Penguins’ 3-Year Deal For Chinakhov Tells Story Of Shifting Market

On Sunday, the Pittsburgh Penguins announced a slew of RFA signings, which included one-year deals to goaltender Arturs Silovs and forward Daniel Gustafsson, a two-year deal to netminder Joel Blomqvist, and a three-year contract for scoring forward Egor Chinakhov.

Chinakhov, 25, impressed the Penguins and fans last season with 18 goals and 36 points in 43 games after he was brought over from the Columbus Blue Jackets in a change-of-scenery trade in late December. It was finally the breakout that was expected of him since his debut during the 2021-22 season, as he finished the season with 21 goals and 42 points total – both career-highs.

In years past, a 2-3 year bridge deal worth around $3-4 million average annual value would have been appropriate for a player like Chinakhov. Yes, he flashed brilliance with the Penguins last season using his elite-level shot, his surprisingly keen playmaking skills, and his chemistry in the Penguins’ top-six – with almost all of his production coming at even strength since he didn’t see top power play minutes.

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Despite that, it was still a flash-in-the-pan sample size in what has, largely, been an underwhelming and injury-riddled young career. So, once again, in years past, giving a player like Chinakhov $6.25 million for three years may have seemed a bit steep.

But gone are those days. The market is changing, and Chinakhov’s contract is one of several that highlight the pretty seismic shift in the NHL salary cap landscape.

In the past several weeks, we have seen – in different ways – how the market is changing with relation to player value. Brady Tkachuk was dealt to the Florida Panthers for three first-round picks and a second-round pick, something that may have seemed excessive just a year or two ago. Defenseman Bowen Byram – hardly one of the NHL’s elite defensemen – returned the 2026 fourth overall pick to the Buffalo Sabres and was extended by the Chicago Blackhawks for six years, $12.5 million average annual value, making him the highest-paid blueliner in hockey.

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Then, there was the reported trade offer from the Seattle Kraken for Dallas Stars superstar Jason Robertson – who the Penguins have been interested in – that included three first-round picks and a rostered NHL player. Robertson ended up saying he wouldn’t extend in Seattle, rendering the offer moot, but those three first-round picks are a pretty decent bet to be in the lottery zone.

And, most recently, Anaheim Ducks center Leo Carlsson – who is 21 years old and has yet to hit the 30-goal or 70-point plateau – was offer-sheeted $18 million by the Philadelphia Flyers, which demands four first-round picks as compensation and which will make him the highest-paid player in hockey next season despite being nowhere close to hockey’s best player.

Shortly after that happened, Anaheim extended 22-year-old RFA defenseman Pavel Mintyukov – intriguing but still largely unproven – to a five-year deal worth $7.2 million annually, which he is, realistically, unlikely to play up to.

Speculation: To Match or Not to Match, is There a Hidden Third Option? Philadelphia’s massive offer sheet for Leo Carlsson forces a high-stakes gamble in Anaheim, weighing a franchise centerpiece against cap flexibility and a potential blockbuster trade-based alternative.

All of a sudden, perceived overpays are quite literally happening everywhere in every facet, whether it be offer sheets, extensions, acquisition cost, or anything else. All of a sudden, acquiring elite talent requires paying a premium on premiums, putting teams attempting to get over the hump by leveraging assets for that talent at a major disadvantage. All of a sudden, “prove-it” deals or bridge deals hardly exist, as NHL general managers are paying forward for potential rather than what the most realistic outcomes are likely to be.

In a market that’s so rapidly and drastically changing to favor players and their agency, there is a lot of guessing when it comes to player value. With the cap expected to rise substantially year-by-year, some of the league’s best players are going to look vastly underpaid very quickly, and players like Robertson and Connor Bedard, both RFAs, are likely to demand even more money because their perceived worth will be ballooned when compared to a player like Carlsson.

Should The Penguins Follow The Flyers’ Offer Sheet Blueprint? The Flyers shocked the NHL on Friday when they sent a lucrative offer sheet to Anaheim Ducks’ forward Leo Carlsson, and the Pittsburgh Penguins should take notes.

So, it’s a tricky game for GMs. That’s why Penguins’ POHO and GM Kyle Dubas giving Chinakhov $6.25 million for three years is a good bet, even if his salary pretty handily exceeds that of the Penguins’ two best and most established wingers in Bryan Rust and Rickard Rakell. If Chinakhov can build on what he did last season with the Penguins and reach the star-caliber ceiling that Pittsburgh believes he can, that $6.25 million is going to look like a bargain contract as early as sometime this season. If not, $6.25 million isn’t going to affect them very much, anyway.

Assuming he does continue to blossom, however, it also means that Chinakhov would be due for a hefty raise on his next deal, which would take effect in his age 28 season.

There is a seismic shift happening in the NHL. Players have more say in where they go, and they’ll have increased negotiating power when it comes to dollar figures in contract talks. The Penguins may have found a shining jewel in Chinakhov, and although they may be betting on potential here, it’s certainly a bet worth taking in what looks to be a new era of the NHL.