Vegas Golden Knights and William Karlsson close to extension

There was some big Vegas Golden Knights news to digest this morning with reports suggesting that William Karlsson is on the cusp of signing an extension.

TSN’s Pierre LeBrun has reported that the Vegas Golden Knights and Karlsson have agreed terms on an eight-year contract extension, which should be finalised later this week.

And Bob McKenzie of TSN has added that the average annual value of the contract will be a shade under $6 million.

Not only does that deal give Karlsson the length he so desired, it is also a manageable number for the Vegas front office who will now get to work on clearing cap space.

Whatever way you paint it though, this was a deal that had to get done and it will arguably be the Golden Knights’ biggest success of the offseason once Karlsson’s new deal is signed, sealed and delivered.

Karlsson is a key piece in this team and will continue to be so as the Knights aim to extend their window as a Stanley Cup contender.

It is well known that the 26-year-old loves it in Sin City and he will know that he’s on a team that gives him a very realistic chance of winning a Championship or two.

You have to give full credit to General Manager Kelly McCrimmon and President of Hockey Operations George McPhee, too, who both knew that locking Karlsson down for the long-term future was their biggest priority this offseason.

Now, just a day removed from the 2019 NHL Entry Draft where they beefed up their pipeline with eight prospects, the Golden Knights are on the brink of making a major commitment to one of their star assets to go along with Selke Trophy finalist Mark Stone, who was signed to an eight-year, $76 million contract shortly after being acquired in a trade from the Ottawa Senators at the trade deadline.

Vegas are putting their money where their mouth is and proving that they are committed to winning a Stanley Cup by keeping this core together.

The eight-year deal is the max amount of years that Karlsson can re-sign with the Knights for and it is significant for two reasons.

Firstly, and as already mentioned, it gives the player the long-term security he so craved and, secondly, it provides the franchise with a reasonable AVV with which to work with when it comes to the cap.

We’ll come on to the logistics of the cap shortly but, for now, this is huge news for the Golden Knights who will be locking down a player who is at the peak of his powers and just about to hit his prime.

Karlsson showed the hockey world what he was really capable of in 2017-18 after posting 43 goals and 35 assists for 78 points in 82 games, in addition to a further 15 points (seven goals, eight assists) in the postseason as Vegas made a magical run all the way to the Stanley Cup Final in their inaugural year.

Now, Karlsson did endure a slight dip in production this year with 56 points (24 goals, 32 assists), but he’s much more than just a scorer.

He’s a modern-day two-way forward who excels in the defensive aspects of the game and could well win a Selke Trophy someday soon after receiving votes in each of the last year two years.

You can rely on the center in the face-off circle and he’s also durable having not missed a single game over the course of the last two seasons.

He can produce the sublime out of nothing and, at just 26-years of age, you can bet that his best days of hockey are ahead of him.

Karlsson, who is coming off a one-year, $5.25 million contract, won the Lady Byng Trophy in 2017-18 for exhibiting the best type of sportsmanship and gentlemanly conduct combined with a high standard of playing ability, has posted 184 points in 347 career NHL games.

But let’s talk money for a moment. It was announced in the wake of the draft on Sunday that the salary cap for 2019-20 will be $81.5 million.

Vegas are currently $1.6 million over the cap and are the only team in the entire NHL to be over the cap.

So, as a result, the front office are going to have to get creative as well as pulling the trigger on a few trades in order to create some room under the cap and to accommodate Karlsson’s new contract.

Colin Miller and Cody Eakin are believed to have been shopped around for a potential trade already, while the Knights have four unrestricted free agents they could allow to walk including Deryk Engelland and Pierre-Edouard Bellemare.

Malcolm Subban, Tomas Nosek, Jimmy Schuldt and Nikita Gusev are all restricted free agents and their futures will have to be resolved too, with the latter’s name cropping up in trade talks on Saturday.

Miller has an average annual value of $3.875 million, Eakin’s is $3.85 million and Ryan Reaves could also be a potential trade candidate with his average annual value currently at $2.775 million.

Vegas will have to execute some trades in order to shed salary, make room for Karlsson’s extension and move back under the cap.

That means they will unlikely have any room to dip their toes into the free agency pool, but having a player of Karlsson’s ilk for eight more years is worth all of that.

You need star centers and a potent top-six in order to be a contender and the Vegas Golden Knights are doing everything they can to ensure that their biggest weapons remain in Sin City.