Canadiens Urged to Trade $84 Million Franchise Legend

The Montreal Canadiens must make some roster moves.

The Montreal Canadiens are just three years removed from appearing in the Stanley Cup Final but things have gone south for them after losing the finals in 2021.

Marc Dumont of Montreal Hockey Now suggested on June 11 that the Canadiens should consider trading franchise legend Carey Price. That would help create some cap room and give the franchise financial relief.

According to Dumont, Price’s contract (which can be considered dead money as the goalie is virtually retired) has a negative impact on the team’s salary cap. He believes it limits the Habs’ flexibility in roster management entering the offseason.

“The Habs will have almost $17 million in available funds,” Dumont wrote, “but given that Price’s contract is still part of the mix, to reach maximum financial maneuverability, the Canadiens must place Price’s contract on the long-term injured reserve (LTIR).”

CapFriendly projects the Habs to enter the offseason with even more money at $19.9 million. That includes 19 of 23 players currently under contract and on the active roster of the organization.

Will Canadiens Try to Move Carey Price’s Contract Via Trade?

The Canadiens could place Price on LTIR, but that wouldn’t help the franchise that much.

For context, placing a player on LTIR does not remove the salary cap hit from the team’s overall budget. However, it allows the team to spend additional funds above the $88 million, 2024-25 salary cap.

“Having Price on LTIR isn’t ideal from a salary cap standpoint,” Dumont wrote. “As Price’s funds are tied into the LTIR, it’s virtually impossible for the Canadiens to improve their cap space throughout the season.”

After reaching that conclusion, Dumont thinks there are only two ways forward for the Canadiens. The franchise can either accept their situation or try to move Price’s contract in a trade.

“The obvious solution is to trade his contract to a team that wants to save money, navigate a complicated LTI/LTIR situation, or reach the salary cap floor,” Dumont wrote.

Even then, the Habs might have trouble finding a trade partner before July 1. That’s because Price has hefty signing bonuses attached to his contract. The goalie is owed $11 million in signing bonuses over the last two seasons of his contract. He will receive the next payment on July 1.

“Teams are unlikely to want to discuss any manner of trade before his penultimate signing bonus is paid out (on July 1),” Dumont wrote.

That means it will be much easier and palatable for other franchises to trade for Price on July 2. The acquiring team would save $5.5 million in bonus payments that way.

That, however, would come at a price for the Canadiens. The franchise would enter free agency (starting on July 1) with Price’s money still on their books. That’d prevent them from attempting to sign top-dollar free agents.

Explaining Carey Price’s Situation

Price is a living legend of the Montreal Canadiens, but also a very unlucky man. A key figure for the Habs since making his debut all the way back in the 2007-08 season, Price has faced significant challenges in recent years.

Due to unforeseeable knee injuries, for the most part, Price is considered to be “unofficially” retired these days. He confirmed it on September 2023, considering his return to play a “miracle” if it ever happens.

“On a day-to-date basis, I feel really good. But when I do certain things on a consistent basis, it’s a very, very solid remainder that my knee’s not in a position to take the brunt of a full season’s workload,” Price said on September 12, 2023. “I still get a tremendous amount of swelling in it.

“So, for short periods of time, I can do things that are strenuous. But the honest thing is right now it’s just not going to happen. For now, I’m just going to continue to try and rehab my knee where it’s fit for a life in general.”

The Canadiens stated he would be ready for the 2021-22 opening night. However, Price entered the NHL/NHLPA Player Assistance Program at the start of the 2021-22 season. After that, Price suffered a setback during his training post-program exit, with Montreal Canadiens VP of hockey communications Chantal Machabee saying it meant “essentially starting from scratch in his rehab for his knee.”

Price last played for the Habs in April 2022, in a 3-0 loss to the New York Islanders in which he stopped 17 of the 19 shots he saw.

Carey Price’s Legendary Canadiens Career

Price is a celebrated figure in Canadiens history, and with reason.

The habs drafted Price with the No. 5 pick in the 2005 NHL draft and he made an immediate impact by finishing fourth in Calder (best rookie) voting and ninth in Vezina (best goalie) voting after posting a 24-12-3 record and a .920 save percentage.

The goalie matched that .920 save percentage five more times throughout his career. He also led the NHL at a point in that stretch posting a SV% of .933 in 2015.

Price signed an eight-year, $84 million extension with a $10.5 million annual average value (AAV) extension on July 2, 2017. Price’s contract includes a full no-movement clause through the end of the 2025-26 season. Price is willing to waive it to help the Habs, as he said at the start of the 2023-24 season.

“For sure, any way I can help now,” Price said on November 2023 about removing his MVC. “I’m still a part of the team and if I can help in any way, I’m here.”

According to NHL.com, Price’s 712 NHL games are the second-most all-time among goalies who spent their entire NHL career with one franchise, trailing only Henrik Lundqvist (887).

Price boasts an all-time record of 361-261-79 including 49 shutouts, a 2.51 goals-against average, and a .917 save percentage. He also holds Canadiens franchise records for both games played (712) and wins (361).

Price led the Canadiens to the Stanley Cup Final in his final full season in 2021 but lost the finals to the Tampa Bay Lightning. He won the Vezina and Hart Trophies in the 2014-15 season.