Stanley Cup In Canada? All That Glitters Is Not Silver

For Canada’s glittering NHL prizes, the Edmonton Oilers and Toronto Maple Leafs, time is short. Having reaped a harvest of top draft picks through persistent losing they now sit atop the NHL, ready for a championship. The Oilers are still alive (barely) in the Western Conference championship series, battling Dallas in what seems like an even matchup. We’ll see.

Toronto, as we know, expired ignominiously in the opening round versus a very average Boston team. Knowing that their window is closing the Leafs fired coach Sheldon Keefe in favour of no-nonsense Craig Berube. But their wobbly balance between offence and defence remains to be exploited by opponents. It is exacerbated by the huge amounts paid to their Core Four Auston Matthews ($13.25), William Nylander ($11.5), Mitch Marner ($10.9) and John Tavares ($11 M).

That was lost in the relief of Toronto signing Matthews last August. Alas, despite Matthews netting 69 goals in the regular season, it was not enough. We suggested as much at the time:

1) While Matthews has yet to prove he can lead the Leafs anywhere but a golf course come May, he remains their best hope for any assault on the 56-year Stanley Cup drought. It might be a stretch to say the 40-plus-goal scorer in the regular season led them to their first postseason series win last April against Tampa. Patrice Bergeron he ain’t. But he didn’t hold them back, either. Not every Leafs star can say that. 

He’s at a point (26) where a number of NHL stars have morphed from stats producers to win producers. Bryan Trottier, Steve Yzerman, Joe Sakic and Vincent Lecavalier are a sampling of guys who added leadership their tool box in mid-career and went on to multiple Cups. We will see if Auston does likewise.

2) Matthews’ decision to remain in a Canadian city is a huge relief for the league which has recently seen American stars abandon or ignore Canadian cities for the lure of their home country. Indeed, Matthews would likely have gotten all the perks of this deal elsewhere— plus the anonymity of being an NHL player in a city obsessed by the NFL, NBA or MLB. He could’ve maxxed his take-home pay going to one of the NHL teams benefitting from no-state-income-tax. And the NHL would get a huge problem with Canadian fans.

As Canada’s economy wobbles and players have a choice on lifestyle, Matthews’ decision to live in the Toronto fish bowl means that at least one CDN team is relevant. And, let’s be honest, he has a chance of winning the Cup that he wouldn’t in six other CDN teams. If that doesn’t pan out his contract is movable should he desire to move on before 2028.

3) Speaking of relief, getting the deal done is a break for new Toronto GM Brad Treliving. It was he who, as Flames GM, had to negotiate the escape of Americans Johnny Gaudreau and Matthew Tkachuk from Calgary. Had he not been able to retain Matthews in Canada’s largest market it would have not been a job enhancer. Now, he has to find a way to squeeze all Toronto’s glamour boys— hello William Nylander— under the cap and leave room for what they still need. Good luck, Brad.

4) Matthews’ commitment to Toronto means that a number of teams who’ve been delaying bold moves and hoarding trade bait in anticipation of his potential trade or UFA market can now move to Plan B. There were a number of U.S. teams poised to offer the Leafs the moon and stars— NHL version— at the trade deadline or to sign him next summer. This should now signal some activity by teams anxious to deal.

Ironically, the Leafs used to be that team waiting for a Toronto Moses to emerge in the UFA market. Remember Brian Burke’s unseemly longing for Steven Stamkos? Even when they got their local guy in John Tavares, the Islanders star was past his peak and has proved a millstone under the Toronto salary cap. This time they get a star in his peak years.

5) Matthews’ league-leading benchmark of $13.25 M. over just four years allows the NHL salary grid to fall in place behind him as the salary cap takes a bump in 2024-25. His deal will be the comparison for the next superstar contract that enters the unlimited FA portal in the future— although his max salary may chafe some stars who match Matthews’ production but have taken their teams deep into playoffs or winning a Cup. Don’t they deserve more? The expected rise in the league cap over the four years of the Matthews deal may help assuage that.

6) Finally— and most amusing— has been the response from hockey sweats to Matthews getting $13.25 M. For four years? To this crew who talk lovingly about The Game, this seems an awful lot to pay a guy for playing a boy’s game. That much? This just in, Matthews is criminally underpaid as one of the Top 10 players in a modern sports league. 

The dizzying $13.25 as NHL No. 1 would make him the 113th highest-paid player in the NBA, the 103rd highest-paid player in the MLB and the 88th highest-paid player in the NFL. As one perspective, Toronto-born Shai Gilgeous-Alexander of OKC Thunder— starring for Canada’s national team— pays about $13.25M per year in income tax.

 Sure, there are differences among the revenues of the Big Four pro Leagues But, as we’ve written extensively, the @NHLPA sold out its stars in the 2004-05 CBA negotiations to protect average players and grinders. (Actually, it was a small group of stars pushed by their agents to stab Bob Goodenow’s strategy in the back.) They like to mock the product in CBA talks. 

Limiting the maximum contracts to 20 percent of the cap allows the league to have higher minimum and median salaries than NFL and MLB. (Hands up those people who buy tickets or digital packages to see the third line and fifth defenceman?) And pay lip service that it’s still Don Cherry’s Original Six league. With its cozy business plan there’s been little incentive to push the NHL’s business model beyond more expansion.

Also of note, if NHL doesn't make its revenue target under this #CBA Matthews and the other players will have money clawed back in escrow. Great deal, huh? None of the other leagues has escrow, a device thought up by an NYC law firm and foisted on gullible NHL stars in secret meetings to break the 2004-05 lockout. Everything since then has been pantomime labour negotiations.

So good luck, Leafs fans. Enjoy Matthews and the star-spangled Toronto lineup. Things could change with the same guys making more money. But don’t hold your breath. 

Bruce Dowbiggin @dowbboy is the publisher of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada's top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Now for pre-order, new from the team of Evan & Bruce Dowbiggin— Deal With It: The Trades That Stunned The NHL & Changed Hockey. From Espo to Boston in 1967 to Gretz in L.A. in 1988 to Patrick Roy leaving Montreal in 1995, the stories behind the story. Launching in paperback and Kindle on #Amazon this week. Destined to be a hockey best seller. https://www.amazon.ca/Deal-Trades-Stunned-Changed-Hockey-ebook/dp/B0D236NB35/