Former Canucks AGM defends Pettersson bridge deal
A former Vancouver Canucks assistant GM defended the initial bridge contract that the team signed Elias Pettersson to a few years ago.
The Canucks superstar was signed to a three-year deal that carries a cap hit of $7.3 million back in 2021, a contract that is set to give way after this season to the Swede’s shiny new eight-year $92-million extension signed earlier this weekend.
Chris Gear, who served as an assistant GM for the team from 2020 to 2021, took to social media on Saturday to congratulate Pettersson on his new deal and also give some thoughts on why the Canucks decided to initially sign him to a bridge deal.
Congrats EP. Btw, some criticized the bridge deal at the time. Nux will pay less in AAV over 5 & 8 yr spans by having signed the bridge followed by this deal vs the alternative. Plus the extra cap space this year has been invaluable to roster construction. Just sayin’.
— Chris Gear (@vangearman) March 2, 2024
The bridge deal was done at the same time as the Canucks also got captain Quinn Hughes locked up to a six-year extension. Pettersson’s agent at the time, JP Barry, mentioned that the team’s poor use of cap space could hinder both him and Hughes from getting long-term deals.
Gear argues that the lower AAV for Pettersson on his current deal helped the team save money and leave room for other acquisitions, such as Nikita Zadorov and Elias Lindholm, for this season. It’s a solid argument from a guy who helped play a role in those initial conversations.
A longer-term deal for Pettersson back in 2021 would have probably run the team a few extra million dollars on the AAV, which would have given the team much less cap room to improve the team in-season. Though the Canucks’ success this season was unexpected, Pettersson having a lower cap hit is certainly helping the team right now.
Of course, the risk of signing Pettersson to his current short-term deal is that he could have decided to leave Vancouver when it ends, but that possibility has now been snuffed out. There is also the notion that the team might have been able to sign Pettersson to a long-term deal that came in at a cheaper figure than the $11.6 million he will be making on his new deal.
For example, if the Canucks decided to go for a long-term deal for Pettersson when he was initially up, they probably could have swung an AAV around the $8 million to $9 million range. Now, because the team decided to punt the decision down the road, Pettersson will be the fifth-highest player in the league next season. Look at how the Oilers handled Leon Draisaitl, signing him to an eight-year deal worth $8.5 million in 2017, which is now seen as one of the biggest value contracts in the league now that he has blossomed into a top player.
Even Hughes can be used as an example in this case. They committed more term to the blueliner around the same time, resulting in a $7.8 million cap hit, which feels like a bargain now that he is performing at a Norris Trophy level for the team. He still has three more seasons on that deal.
Fans were quick to criticize Gear for patting himself on the back for a deal that held plenty of risk when it was signed, but the 51-year-old fired back in another post on X.
Haven’t felt wrath on here since I dared to suggest (gasp!) that Miller’s re-signing was not the end of the world and that fans should relax and enjoy him. Today’s post was only a math observation, based on where the team now sits. Bringing up old grievances is lame & misdirected
— Chris Gear (@vangearman) March 3, 2024
Before becoming the team’s AGM in 2020, Gear spent parts of 10 seasons acting as the vice president of the Canucks. He was dismissed from the team in late 2021 and has since gone on to found Blackfin Sports Group, a consulting agency based in Vancouver. He has also spent time writing about hockey on sites like Daily Faceoff.