James Nichols
The NHL’s annual buyout window cracked open this week and will stay available until 5 p.m. ET on June 30, offering front offices a chance to trim salary obligations and reshape their books for the seasons ahead. For the New Jersey Devils, attention has turned to 36-year-old netminder Jacob Markstrom, whose two-year, $12 million extension—signed last fall and kicks in on July 1st—now sits as a significant piece on their payroll.
The timing of a potential buyout adds layers of complexity, however. Markstrom’s new deal does not kick in until July 1, 2026, so he falls outside the current primary buyout window. The Devils would instead need to access the secondary window that sometimes opens later in the summer once arbitration hearings wrap up.
To unlock that secondary window, the Devils would typically need at least one of their restricted free agents to file for player-elected arbitration—think names like Simon Nemec, Paul Cotter, or Arseny Gritsyuk—then have the matter either settled between the parties or ruled on by the arbitrator.
Alternatively, the team could initiate arbitration filings on several players themselves, provided they meet the league’s specific criteria for doing so. In either scenario, the players involved would have to consent to forgo any potential offer sheets from rival clubs, ensuring the process stays contained and compliant with NHL rules.
This procedural step adds another layer of coordination for New Jersey’s front office before they could even consider pulling the trigger on a Markstrom buyout in mid-to-late July.
So, how did we get here?
Markstrom arrived in New Jersey via trade from Calgary and initially stabilized the position. In his first full campaign with the club, he posted numbers that helped push the team into the postseason with a .900 save percentage and 2.50 goals against average—flashing the steady presence many hoped would anchor the crease long-term.
Yet, the most recent season told a different story. Over 44 appearances, his goals-against average climbed to 3.07 and his save percentage dipped to a dismal .883, marking a noticeable step back from earlier form.
Those struggles, paired with the Devils’ uneven standing in the Metropolitan Division leave left management questioning whether the club’s goaltending picture needs a major overhaul heading forward, hence Sunny Mehta gauging the trade market on the Swedish netminder.
Should New Jersey find a way through those procedural hoops if they can’t find a trade partner, the financial math follows standard NHL buyout formulas for a player past age 26.
Markstrom would collect two-thirds of his remaining guaranteed money, paid out across twice the length of the remaining term—creating a four-year payment schedule that stretches through 2029-30. Because the contract structure includes a signing bonus only in the first year and maintains consistent total compensation, it avoids the stricter “35+” rules that would otherwise force fuller cap retention.
Breaking it down with the help of Puckpedia, year by year paints a clearer picture of both the relief and the lingering burden:
- In 2026-27, the original $6 million cap hit would drop to roughly $3.25 million under a buyout, delivering about $2.75 million in immediate space. Markstrom would still receive his $4.5 million base plus the $1.5 million signing bonus in actual dollars paid.
- For 2027-28, the savings grow larger: the cap charge falls to around $1.75 million against the original $6 million figure.
- Then come the two penalty years—2028-29 and 2029-30—each carrying a $1.75 million dead cap hit with no player on the active roster to show for it.
Across the board, the organization would commit roughly $7 million in total buyout payments spread over those four seasons. That provides breathing room in the near term, especially as the league-wide salary cap continues its upward climb, but it also saddles future budgets with unavoidable dead money at a time when core stars like Nico Hischier will likely command bigger raises.
From a strategic standpoint, shedding Markstrom’s deal could open the door to pursuing a younger starter or a proven veteran on more flexible terms. The Devils have invested heavily in their goaltending pipeline through the draft with netminders like Mikhail Yegorov and Jakub Malek, and a fresh look might accelerate the timeline for internal prospects or free-agent targets.
On the flip side, carrying dead cap into the later years risks cramping flexibility precisely when the team hopes to be contending for deeper playoff runs.
For Markstrom himself, a buyout would clear his path to unrestricted free agency while still ensuring he pockets a healthy portion of his contracted earnings.
At this stage of his career, he could land elsewhere in a free agency class lacking significant talent.
Ultimately, this isn’t a straightforward call. Mehta and the front office must balance short-term cap relief against long-term roster construction, all while navigating the narrow procedural path to actually execute the move. With the second window opening on the third day after a team’s final salary arbitration award or settlement which is typically some time in August, Devils fans will be watching closely this summer to see whether the organization opts for decisive action or chooses to ride it out and reassess in training camp.
And due to the restriction of having to wait untilt he second buyout window, it seems more likely than not that the Devils either trade Markstrom, or deploy him next season.
