Rangers Need to Review Lundqvist's Contract Before Adding Shesterkin – Hockey Writers – New York Rangers

If there's one thing the New York Rangers can hang their hat on, it's their elite goaltending record. A sore spot for many NHL franchises continues to be a bright spot on Broadway.

They went from John Vanbiesbrouck to Mike Richter, Henrik Lundqvist, and current goaltender Igor Shesterkin. Of those four, the only netminder not to win the Vezina Trophy for the league's top goaltender was Richter, who led the Rangers to their only Stanley Cup victory in 84 years in 1994.

Since the 1984-85 season, when Vanbiesbrouck appeared in 42 games, Rangers have enjoyed a period of excellence between the pipes. Surprisingly, this 40-year run produced one Stanley Cup, as the rest of the roster lagged behind in scoring.

After the president's trophy and their second Eastern Conference Finals loss in three seasons, the Rangers are still searching for their first Stanley Cup since 1994. Shesterkin is their most valuable player, carrying the Rangers deep last season despite the last five minutes. -Five playoff teams and special teams in a row.

Entering the 2024-25 season, the 2022 Vezina Trophy winner is in the final year of a four-year contract that pays him $5.67 million in average annual value (AAV). Back on June 2nd, Mollie Walker of the NY Post reported that Shesterkin's camp was willing to give AAV a record $12 million contract extension (from the 'Rangers' Igor Shesterkin could be aiming for a historic contract after a big playoff game ,' The New York Post6/2/24).

The question before general manager Chris Drury and the Rangers is simple: are you willing to allocate a larger percentage of your cap space to a goaltender?

Remembering Henrik Lundqvist's Contract

More than a decade ago, the Rangers signed the franchise's greatest goaltender to a new contract worth 12.32% of the salary cap at the time of signing. It's a deal everyone would do again because of Lundqvist's brilliance and the importance of the Rangers' franchise.

Lundqvist, who was coming off a six-year contract worth $6.875 million in AAV (12.13% of the cap when signed in 2008), signed a seven-year extension worth $59.5 million in 2013. Connor Hellebuyck is fourth among today's goalie contracts. In other words, it was a good deal for 2013, but it was worth it for an amazing goaltender.

Now, the Rangers find themselves in a similar situation. Shesterkin's camp wants 12% of the salary, like what Lundqvist earned when he was the Vezina-winning goaltender who led the Rangers to postseason runs. With an estimated salary of $92 million for the 2025-26 season, a record AAV of $12 million would be the asking price.

Many believe the AAV could be higher, as the number is expected to continue to grow, as was the thought process when Lundqvist signed his contract 11 years ago. Undoubtedly, the concept remains the same as when 'The King' was a free agent.

The Rangers have arguably the best goalie in the NHL on their roster. It must be a struggle to keep him. But as we've seen over the years, that hasn't been a recipe for success, paving the way for a tough negotiating season.

Can the Rangers Build a Roster for Less Money Elsewhere?

If you've watched the Rangers since Lundqvist took over in 2005-06, the answer to that question is no. Build a team that is ready to win, especially if you have a top-quality goalkeeper. That building hasn't produced a trophy since the turn of the century.

Shesterkin currently has 6.95% of the space allotted to him. Over the past three postseasons, Shesterkin has been brilliant, but the Rangers have fallen short in each game. It has been a struggle to get more from the top earners in these key games which has caused the team to rise to the top.

The struggle to fill Shesterkin with a roster that can successfully win a trophy is a question that needs to be answered. If Rangers couldn't do it while he was on a club friendly deal now, what makes you think they can on his next deal? And Shesterkin, Alexis Lafreniere, K'Andre Miller, Will Cuylle, and others need contracts after the 2024-25 season.

It is estimated that the Rangers will have $32 million in cap space next season compared to the current $88 million. If it reaches $92 million, Drury will have more breathing room to work with, which he can increase by moving Jacob Trouba. They may have kept all the current players, but with salary increases for all of them, can they keep them all and improve the roster in other areas?

Related: Rangers' Lafreniere Could Earn Long-Term Extension

That's the dilemma when it comes to Shesterkin's next contract. Like Lundqvist back in the day, no Rangers fan is going to say they don't want Shesterkin to be a Ranger after next season. And the Russian netizen really deserves every penny he gets. Drury must decide if keeping him will reduce their chances of making the rest of the roster, and if so, are there options available?

Business vs. Personal feelings

Prior to the 2020-21 NHL season, the Rangers purchased Lundqvist. With the cap suspended due to the pandemic and Shesterkin waiting in the wings, the franchise decided it was better to walk away from a good franchise. It was a difficult decision that required the franchise to put aside its feelings towards the goalkeeper.

I am not advocating that Shesterkin be signed by the Rangers. I encourage a long thought process that weighs the business side of this deal with what Shesterkin says to the team. Is there room to negotiate the term or annual salary of the agreement? Can the roster fit in, given the remaining cap space after the Shesterkin extension?

There is no disputing Shesterkin's genius. It will be difficult to repeat that level of performance with another goalkeeper. If a deal can't be agreed upon, it doesn't make sense that Drury will make it work. The basis of the deal will not only be the player, Shesterkin, but should be the impact the contract will have on the entire structure of the program.

You can't put a price tag on Shesterkin's importance to the Rangers, but unfortunately, it has to be accounted for in the tough world of the NHL. How Shesterkin's camp decides against Drury will start a debate that could help shape or hinder the organization's future.

If there is faith that a great program can be built around Shesterkin's price tag, then happily re-sign him. Of course, faith and action are two different things, and the onus will be on Drury and the rest of the front office to properly allocate their remaining funds to build a Stanley Cup-caliber roster.

Nobody wants to see Shesterkin leave in free agency, just like nobody wanted to see Lundqvist leave. But learning from the past, that alone can't explain why they're shelling out 12% of the cap or more on their goaltender. Learn from the past and prepare for the future. That's the mantra the Rangers should follow when their All-Star goaltender's contract year ends.