Canucks sign goalie Kevin Lankinen to splashy long-term extension
The Vancouver Canucks announced Friday that they had agreed to terms with goaltender Kevin Lankinen on a five-year, $22.5 million ($4.5 million annual average value) extension.
Lankinen, who was a pending unrestricted free agent, had to settle for a one-year, $875,000 contract with the Canucks in late September after he appeared to overestimate his value in free agency last summer. He will reportedly have a full no-movement clause for the first two years of the deal and a modified no-trade clause (15-team no-trade list) for the final three seasons.
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Lankinen has been one of the Canucks' most important players this season.
With Thatcher Demko hampered by injuries and performing inconsistently and playoff breakout performer Arturs Šilovs struggling mightily, Lankinen's rock-solid play as Vancouver's starter has been essential. Lakinen, 29, has posted a .905 save percentage in 34 games and saved 7.3 goals above expected, according to Evolving Hockey.
The Canucks would be sitting outside a playoff spot without Lankinen: They've played at a 108-point pace during his games, compared to a 70-point pace when Demko or Šilovs has been in net.
Five years and a $4.5 million cap hit do seem a bit steep for Lankinen, who has been a backup for most of his career, but the Canucks couldn't really afford to lose a goaltender of his quality given all the question marks around Demko's health.
Dating back to last season, Demko has only managed to finish 18 of his most recent 21 starts, including the Canucks' final game before the 4 Nations break, and one of those starts includes the playoff game against the Nashville Predators in which Demko sustained his serious knee tear. He is currently out week-to-week, according to the club. There's a chance that you may never reliably be able to count on him to play 50-plus games in a season again.
Even if you're the biggest believer in Demko's ability and are confident he'll return to being Vancouver's starter next season, the Canucks needed a 1B goaltender of Lankinen's quality. It'd be reckless to pair Demko with a classic backup who'd be ill-equipped to potentially handle a 40-game-plus workload next season.
It's also worth noting that this year's crop of free-agent goaltenders is pretty weak. If the Canucks lost Lankinen, it wouldn't be cheap or easy to replace him. Furthermore, Lankinen's extension aligns with the inflating goalie market prices, coming in slightly cheaper than the five-year, $25 million contract that Joey Daccord signed and the five-year, $26.25 million extension that Mackenzie Blackwood signed.
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There's definitely some risk with this contract — Lankinen turns 30 before year one of the contract kicks in and he doesn't have a long track record of success in a heavy workload — but the Canucks didn't have many appealing alternative options.
Demko has one year remaining after this season at a $5 million cap hit, meaning he'll be eligible for an extension on July 1. Lankinen's extension gives the Canucks insurance and flexibility on how to approach Demko's future.
If the injury concerns are too large to overlook, Vancouver could shop him on the trade market in the summer. But if the Canucks still want to bet on Demko's star-level ceiling — don't forget he was the Vezina runner-up last season — they could also roll into next season with a Demko/Lankinen tandem. It'd be expensive at a combined $9.5 million, but on paper, it'd be one of the more talented goaltending duos in the NHL.
The decision to extend Lankinen doesn't necessarily indicate the end of Demko's Canucks tenure. It does open that possibility up, but again, the club needed a goalie of Lankinen's quality even if they want to keep Demko because of the latter's durability concerns.
It's especially difficult to determine Demko's future right now because he's currently sidelined with an injury. The Canucks should use the rest of this season to gather as much info on Demko's health and ability to return to his previous apex form in order to make the most informed decision possible about his future this offseason.
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