Hartnett: Gorton Demonstrates Cap Mastery By Signing Stepan To Fair-Market Deal
By Sean Hartnett
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Nothing gets a deal done like the threat of an impending arbitration hearing. The Rangers and Derek Stepan did the smart thing by avoiding what could have been a contentious hearing by putting the finishing touches on a long-term contract on Monday morning.
Having delayed a scheduled 9 a.m. player-elected hearing, agent Matthew Oates and Rangers general manager Jeff Gorton continued to work through the morning to reach an agreement on a reported six-year, $39 million deal. On Saturday morning, Stepan and the Rangers each presented their numbers to an independent arbitrator. Stepan reportedly requested $7.25 million, while the Blueshirts countered with a below-market offer of $5.2 million. A gap of $2.05 million did not hinder the two sides from reaching a middle ground at $6.5 million in annual average value.
Since being installed as GM on July 1, Gorton has done an excellent job of handling a delicate cap situation. Locking down Stepan to a cap hit of $6.5 million is good business for the Rangers given the annually rising salary cap. It will probably look like a steal a few years down the line given Stepan's development and importance to the Blueshirts.
Having served as a dependable, all-situation center, Stepan is now earning similar money to top centers in the league. He is just below Anze Kopitar ($6.8 million), Mikko Koivu ($6.75 million), Joe Thornton ($6.75 million) and Nicklas Backstrom ($6.7 million).
Stepan is the first Rangers center since Wayne Gretzky to record 50 points or more in three consecutive 82-game seasons. This does not include the lockout-shortened season of 2012-13 when he collected 44 points in 48 games, finishing just shy of a point per game. Over the past three seasons, the Minnesota native has averaged 0.788 points per game. That's 45th-highest of all NHL skaters and higher than fellow centers Patrick Marleau (0.745), Tyler Johnson (0.74), Patrice Bergeron (0.734) and Ryan O'Reilly (0.728).
The 25-year-old alternate captain completed the final year of a two-year "bridge deal" worth $3.075 million AAV, earning $3.850 million last season. He finished last season with 16 goals, 39 points and a plus-minus of +26 in 68 games. Stepan has been a model of durability, not missing a single regular-season game until a fractured left fibula caused him to miss the first 12 games of last season.
By tying down fellow restricted free agents to affordable new deals, Gorton was able to leave just enough space to squeeze in Stepan's big raise. Gorton signed Oscar Lindberg, Emerson Etem, Dylan McIlrath, Jesper Fast and J.T. Miller to a combined cap hit of roughly $3.924 million. The Rangers currently have very little space to work with under the salary cap upper limit of $71.4 million.
Stepan's re-signing represents another last-minute agreement by the Rangers to avoid the unpleasantness of arbitration. A year ago, the Rangers signed center Derick Brassard to a five-year, $25 million contract one day before a scheduled July 28 hearing. This came after Brassard's camp had requested $4.95 million and the Rangers countered with a $3.825 million offer days earlier.
Back on July 27, 2011, Ryan Callahan's agent, Steve Bartlett, and the Rangers were able to put the finishing touches on a three-year, $12.825 million deal just hours before the sides were supposed to meet before an independent arbitrator in Toronto. This came one week after Brandon Dubinsky's agent, Kurt Overhardt, was able to wrap up a four-year, $16.8 million agreement with the Blueshirts in similar fashion.
In completing all three of these deals, the hard negotiating was handled by Gorton, with former general manager Glen Sather having the final stamp of approval. Sather stepped down from his post on July 1, and the tough task was getting Stepan to commit his long-term future to the Rangers. This represented Gorton's first big challenge since being promoted to GM.
Now that Stepan is signed, Rangers fans can breathe a big sigh or relief. Gorton has proven to be a salary-cap wizard, and he deserves a big pat on the back from the Blueshirts' faithful.
Follow Sean on Twitter @HartnettHockey.
