boyle would age gracefully, Redden would not. He dropped from 38 PTS down to 26 PTS in year one, spiralling further down to 14 PTS in year two before getting demoted to the AHL. Eventually Redden was bought out. Correct me if I’m wrong, but Wade Redden should be the highest paid player in AHL history (injury rehabs notwithstanding). I sure hope he paid for every single road meal that AHL team ate.
 
 
2. Brad Richards
 

Signed By:	Glen Sather		Position:	F
Date:	2011-07-02		Age July 1st:	31
Term:	9 years		Playoff GP:	55
Total Money:	$60M		Playoff PTS:	28
Cap Hit:	$6.7M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	69.9	210	151	598
Per 82 GP	7.8	82	59	234	19.3

“I know he left a lot of money on the table by accepting the offer we made to him. There were people that were offering a lot more than we were.”

– Glen Sather

As free agency neared in 2011, Glen Sather convinced his owner to buy out the remainder of Chris Drury’s contract to make room to take a big run at 31-year-old Brad Richards following a 77-point campaign. Glen won the bidding with $60M, claiming afterwards that other teams were offering “a lot” more money. Giving a 9-year term to a player at this age was insane, but the salary was front loaded in such a way that he could retire after 6 seasons, helping lower the cap hit.
 
Richards was quasi productive for the first two years then dropped to 50 PTS in year three at age 33 and was bought out. This is among the most expensive buyouts in NHL salary cap history, but was a CBA amnesty buyout that would not count against their future cap. Brad’s lucrative “Golden Parachute” would pay him million dollar cheques until 2026.
 
 
3. Scott Gomez
 

Signed By:	Glen Sather		Position:	F
Date:	2007-07-01		Age July 1st:	27
Term:	7 years		Playoff GP:	43
Total Money:	$51.5M		Playoff PTS:	34
Cap Hit:	$7.4M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	72.0	354	236	909
Per 82 GP	10.3	82	55	211	19.2

"It's pretty exciting. We ranked them both as number ones, and we never expected to get both of them."

– Glen Sather

Glen Sather’s desire to pluck Scott Gomez from the New Jersey Devils was two-fold, not only did he want Scott wearing Rangers blue, but he also wanted one of their biggest rivals to be deprived of a key piece to their Stanley Cup championships. It was as much about inflicting pain on an enemy as it was about bolstering his own roster. Gomez had long been a fine player, but paying this much money for a 60-point guy was certifiably insane. Pavel Datsyuk had signed for significantly less money a few months earlier during an 87-point seasons, while Danny Briere’s 95 PTS earned him a smaller salary the same day as Gomez.
 
Gomez was signed on the same day as Chris Drury (more to come on him), and Sather could not have been happier. Gomez scored 70 PTS in year 1 and thus commenced the diminishing returns. There should be more conspiracy theories about how Sather managed to trade this albatross to Montreal for Ryan McDonagh. Did the Montreal GM lose a bet? Was there blackmail involved? At one point in Montreal, Gomez went over 365 days without scoring a goal. Ouch!
 
 
4. Dan Girardi
 

Signed By:	Glen Sather		Position:	D
Date:	2014-02-28		Age July 1st:	30
Term:	6 years		Playoff GP:	33
Total Money:	$33M		Playoff PTS:	7
Cap Hit:	$5.5M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	36.5	219	52	244
Per 82 GP	6.1	82	19	91	20.9

"Dan has been a Ranger for his entire career, signing with us as an undrafted free agent and working his way to become a top defenseman in the NHL. His dedication to this club, as a leader both on the ice and in the locker room, is invaluable to this team."

– Glen Sather

Dan Girardi had been a New York Ranger for his entire career, logging big minutes for the team during multiple deep playoff runs. He was mostly known as a defensive specialist but also made modest contributions to the scoresheet. Girardi was scheduled to become an unrestricted free agent at age 30 in 2014, but never made it to July 1st. The age itself should have been a red flag against making a 6-year commitment, but the magnitude of the risk was amplified by his 1300 career hits and the punishment his body had endured. Sather gave him a very similar contract to what Jay Bouwmeester and Alex Edler had signed in the preceding year, both players with higher offensive ceilings.
 
Girardi had once been a workhorse, but would see his ice time diminish as this deal aged.  By year three he scored 15 PTS in 63 GP while averaging 19.1 minutes per game. That might have been fine on a $3M price tag, but Danny was getting paid twice that much (adjusted for cap inflation anyway). That summer, Sather’s successor Jeff Gorton bought out the remaining 3 years. Girardi would find a new home in Tampa at a more appropriate price.
 
 
5. Chris Drury
 

Signed By:	Glen Sather		Position:	F
Date:	2007-07-01		Age July 1st:	30
Term:	5 years		Playoff GP:	21
Total Money:	$35.3M		Playoff PTS:	8
Cap Hit:	$7.1M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	50.9	264	151	613
Per 82 GP	10.2	82	47	190	18.6

"He's a terrific athlete, and he brings that kind of determination and spunk that we need. He's great on the faceoffs, he's an offensive and defensive player, so he fits many roles for us."

– Glen Sather

Chris Drury had just completed a career best campaign, potting 37 goals and 69 PTS at age 30 before becoming an unrestricted free agent. He was even more renowned as a playoff performer, having won a Stanley Cup with Colorado in 2001 and helping the Sabres to back-to-back conference finals. Potential suitors had to be encouraged that his peak performance came at this age, giving Glen Sather confidence that he’d be able to sustain that success well past his expected expiration date. The Rangers landed two big fish on the same day, bringing both Drury and Gomez to the Big Apple for a King’s ransom.
 
Regrettably, Drury’s production proved to be unsustainable, with his trendline turning south from the start. In year one of the contract his point total fell by 11 from the previous season. By year three he dropped to 32 PTS, year four just 5 PTS, and there was no year five. Drury was bought out to make room for the acquisition of Brad Richards. Ouch.
 
 
6. Henrik Lundqvist
 

Signed By:	Glen Sather		Position:	G
Date:	2013-12-04		Age July 1st:	32
Term:	7 years		Playoff Wins:	18
Total Money:	$59.5M		Playoff SV%:	0.921
Cap Hit:	$8.5M		Stanley Cups:	0

 

	Avg Adj Cap Hit	GP	W	GAA	SV%
Total	9.3	313	150	2.75	0.914

"I want to be a Ranger for life"

– Henrik Lundqvist

Henrik Lundqvist had spent the better part of a decade as one of the best goaltenders in the NHL, becoming a major celebrity in New York and one of the team’s most marketable stars. He had maintained his solid play past his 30th birthday, helping persuade management to give him a 7-year extension a few months shy of his 32nd b-day. Once again, there was no hometown discount, as Henry recaptured the crown of league’s highest paid goaltender, taking the title belt back from Pekka Rinne and Tuukka Rask.
 
Lundqvist was able to maintain a .920 SV% for the first 2 years before the downward trend began. Father Time comes for us all, even the really good-looking people. By year three, Hank still ranked #1 in goalie salary, but was unable to crack the top 40 in goals saved above average (among those with at least 10 games played). By year six, the only thing he was the King of was over-priced back-ups, and his no trade clause prevented the team from dumping his salary as part of their rebuild. The Rangers bought out the final year, with Hank taking a one-year deal to play with rival Washington.
 
 
7. Marc Staal
 

Signed By:	Glen Sather		Position:	D
Date:	2015-01-18		Age July 1st:	28
Term:	6 years		Playoff GP:	17
Total Money:	$34.2M		Playoff PTS:	2
Cap Hit:	$5.7M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	36.8	408	67	386
Per 82 GP	6.1	82	13	78	18.9

"Marc has been one of the cornerstones of our team since he arrived in New York. His commitment and perseverance to the Rangers, and the game of hockey, has been an inspiration for everyone in the organization, and he has become a role model for young players and veterans alike.”

– Glen Sather

The magnitude of the mistake that Glen Sather made on Dan Girardi had not been fully realized when it came time to give Marc Staal an extension, and would make the same error less than a year later. Sather extended Staal to the same contract that Girardi had received, which was only slightly less than the salary Matt Niskanen procured as an unrestricted free agent the previous summer following a 46-point season. It’s fine to have defensive defensemen on your roster, you just aren’t supposed to pay them this much money.
 
Staal might have been 2 years younger than Girardi at the time of signing, but his trendline was about to begin its downward slope regardless of youth. As Marc’s ice time began to decline, so too did the offense (he would average 13 PTS per 82 GP over the first 5 years). A no movement clause would prevent the team from selling/dumping this asset, and were forced to carry the aging veteran into their rebuild. Eventually it was waived so he could be dumped on the Red Wings for the final year.
 
 
8. Kevin Shattenkirk
 

Signed By:	Jeff Gorton		Position:	D
Date:	2017-07-01		Age July 1st:	28
Term:	4 years		Playoff GP:	0
Total Money:	$26.6M		Playoff PTS:	0
Cap Hit:	$6.7M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	27.7	119	51	242
Per 82 GP	6.9	82	35	167	19.5

"Here's a player who really wanted to be here and left money on the table. It sent a pretty strong message to us. Seven-year deals, they're generally there. He might have got one. Thankfully for us, it's a situation that we have a player that wants to play for the Rangers, that's from here, that's an excellent player, and four years worked out for the both of us."

– Jeff Gorton

Kevin Shattenkirk had just wrapped up a 56-point season when he became an unrestricted free agent at age 28 as a right shot defenseman. He was among the biggest prizes available that summer and would have been able to attract a 7-year offer, but his childhood dream was to play for the Rangers, so he left money on the table to play in the Big Apple. His scoring rate would drop upon arrival, until midway through year one, surgery to repair a torn meniscus wiped out nearly half his season.  He claimed that the knee had originally been injured in training camp.
 
By the time he was fully healthy in year two, his scoring rate declined even further, leading the coach to put him up in the press box as a healthy scratch. A few months later the Rangers decided to buy out the remaining term. Perhaps they could have found a buyer on the trade market to take this off their hands, but a modified no-trade clause limited their options. Kevin would go to Tampa on a 1-year deal where he rediscovered his scoring touch and won the Stanley Cup.
 
 
9. Derek Stepan
 

Signed By:	Jeff Gorton		Position:	F
Date:	2015-07-27		Age July 1st:	25
Term:	6 years		Playoff GP:	22
Total Money:	$39M		Playoff PTS:	10
Cap Hit:	$6.5M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	41.9	397	233	1007
Per 82 GP	7.0	82	48	208	18.3

“I can't be more excited to be a part of a team that I absolutely love!”

– Derek Stepan

After completing his mandatory “Rangers gap contract” Derek Stepan finally got paid, just as Glen Sather had promised two years earlier, though Slats was no longer the GM. Ryan Kesler had just signed a similar contract 2 weeks earlier, though for a tad more money. Stepan had been reliably producing in the 50+ point range and was 2 years away from unrestricted free agency.
 
The center managed to produce at an acceptable level over the first 2 years, allowing the Rangers to trade him to the Phoenix Arizona Coyotes with Antti Raanta for Tony DeAngelo and a 1st round draft pick. It was not until Derek’s 2nd season in the desert before he took a callous hit from Father Time, dropping to 35 PTS in 72 GP.
 
 
10. Brendan Smith
 

Signed By:	Jeff Gorton		Position:	D
Date:	2017-06-28		Age July 1st:	28
Term:	4 years		Playoff GP:	0
Total Money:	$17.4M		Playoff PTS:	0
Cap Hit:	$4.4M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	18.1	217	39	235
Per 82 GP	4.5	82	15	89	14.7

"We did talk to some teams, felt them out, saw what they would offer, and to me there was nothing that changed my mind enough from wanting to pursue four years with the Rangers."

– Brendan Smith

The Rangers paid 2^nd and 3^rd round draft picks to acquire Brendan Smith from the Red Wings as a rental, then re-signed him to this generous contract shortly before the opening of free agency. It was close to the deal that had been awarded to Kris Russell a few days earlier, but with an extra $350K in salary. That’s an insane amount of money for a defenseman who had just scored 9 PTS in 51 GP. Perhaps it should have been a red flag that the Red Wings were unwilling to make a long-term commitment to Brendan despite having an atrociously weak blueline.
 
New York wouldn’t even get to enjoy a brief honeymoon period before this mistake started breaking bad. In year one he scored 8 PTS in 44 GP and was sent to the AHL (where he later broke his hand fighting a teammate in practice). By year three they were using him as a 4th line forward. You aren’t supposed to pay 4th line forwards over $4M (adjusted for cap inflation or not).
 
 
11. Ales Kotalik
 

Signed By:	Glen Sather		Position:	F
Date:	2009-07-09		Age July 1st:	30
Term:	3 years		Playoff GP:	0
Total Money:	$9M		Playoff PTS:	0
Cap Hit:	$3M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	12.4	97	33	234
Per 82 GP	4.1	82	28	198	13.7

"Ales is a strong, hardworking player with good skating ability and a heavy shot. We think he will fit well into our system and will provide additional offense and scoring from the wing position."

– Glen Sather

Ales Kotalik hit the UFA market at age 30 following a 43-point season split between Buffalo and Edmonton. The Rangers won the bidding with a contract very close to what Erik Cole had signed for a week earlier in Carolina at the same age (Ales wrangled an extra year and $10K more in salary). The Czech winger got off to a decent start in New York, scoring at a 40-pace over his first 45 games until Glen Sather traded him to the Calgary Flames with Chris Higgins for Olli Jokinen and Brandon Prust.
 
It was in Calgary where the downward spiral began, finishing with 5 PTS over his final 26 games. He started to flash the offense in year two, scoring 22 PTS in 25 GP for the Calgary Flames Abbotsford Heat. In the summer of 2011 Ales was moved to Buffalo in a salary dump. The Sabres waived him and he returned to Europe instead of playing in the AHL again. This marked the end of Kotalik’s NHL career.
 
 
12. Anthony DeAngelo
 

Signed By:	Jeff Gorton		Position:	D
Date:	2020-10-15		Age July 1st:	24
Term:	2 years		Playoff GP:	0
Total Money:	$9.6M		Playoff PTS:	0
Cap Hit:	$4.8M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	9.7	6	1	13
Per 82 GP	4.9	82	14	178	18.5

"I had spoke to him at that time and said: `Listen, if there's any more issues here, the time is going to come where we're going to put you on waivers and move on. No more issues. If your name is in anything at all that we have to hear, we're going to move on"

– Jeff Gorton

Anthony DeAngelo notched an impressive 53 PTS in 68 GP for less than $1M, which should have commanded a salary north of $6M. The problem was that the Rangers did not want to make a big financial commitment to a defenseman with character issues, in addition to limited cap space. They managed to squeeze him into a 2-year term at a cheap price relative to his production. 

Sadly it only lasted 6 games before he allegedly punched a teammate and had to be terminated. The monetary loss was manageable, but this gets bumped a few slots just for the embarrassment of it all. Tony would sign with the Hurricanes for dirt cheap and scored at a 65-point pace.
 
 
13. Ryan Spooner
 

Signed By:	Jeff Gorton		Position:	F
Date:	2018-07-31		Age July 1st:	26
Term:	2 years		Playoff GP:	0
Total Money:	$8M		Playoff PTS:	0
Cap Hit:	$4M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	8.2	52	9	67
Per 82 GP	4.1	82	14	106	11.4

“We wanted to the change the mix of our secondary group of forwards. You talk about secondary scoring and we feel that a little more speed and a little more dynamic play would help our group”

– Peter Chiarelli

Ryan Spooner landed in New York courtesy of the Boston Bruins as one of the trade chips in the Rick Nash rental. The young center finished the season strong, scoring 16 PTS in 20 GP (for a season total of 41 PTS in 59 GP). Jeff Gorton signed the RFA to a 2-year deal thinking he was buying an ascending 41-point center, but got 2 PTS in 16 GP before shipping him out of town for Ryan Strome.
 
A desperate Peter Chiarelli was gambling that he could harness that upside with their talented forward line-up, but ultimately the move contributed to his demise as Spooner was eventually sent to the minors. Ryan would be moved to the Vancouver Canucks for Sam Gagner in a mutual salary dump before buying out the last year. Spooner was playing in the KHL when Strome and Panarin started lighting up the NHL. Ouch.
 
 
14. Michal Rozsival
 

Signed By:	Glen Sather		Position:	D
Date:	2008-07-01		Age July 1st:	29
Term:	4 years		Playoff GP:	26
Total Money:	$20M		Playoff PTS:	0
Cap Hit:	$5M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	27.9	277	87	304
Per 82 GP	7.0	82	26	90	21.2

"We wanted to get them both signed, and we did. We're quite happy that we've got them. We think that's going to help us move the puck to the forwards as well as anybody in the league."

– Glen Sather

Michal Rozsival made it all the way to July 1^st as an unrestricted free agent at age 29 following a 38-point season, and decided he wanted to remain a Ranger. The defenseman would ink a new ticket on the same day that Sather landed Wade Redden. Michal would celebrate his 30th birthday 2 months later, which would mark the beginning of his decline.
 
Rozsival got worse every season, before he was traded to the Phoenix Arizona Coyotes in a bad contract swap for Wojtek Wolski. In year three he scored just 13 PTS in 54 GP, but managed to procure a 1-year deal from the Chicago Blackhawks at a fraction of his previous salary.
 
 
15. Jacob Trouba
 

Signed By:	Jeff Gorton		Position:	D
Date:	2019-07-19		Age July 1st:	25
Term:	7 years		Playoff GP:	20
Total Money:	$56M		Playoff PTS:	5
Cap Hit:	$8M		Stanley Cups:	0

 

	Adj Cap Hit	GP	PTS	SOG	ATOI
Total	56.3	189	78	442
Per 82 GP	8.1	82	34	192	22.3

"They treat the players first class. It’s very first-class organization. I mean, it’s New York so you’ve got a big stage and they expect a lot out of their team. We want to ultimately get to the Stanley Cup."

– Glen Sather

Jacob Trouba scored a whopping 50-points (a career high) in his final Winnipeg Jets season, which carried an expected free agent value of $7.2M. He was traded to New York that summer and inked an expensive new ticket to stay in the Big Apple. The deal might have been fine had he continued producing that same level of offense, but the production immediately declined, down to the 30s. 

He’s a good defenseman that any General Manager would want on his roster and does provide a defensive/physical element that doesn’t show up on the scoresheet. For the first 3 years of this contract, my E[FA$] algorithm priced his stat lines at $5.3M, $3.6M, and $6M. That’s not $8M. So is that extra element worth an overpayment of $2M to $3M? That’s the big question.