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CROSBY FIVE YEAR EXTENSION 5/43.5M - SID TAKES LESS TO STAY |
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I just recieved confirmation that the number is 43.5M for 5 years...an 8.7 Cap hit
Brian will be posting a blog shortly in "Blogging the NHL."
A source confirmed to me that the Penguins have agreed to a five year extension in the neighborhood of 9 per season, and since Sid is still under contract for the upcoming season that means 6 more years of Sid in steeltown.
Great work as always by Brian.
Reading some of the comments below there are many people saying that "This kind of deal means the lockout was pointless" or "How is this Sidney giving the Pens a discount?" He alsohelped out the Penguins big time when it comes to signing UFAs and selling suites in the new arena.
#1 It is BECAUSE of the lockout that the Pens can keep Crosby. The lockout wasn't about paying players less it was about giving the teams stability. So teams now understand what they are working with and they know year to year they can compete..I disagree with people who say every team can spend to the cap, because clearly many teams can't and in fact those who drew up the CBA knew this VERY well...Some teams will always be able to spend to the cap and some teams will always be on the floor...but that spread is 16 Million dollars not 30., and a majority of teams will be in the middle...
#2 The discount comes into play when you realize that as early as next year Sidney knows that players will be making more than him. There are guys who will get the max. And next year that max could be 11 million, so when you consider the fact that the max goes up 1 million per year, and if any player is a max player it is Sidney, let's figure it out...
Crosby is signing around 45 million over 5 years starting in 08-09
08-09 projected max= $11M
09-10 projected max= $12M
10-11 projected max= $13M
11-12 projected max= $14M
12-13 projected max= $15M
Salary for the 5 years is $65 Million. Therfore Sid is taking at least a $22M Discount, because he could (if he wanted to) very easily just sign 1 year max deals, and he would get the Leafs, Flyers, Rangers, and others to pay it.
#3 He helped out the Penguins here BIG TIME when it comes to signing players over the next several years to longer term deal...
#4 He helped the Penguins sell Suites in the new arena by enabling them to say, "We will have Sidney for 3 or four years in the new arena."
#5 Don't discount the amount of pressure that the NHLPA puts on a deal to its top player.