After some speculation, the Pittsburgh Penguins made it official on Tuesday, re-signing franchise icon Evgeni Malkin to a one-year deal.
Malkin’s contract has an average annual value of $5.5 million, but it is structured really well. According to Pierre LeBrun, he has a $2.5M salary, a $3M signing bonus, $500K in games-played bonuses, a $1M bonus if the Penguins make the playoffs next year, and an extra $500K per playoff round won bonus.
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Malkin could make up to $9M if everything goes perfectly next season.
This contract was a long time coming, especially after Penguins president/general manager Kyle Dubas told the media earlier this month that the team would “love” to have him back.
“We would love to have him back. We just continue to work with J.P. on it. That’s as clear as I can be,” Dubas said during his end-of-season presser on May. 12.
The two sides worked for the next couple of weeks before announcing the news on Tuesday afternoon.
“We look forward to Geno continuing to provide great moments for the city of Pittsburgh, while helping us return the Penguins to Stanley Cup contention through his play on the ice and his leadership off the ice,” Dubas said in a statement on Tuesday.
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It has always made so much sense to bring Malkin back for next season, especially after the season he just had. He finished with 19 goals and 61 points in 56 games before recording three points in six playoff games. This was his first point-per-game season since the 2022-23 season, when he compiled 27 goals and 83 points in 82 games.
There’s no way the Penguins were going to replace his production from last year in free agency, given how poor this year’s class is expected to be. The best free agent available is Alex Tuch, and he’s going to sign for too much money and too long a term.
Malkin will also get a full season to play with Egor Chinakhov after the two played together in the second half of the regular season. They showed instant chemistry on the second line and read off one another super well.
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You can also say the same about Tommy Novak’s chemistry with Malkin. Malkin hinted during the 2025 offseason that he wanted to play with Novak in the 2025-26 season, and he got his wish, playing with him in numerous games.
To take it a step further, the Chinakhov-Novak-Malkin line was together for 30 games and played 222:55 at 5v5 this season. When that line was on the ice, the Penguins had a +5 goal differential, 51.8% of the expected goal share, 52.8% of the scoring chances, and 52.1% of the high-danger chances.
There’s a good chance that the Penguins go right back to that line when the 2026-27 season starts in October, which brings me to my next point. Malkin played on the wing for a lot of this past season and looked rather comfortable there. He can still play center if needed, but he was excellent after Penguins head coach Dan Muse moved him to the wing. That flexibility is super important.
BREAKING: Penguins Ink Evgeni Malkin To One-Year Extension
BREAKING: Penguins Ink Evgeni Malkin To One-Year Extension After a long period of anticipation, Pittsburgh finally signed the 39-year-old franchise legend for another NHL season.
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Malkin also isn’t blocking anyone on this roster. Do the Penguins have some young forwards coming? Yes, but they are players who will be pushing for some of the bottom-six spots. I see Avery Hayes filling Noel Acciari’s role for next season, while Rutger McGroarty, Ville Koivunen, and even Tristan Broz will be pushing for spots on the third and fourth lines. None of them is ready for a top-six role, yet.
Dubas will still be able to accomplish his goal of getting younger and getting those difference-making players in their mid-to-late 20s while still having Malkin on the roster. He’s not preventing any of that, especially since this upcoming season might be his final one in the NHL.
This deal was one of the biggest slam dunks in the history of slam dunks, and now, the Penguins can turn their attention to other matters, including a new deal for Chinakhov. He’s set to be a restricted free agent this summer, and the Penguins are expected to bring him back.
(Data via Natural Stat Trick).
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