The Market For Ilya Kovalchuk: Islanders Prepared To Offer $100M, Devils Still In Mix, Kings Out?

 

A flurry of activity was expected to surround Ilya Kovalchuk when the free agent market opened for business on Thursday. Not only was he leaps and bounds better than any other available player, but the 27-year old Russian sniper also possesses a unique ability to dramatically change the face of any NHL franchise. It therefore came as a bit of a surprise that there was little to report on his situation as Day 1 came to a close.

The Los Angeles Kings were at the forefront of negotiations with Kovalchuk, which was to be expected considering their interest dating back to the trade deadline. New Jersey Devils General Manager Lou Lamoriello believed his team was very much in the mix despite having added at least $8.625 million against the cap with previous signings throughout the day. And any number of unconfirmed teams were also posturing for the left wing’s services.

One of those other teams was revealed late in the day on July 2. TSN’s Darren Dreger pondered the idea of the New York Islanders going after Kovalchuk and indicated a source informed him of the team’s possible intentions to offer a $100-million, 10-year contract. ESPN’s Pierre LeBrun followed up with a text confirmation from Isles’ GM Garth Snow that they were in the mix.

A situation that had little movement in the first day of free agency suddenly transformed into the high-priced bidding process anticipated for Kovalchuk. Even in light of the Islanders' potential offer, the Kings were still believed to be the favorite to land Kovalchuk, with the Devils not too far behind pending Lamoriello’s ability to work around the less-than $5 million in cap space still left on the payroll. But with a proposed offer of $10 million annually for the next decade, the Islanders instantly emerged as a contender for Kovalchuk.

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This is hardly the first time the Islanders have thrown around money of this nature. The team has become notorious for inking players to long-term, big money deals.

The first of those deals was a 10-year tender to Alexei Yashin for $87.5 million. Yashin arrived in Long Island after a 2001 trade with the Ottawa Senators that sent the likes of defenseman Zdeno Chara and a first round pick that year to the Senators, the latter of which resulted in Ottawa selecting center Jason Spezza. Yashin was productive initially. But his play, work ethic and attitude slipped to the point where his pay was no longer comparable to his on-ice contribution to the team. So with four years remaining on the contract, the Islanders bought out the final seasons of his contract for two-thirds of the leftover $26.45 million, which equated to $17.63 million overall and an average rate of $2.2 million per year over eight years. Next season will mark the fourth year of that arrangement.

The second of those deals pertains to a player still on the roster in 2000 first overall draft pick Rick DiPietro. The now 28-year old netminder signed a staggering 15-year deal with the Islanders in 2006 for $67.5 million. That is basically a lifetime contract and earns DiPietro $4.5 million every season. The problem with that contract is not necessarily the money, because $4.5 million a year for a starting goaltender is actually pretty decent in the financial climate of today’s NHL. It also has nothing to do with his talent, because DiPietro has proven himself to be a solid option between the pipes when he plays. But he actually has to play, and both knee and hip injuries have derailed his ability to do that. He has suited up for a total of 13 games over the past two seasons and the Islanders have to wonder if his health concerns will continue to be an issue over the remaining 11 seasons on his contract.

Like the proposed offer from the Islanders toward Kovalchuk, Owner Charles Wang was fully supportive of the contracts dished out to Yashin and DiPietro. With two contracts of this nature having already backfired on the team, one must wonder how many times Wang has to put his hand in the fire before feeling the burn.

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Perhaps this situation is different, though. Contrary to the Yashin and DiPietro deals, there may actually be some logic behind this Kovalchuk revelation. While the contract stands the potential to handicap the Islanders just as much as the previous two, it also presents three very positive possibilities.

First, the Islanders currently sport a payroll of $35,717,567 million for the 2010-11 campaign. That sits $7.68 million below the salary floor of $43.4 million for next season. The Islanders must reach the $43.4 million mark by the time the puck drops in October. A $10 million annual wage to Kovalchuk is one easy way to get there. And the team would still have over $13 million in cap space to make more moves, if necessary.

Additionally, the relatively young Islanders organization could a use a veteran scoring presence on its roster. As players such as John Tavares, Kyle Okposo and Joshua Bailey continue to grow their games in hopes of one day leading the franchise, there is still a lot to be desired from that team. And it wouldn’t hurt their development for a scorer like Kovalchuk to carry majority of the offensive pressure.

Then there’s the whole Nassau Coliseum-Lighthouse Project situation. Wang has been lobbying for a new arena for years, and he has been unable to get the Town of Hempstead to approve construction of the project . The Islanders’ lease with Nassau County concludes in 2015, and Wang has no intention of renewing it. He could instead choose to sell the team, which may lead to relocation of the franchise if the new owner wishes to move it off Long Island. Wang doesn’t want to go that route. He wants to keep the team, and he was to keep it in Long Island. Signing a marquee player like Kovalchuk will undoubtedly help his plea. Kovalchuk will garner an increased interest in the franchise from corporations and fans, which should wake up officials to get the ball rolling on a new arena for the Islanders.

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The benefits of signing Kovalchuk are intriguing. But they cannot overshadow the potential pitfalls that exist.

While it’s difficult to knock Kovalchuk’s elite offensive talents, he can be viewed as a one-dimensional player. For all of the 40+-goal seasons he puts up and chances he creates in the offensive zone for teammates, Kovalchuk has his faults. He lacks any level of defensive responsibility. He can easily be taken off his game against the right agitator. And he has yet to prove himself as a valuable postseason commodity. Does anything other than goal scoring really matter for a player like Kovalchuk? If he’s being paid $10 million a season, you better believe it. That type of money is for complete players, not one trick ponies.

Additionally, this type of money could handicap the Islanders within the next couple of years. Eventually, their homegrown talent will need new deals. Tavares is not going to play off a rookie contract forever. If he does develop into the player he was hyped to be when drafted a year ago first overall, he will require a nice payday himself. Ditto for Okposo. Ditto for Bailey. That money will quickly add up and the $10 million per season being paid to Kovalchuk will eat up a lot of financial flexibility. And forget about signing other higher-priced, impactful free agents.

Plus, it’s uncertain if Kovalchuk actually wants to play for the Islanders. He might play there if no other team is willing to commit to his demands. But it’s long been assumed that a top priority for Kovalchuk is to play for a winning organization. That’s why he rejected two contract extension offers from then Thrashers GM Don Waddell - one for $101 million over 12 years another for $70 million over seven years. The team, as it looked then, was destined to be a perennial failure. So he disregarded two healthy offers to seek employment elsewhere. Why, then, would he choose to join a team just as incapable of competing for a Stanley Cup right now for about the same amount of money when he wouldn't even make that concession for the team that drafted him?

Well, perhaps he won’t have a choice.

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Word broke Sunday afternoon that the Kovalchuk to Kings scenario was dead.

"We took our best shot to meet his needs and the team's," Kings Generanal Manager Dean Lombardi wrote in an e-mail, according to The Los Angeles Times.

Hockey Night in Canada's Elliotte Friedman tweeted on the situation:

"Source: Kings really want Kovalchuk badly, feel he's exactly what they need...but cannot get him to drop below a contract request of $100 million. Kings feel they have made biggest offer they can without jeopardizing Drew Doughty and Jack Johnson extensions."

No matter how badly the Kings wish to add Kovalchuk to their team, they cannot sacrifice the futures of players such as Doughty, Johnson and even Wayne Simmonds just to pay Kovalchuk an astronomical amount of money.

Some believe this isn't the end for the Kings anyway. And maybe this is just a Lombardi utlizing the media for some negotiation leverage.

But if Kovalchuk won’t budge on his contract requirements, Los Angeles might legitimately be out of the picture. If that’s the case, the only teams reportedly in the discussion are the Devils, who simply don’t have enough cap space, and the Islanders, who are prepared to give Kovalchuk exactly what he's looking for in a contract.

The chance to play for a Cup might not be imminent on Long Island. But Kovalchuk could easily become patient for the opportunity to raise Lord Stanley if it means snatching the only $100 million offer left on the table.