After contract extension talks proved fruitless, Penguins star center Evgeni Malkin has informed the club he intends to test the open market, a source confirmed to the Post-Gazette.
Malkin, who will turn 36 on July 31, will become a free agent for the first time in his career on Wednesday at noon, barring an 11th hour deal. He should be one of the most-watched names and one of the more-coveted targets.
Darren Dreger of TSN was the first to report the news.
At least publicly, Penguins general manager Ron Hextall repeatedly said he hoped to keep the core together. On locker cleanout day, he expressed a desire to see Kris Letang and Evgeni Malkin both retire as Penguins. As recently as the NHL draft on Friday, the GM reiterated that refrain, saying he wanted to “lock in Geno.”
“I strongly believe he wants to come back, so we’ll continue to work at it and hopefully come to an agreement,” Hextall said.
However, saying you want to sign an aging star player and finding a way to accomplish it are two different things, especially for a cap-constrained team.
The Penguins, who sit with $15.3 million in cap space, have largely kept contract negotiations with Malkin private, as is Hextall’s preferred way of doing business. However, a team source told the Post-Gazette a four-year deal with a $6.1 million average annual value is on the table. Longer-term deals with lower average annual values have also been discussed.
The new front office had played hard-ball with Malkin, making it clear he’d need to sign at a reasonable term and would need to take a pay cut on the $9.5 million he made the last eight years. Still, there was optimism that a deadline would bring the two sides together. Instead, it appears Malkin will see what offers he can garner from the other 31 teams before making his decision.
Coming into this season, it appeared the stage had been set for change.
With a relatively new front office calling the shots and a new leadership team, Fenway Sports Group, footing the bill, the Penguins entered a pivotal offseason with three of their top five players — Bryan Rust, Kris Letang and Malkin — playing out the final years of their deals.
As an uncertain offseason loomed, Malkin said he’d like to play three to four more years, ideally in Pittsburgh. In the middle of the season, he handled the contract situation as he does most things — with a smile and a joke.
“I don’t think about money,” he said. “I’m a pretty rich guy.”
However, his tune changed on locker clean-out day. Malkin said he felt that “good players sign good contracts.”
“It’s a business,” Malkin said. “I love this city. I love these fans so much. But if the team wants new blood, young guys and they say to me, ‘You should move on,’ I understand.
“I’m ready both ways. If I stay, I’d be so much happy. But if not? OK, move my family to another city and hope I play my best hockey.”
Coach Mike Sullivan and captain Sidney Crosby have both advocated for keeping the core together on multiple instances. Almost every year, the aging core was asked about the idea that their time together could be coming to an end. But for the first time, they all seemed to acknowledge it was becoming a real possibility.
“We understand that it’s not something that can happen forever,” Crosby said. “But, you know, hopefully a little bit longer.”
Throughout his 16-year career, Malkin has assembled an impressive trophy case that includes the Hart, the Conn Smythe and the Art Ross (two times) trophies. At different points over the last several seasons, Malkin has looked like that same elite offensive engine.
However, his age and injury history added two important variables.
The collision on March 16, 2021 with then-Boston defenseman Jarred Tinordi is a critical pivot point in Malkin’s career, forcing the Penguins star center to undergo offseason knee surgery to repair his right ACL for the second time.
In two years prior to right knee surgery in June 2021, Malkin produced 3.01 points per 60 minutes. Only four players in the entire league posted better numbers over that same span.
But last year, he did not always look like the same player, especially in transition. Malkin, who made his season debut in mid-January, continued to flash moments of brilliance in stagnant situations, especially on the power play. However, at 5-on-5 play, his 1.95 points per 60 minutes was a significant decline for his previously elite numbers. At the same time, his giveaways at 5-on-5 were a career-worst 4.22/60 minutes.
Malkin saw an especially large drop off when it came to creating in transition — a staple of Sullivan’s speed-oriented attack. Last season, Malkin produced just 0.22 rush attempts/60 minutes, according to Natural Stat Trick. Compare that to two seasons prior to the knee injury, Malkin registered more 0.57 rush attempts/60, making him 2.6 times less dangerous last season in transition.
Those numbers match the eye test. On numerous instances, Malkin’s skating looked like what you’d expect from a 35-year-old less than a year removed from his second significant knee injury.
The Penguins are still open to re-signing Malkin. However, now with a significant hole at their No. 2 center position, they are not in a position to wait around when the floodgates open at noon Wednesday.
