With Linus Ullmark trade, the return doesn’t quite add up for Bruins … yet
The Bruins' trade involving Linus Ullmark only created roughly $1.165 million in cap savings.
The 2024-25 Bruins were going to be a better team with Linus Ullmark entrenched on the depth chart.
Not only would the established veteran and 2022-23 Vezina Trophy winner further ease Jeremy Swayman’s workload next season, he would have held court as the best on-ice insurance in the NHL as the best backup in the league.
But something had to give this offseason, with the luxury of boasting two top-tier netminders on the same roster no longer fiscally feasible — especially with Swayman expected to sign a hefty contract extension this summer.
Following Swayman’s stellar postseason run and his expected ascension as Boston’s franchise netminder, the writing was on the wall that the Bruins couldn’t move forward with a $5 million cap hit sitting on the bench most nights in 2024-25.
It’s that sentiment — coupled with the several other offseason needs that Boston needs to address this summer with a spending spree — that makes Monday’s return for Ullmark so puzzling.
As daunting as it might be to properly gauge the goalie market and secure a proper return for a top asset in net, Don Sweeney and the Bruins did manage to acquire a few useful pieces.
Reclaiming their own first-round pick in the 2024 NHL Draft (No. 25 overall) will allow Boston to add an intriguing young talent to an otherwise barren prospect pipeline. Pugnacious forward Mark Kastelic should add some speed and snarl to the team’s checking unit.
And even though Ullmark is still an elite netminder, the 30-year-old wasn’t in Boston’s long-term plans — especially if a trade moved his $5 million cap hit off their books.
But any hopes of allocating another $3-4 million to Boston’s spending power this offseason were snuffed out once the Bruins opted to take on goalie Joonas Korpisalo and what has quickly devolved into a burdensome contract.
Even with Ottawa retaining 25 percent of the veteran goalie’s contract, the Bruins are currently looking at a $3 million annual cap hit through the 2027-28 season with Korpisalo on their books.
As a result of Monday’s trade, the Bruins only shed $1.165 million in cap space (per PuckPedia) — with Korpisalo’s deal handcuffing a Bruins roster that should have prioritized fiscal flexibility above all else when it decided to part ways with Ullmark.
If the Bruins end up handing Swayman a mega-deal this summer worth roughly $8 million per season, it makes plenty of sense that Sweeney and his staff weren’t going to view a combined $13 million allocated to a Swayman/Ullmark duo as a palatable scenario.
But if the alternative is an $11 million commitment to Swayman and a far-worse netminder in Korpisalo, one could make the argument that the Bruins would be better off just sticking with their previous arrangement — especially if the savings is only $1-2 million per year.
Yes, the Bruins are still flush with cap space this summer, with PuckPedia projecting $25 million in spending power for Sweeney and Co.
But given the number of needs on Boston’s roster, the Bruins need all of the cap space they can get.
Beyond crafting Swayman’s new contract, the Bruins might have to spend big bucks to acquire a top-six center like Elias Lindholm. If Boston is targeting scoring punch, it might have to fork over $10 million or more if it wants to try and pluck a 30-goal sniper like Sam Reinhart or Jake Guentzel.
Fair to say, that cap surplus can dry up quickly.
And if Jake DeBrusk leaves in free agency, the case can be made that the Bruins should be looking for at least two scoring forwards this offseason.
Bringing in a duo of Tyler Toffoli and a speedy forward like Anthony Duclair could be enticing, but that extra forward may not exactly be feasible with Boston only shedding just over $1 million via Monday’s deal.
It’d be particularly painful if a potential 20-goal scorer sees his market crater during the second or third day of free agency, but Boston only has $2 million or so left in its bank and is unable to swoop in for a bargain deal.
Yes, Boston probably would have invited a whole lot of risk had they moved Ullmark and opted to fill in the backup role with an unproven (and cheap) rookie like Brandon Bussi.
But Korpisalo is also a major gamble for Boston, especially given that contract and his lackluster returns in net last season.
Korpisalo posted an .890 save percentage over 55 games in his first (and only) season with Ottawa, with the 30-year-old goalie ranking 97th out of 98 eligible goalies in goals saved above expected last season at -16.7, per MoneyPuck.
Perhaps the Bruins believe a change of scenery will help Korpisalo right the ship — especially under goalie coach Bob Essensa’s tutelage.
But Korpisalo’s woes won’t be alleviated just by slotting him behind Boston’s defense.
Ottawa’s defense ranked 25th in scoring chances allowed during 5-on-5 play (per Natural Stat Trick) last season, but Boston’s wasn’t much better — ranking 19th in the NHL in the same category.
In terms of high-danger scoring chances allowed at 5-on-5 play, the Bruins actually allowed more per 60 minutes of play (11.44) than the Senators (11.36) last season. Boston might have better personnel on its blue line, but the Bruins’ defensive numbers were primarily a byproduct of both Swayman and Ullmark bailing them out.
As such, Korpisalo will need to elevate his own game if Boston’s defensive structure in front of him doesn’t improve. That’s a pretty costly roll of the dice — especially considering that $3 million cap hit.
Of course, it remains to be seen if the Bruins have other plans for Korpisalo beyond slotting him behind Swayman on the depth chart.
Boston could opt to bury Korpisalo in Providence, although that would only save $1.15 million against the cap. They could also buy out his contract, but that would result in a dead cap hit on Boston’s books through the 2031-32 season.
If Boston is willing to retain more of Korpisalo’s salary or wants to throw a prospect or draft pick in as a sweetener, perhaps it can find another team to take on Korpisalo’s contract — although that seems like a stretch.
But it sure feels like the Bruins have absorbed a headache of a contract with Korpisalo — taking him off Ottawa’s hands while handing them a No. 1 netminder in the process.
While taking on Korpisalo’s deal might have been the price needed to pry a first-round pick from Ottawa, the Senators arguably should have had to relinquish another draft pick or player to Boston just to get that contract off their books.
There’s still plenty of dominoes that have yet to fall when it comes to Boston’s busy offseason.
But at this early stage of the summer, the Bruins have seemingly etched more tasks on their to-do list — while moving their top trade asset in the process.
For now, things just don’t seem to add up.
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