The Vancouver Canucks have reportedly looked into trading defenceman Tyler Myers. He is entering the final year of his albatross five-year, $30 million contract he signed in 2019, which pays him an average annual salary (AAV) of $6 million. Dumping cap is not cheap in a flat cap world, and the Canucks must be careful not to spend an egregious amount to rid themselves of his deal.
Even though the Canucks need to free up cap space somehow, they don’t have a surplus of draft capital to throw at a team to take Myers. Even though a trade feels inevitable, they must evaluate alternative options if the cost is too high for their liking. Unfortunately, bad contracts, including the Myers one signed by former general manager (GM) Jim Benning, leave the Canucks no choice but to trade his or another contract for cap space.
Canucks Can’t Really Afford the Cost to Dump Myers
Just this past season, the Canucks have shipped off plenty of future assets for immediate help. The list includes trading a 2023 fifth-round pick for Ethan Bear and Lane Pederson, a 2024 second-round pick to dump Jason Dickinson’s contract, William Lockwood, and a 2026 seventh-round pick for Vitali Kravstov, the 2023 first-round pick they received from the Islanders in the Bo Horvat trade and their own 2023 second-round pick for Filip Hronek. These trades did not result in them coming close to the 2023 NHL Postseason. They did gain draft picks and prospects, such as the aforementioned Islanders’ first-round pick, Aatu Raty, and mid-to-late-round selections once they realized their playoff ambitions were nonexistent. Although, looking at these trades makes it appear that the Canucks were on pace to make the 2023 NHL Playoffs, not miss them while being out of contention since Christmas.
$6 million is a high cap hit for almost any team. The bottom-feeding, cap-floor living organizations can swallow the contract, but they will demand a hefty price. Insiders are linking the Canucks to the San Jose Sharks regarding Myers. They are not a cap-floor team but project to finish near the bottom of the league this upcoming season. Frank Seravalli reported on Canucks Central that there was potentially a one-for-one swap on the table. The Sharks get Myers and his $6 million cap hit, while the Canucks get Kevin LaBanc, who has one year remaining with an average annual value (AAV) of $4.725 million.
This alleged deal hasn’t happened yet, and the odds it does are low. I suppose the Canucks can circle back and get negotiations rolling with the Sharks again and somehow get this deal through. In that case, it will be a massive success for GM Patrik Allvin and company. They do not need another winger, but LaBanc’s cheaper contract will help their cap situation. This is all speculation stemming from what Seravalli reported, but it is interesting to think about. Although, the scenario where they get out of Myers’ contract without adding prospects or draft picks, especially considering every NHL team knows their financial bind, is unlikely. It usually costs a quality asset or two to trade an albatross contract, and a recent trade gives insight into why it could be a second-round pick at minimum.
What the Cost to Dump Myers Could Look Like
The New York Islanders trading Josh Bailey to the Chicago Blackhawks is a good benchmark to base a Myers trade on. His contract had one year remaining with a cap hit of $5 million. Along with Bailey, the Blackhawks received the Islanders’ 2026 second-round pick, while future considerations went the other way. The Blackhawks then bought out the remaining year on Bailey’s contract. Myers also has one year remaining on his contract with a slightly higher AAV of $6 million. He does bring more to a team than Bailey, as the minute-munching, right-handed, big-body defenceman could net a rebuilding team a depth draft pick or two at the 2024 NHL Trade Deadline at 50 percent retained.
Using the Bailey trade as an example, it is fair to assume a second-round pick, at minimum, will be needed to trade him. The Canucks own all of their draft picks in the upcoming three NHL Entry Drafts, aside from their 2024 second-round pick and 2026 seventh-round pick. Let’s assume it will cost a second-round selection. Considering the Canucks’ recent history of trading future draft picks for win-now moves, it is inadvisable to continue to do so when the on-ice product has not sniffed the playoffs over the past couple of seasons. Yes, they can afford it, but is entering the 2023-24 season with only one second-round pick over the next three years a good idea?
They are not in an ideal position to spend a second-round selection or more in any upcoming drafts for immediate cap relief or roster help. Yes, they need the cap space, but if there are other methods to creating the room, they should at least look into the idea rather than paying to trade Myers.
Canucks Must Consider Other Options
The alternative route to trading Myers is moving a different player off the roster. Conor Garland is an intriguing name to trade for cap space. The Canucks would not need to pay an excessive amount for a team to take on Garland. Instead, a team would likely buy low on him, giving up a late-round draft pick. A Garland trade would end their current cap issue, but they would lose a top-nine forward as a result. Of course, the Canucks could move other players than Myers or Garland, but their names have come up the most. Seravalli mentioned on Sportsnet 650 how they would like to trade Garland but are not wanting to pay or push to get it done.
Trading Garland should be the last resort if the cost is too high to trade Myers. The team is better with him on it, but they must find a reasonable solution to their current cap conundrum. The Canucks have to tread with caution. Doing their due diligence is essential to not hurt their future, even if it means trading someone other than Myers for cap relief.
The Canucks May Have No Choice
A Myers trade feels imminent. The Canucks are damned if they do and damned if they don’t. Trade Myers and they likely forfeit a second-round draft pick or value equivalent to it, depleting more future resources. If Allvin keeps Myers for the upcoming 2023-24 season, it probably means they must sacrifice depth from other areas of the team, likely their forward core. Fans shouldn’t get their hopes up for a deal without additional compensation needed.
Related: Canucks 2022-23 Report Cards: Tyler Myers
The Canucks are still trying to navigate around the decisions of former GM Benning. They must free up cap space, but due to the expected price, it will hurt their future. Even if the Canucks forfeit a second-round pick in a Myers deal, the immediate relief will make it worth it, but not poking around at other options would be a mistake.
