Pierre LeBrun had a note about Evgeni Malkin and the negotiation with the Penguins for a new contract.
The Penguins have been engaged in contract talks with Malkin’s agent, J.P. Barry. Malkin turns 40 on July 31, so it’s no surprise both sides are focused on a one-year deal. But it’s finding the sweet spot on the compensation that has remained elusive so far. Malkin’s AAV was $6.1 million this year, although with his front-loaded contract, his actual compensation was $4.8 million. I would imagine the Penguins would be starting talks closer to that $4.8 million and the agent would be starting closer to the AAV.
Because of Malkin’s age, the one-year deal could include bonuses, which would help massage the AAV.
This will eventually get done. Malkin isn’t going anywhere. But it’s not done yet.
The real dollars of salary becoming a point of contention is an interesting twist in proceedings. The Penguins have plenty of cap space and in fact have to spend a lot of money this summer just to reach the salary cap floor, so in that position it seems a bit silly to be haggling over relative chump change on setting the contract level for a player who still scored over a point per game and produced 61 points last season. By any metric, no matter what salary that Malkin will accept it is probably going to be less than his pure value and already present the Pens with a pretty good deal value-wise. That’s even before considering the gate appeal, general interest and revenue that having Malkin back will do for the team on the other end of the equation.
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Then again, this type of harder line negotiating is often what seems to happen with Kyle Dubas. He tends to set a price he’s willing to pay and stick with it. That was seen last summer when the Pens didn’t qualify either Connor Dewar or Philip Tomasino and allowed both to hit unrestricted free agency. Both were brought back on team-friendly salaries and one year deals for the start of 2025-26. Interestingly, there was seemingly no drama to wrap Dewar up for a two-year extension this time around – a part of the process no doubt aided by offering Dewar the same salary that his linemate Blake Lizotte received ($2.25m) on his recent contract extension.
As mentioned, bonuses could be the answer to bridge the gap. Malkin, as a 35+ player, is eligible for performance bonuses in a one-year contract. The Penguins used bonuses last season for Anthony Mantha for every 10 games played. That could be set for Malkin on goals, assists, points or playoffs, though details would have to be ironed out with his agent.
LeBrun’s tone is confident the deal with Malkin and the Pens will get done, the most important part of it all might be the part about both sides are in communication. That’s a positive sign that with open lines that the team and player can figure out the details for what ends up being agreeable to keep the star forward around in 2026-27.
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