Ovechkin's Deal Wealthiest in NHL History

The news surrounding Alex Ovechkin's new contract with the Washington Capitals just gets bigger and bigger. According to Tarik el-Bashir of the Washington Post, the actual terms of the deal are a mind-boggling 13 years and $124 million -- according to el-Bashir, it's believed to be the wealthiest deal in NHL history. As reported by el-Bashir, the first six years will pay out at $9 million per season, with the final four at $10 million each.

That's a significant upgrade over the six-year, $54 million report that leaked earlier today from Sovetsky Sport, and a heck of a premium over the 5-year, $43.5 million deal that reigning NHL MVP Sidney Crosby signed to stay in Pittsburgh this past offseason.

According to my FanHouse colleague, JD Press, the contract breaks down as follows:

$9,538,461.54 per season for the next 13 years
$116,322.70 per game for the next 13 seasons
$5,311.54 per shift (based on his current season's shifts-per-game pace)
$304,332.65 per hour of ice time (based on his current season's time on ice per game)

As big a bombshell as the size and term of the contract might be, it also has to be seen as one suffused with a tinge of irony. After all, it was the signing of Jaromir Jagr to a seven-year $77 million deal back in 2001 that backfired so badly and sent the team ultimately onto the course where they were able to draft Ovechkin #1 back in 2004.

If there's anyone laughing now, it has to be New York Islanders owner, Charles Wang. Recall back in September 2006 that Wang and team general manager Garth Snow were roundly ridiculed when they inked the goaltender to a 15-year, $67.5 million deal -- one that's looking like a mere pittance these days.

UPDATE: Sources have just confirmed for me that the original report on the term and value of the contract were correct, that was, before the team decided to revise them upward earlier today. Click here for the press conference audio.

Reader Comments (Page 1 of 1)

1-10-2008 @ 7:49PM

SovSport said...

I have to insist that the original numbers reported were correct as of this morning/early afternoon.

1-10-2008 @ 8:00PM

JT said...

Except DiPietro is an average goalie, while Ovechkin is arguably the best young scorer in the game right now.
There was no reason to lock up DiPietro for that long a contract.

I'm sure Wang is also laughing at the fact that his team and GM can't keep any talent on the roster and has to rely on free agent mercenaries.

1-10-2008 @ 8:14PM

Colonial said...

Agreed.

DiPietro quality goaltenders are far more common than AO quality snipers.

1-11-2008 @ 12:02AM

stonesour said...

have you guys even seen islander games. dipietro is one of the best in the world. if it wasent for him the islanders wouldnt be even close to where they are now.he's not average

1-11-2008 @ 12:55AM

Bill Thomas said...

A lot of money but the Caps were paying Jagr $11 million a year and getting far less in return.

1-11-2008 @ 1:57AM

DiPietro is good but he isn't elite. There are easily 7 or 8 better goalies in the league (maybe more). I don't think there are that many forwards more valuable than Ovechkin.

Does it pay to lock DiPietro up long term when there are more #1 goalies in the world than there are teams?

1-11-2008 @ 11:43AM

george said...

another over paid sports figure Wow what a suprise!!!

1-11-2008 @ 12:28PM

Ovie_Girl said...

George, If you can't beat them, join them. I know I will never make $10 million a year, much less in my life time, but this is how society rewards its athletes and its not going to change.

Ovechkin rocks. He is enormously talent, the bedrock of the Capital organization, and humble to boot. Maybe if you had been there last night to hear the announcement at the Season Ticket holder event, you would feel differently. Trust me... no one there was crying about overpaid sports stars and we're the ones paying his salary. VIVA OVECHKIN!

1-11-2008 @ 12:24PM

Jes Golbez said...

Overpaid? Ovechkin could have easily gotten that amount, and probably more, on the open market. It's not overpaid when every other GM would make the same deal. It's market value.

DiPietro is 16th in NHL SV% this season
Last season, he was 6th
Before that? almost 30th

DiPietro is certainly above average, but he's not a rare talent like Ovechkin is. There are very few Ovechkin-like talents, but plenty of DiPietro's. Those two aren't even in the same league, except for having incredibly long contracts.

1-11-2008 @ 3:05PM

Steve from Sacto said...

Delighted to see the faith Ted Leonsis has shown, not only in his superstar, but also in the long-suffering Caps fans. He's put his money where his mouth is. Now the fans need to do the same, by filling the seats at Verizon Center.

1-20-2008 @ 11:25AM

Dale LeClair said...

is ovechkin worth that maybe but i doubt it very much don't we remember the russian rocket, bure he was stated as the next coming by the legendary pat quinn. Crosby will lead the pens to the holy grail but this boy is like his pre russians in the n h l never be a dominant force in a playoff series