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NHLGround >> Zetterberg 12yrs/$72mil


1/28/09 2:59 PM
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Mark1
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 Hmmm...

Mark


Wings sign Zetterberg to record 12 years


By JIM IRWIN
ASSOCIATED PRESS

The Red Wings have signed star forward Henrik Zetterberg to a 12-year contract, the longest in team history.

The announcement was made today. The team did not disclose additional terms, but Booth Newspapers reported the deal was worth slightly more than $72 million.
 

Zetterberg, a 28-year-old native of Sweden, is in his sixth NHL season, all with Detroit. He has 43 points in 45 games this season.

1/28/09 11:21 PM
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Mark1
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 Locking up one of the Top 10 players in the league for just $6 mil a season?  Holland and lllitch do it again.

Mark

freep.com

January 28, 2009

Wings should take a bow for locking up Henrik Zetterberg

BY DREW SHARP
FREE PRESS COLUMNIST

The Wings remain the model for executive brilliance in sports, and they’re not above taking the occasional bow. They earned this victory lap.

All the principal players sat before the cameras Wednesday, celebrating how they secured one of hockey’s brighter lights for the duration of his career at a discounted rate.

Henrik Zetterberg could have received a lot more than $73 million over the next 12 years had he opted for unrestricted free agency this summer. He’s one of the top 10 players in the game. He would have found at least one suitor determined to pluck one of the Wings’ jewels.

But he committed his career to Detroit because he’s comfortable here. He has found a surrogate family that makes the miles that distance him from his native country (Sweden) far less intimidating.

And that realization puts the broadest smile on owner Mike Ilitch’s face.

Ilitch was asked Wednesday what was it about this franchise that inspires stars to accept a little less financial remuneration. He gave a long, drawn-out dissertation before letting his heart dictate his dialogue.

“I love my employees,” he said.

It’s corny. It’s transparent. But it’s nonetheless the truth.

The players trust that sentiment. They understand that there’s something bigger than the size of the paycheck. Nowhere does that attitude resonate stronger than in Detroit — particularly under these suffocating economic conditions. There’s no justifying sympathy of someone accepting only an average of $6 million over the length of a 12-year contract when he could have received $8 million annually somewhere else. But it’s different in hockey than it is in other sports.

There’s a greater appreciation for the opportunity than in other sports, perhaps because its participants aren’t predominantly American-born and more inclined to look upon their riches as a birthright more than a privilege. Ilitch reflected on that difference during the news conference, not wanting to cast any aspirations on his baseball employees.

But it’s obvious when looking at Marian Hossa accepting a one-year free-agent contract with the Wings that was clearly under market value and Zetterberg opting for serenity here as opposed to optimum financial security elsewhere that it speaks to the supportive surroundings Ilitch has established.

“You’ve got a happy group,” Ilitch said. “They’re content. It’s hard for young people, for anybody, to pass up more money when they offer you more money. But if the environment’s right, it does help.”

Ilitch beat the NHL at its own monetary game. The league’s salary cap was meant to restrict owners like Ilitch who didn’t fear opening the checkbook when filling gaps. But when you’ve created a scouting system capable of finding unrefined diamonds like Zetterberg in the seventh round 10 years ago, it’s easier stockpiling young talent.

The Wings still got their Stanley Cup despite the salary restrictions, but now is when the NHL’s new financial climate forces crucial choices.

General manager Ken Holland pretty much acknowledged Wednesday that the Wings probably cannot retain both of their top remaining unrestricted free agents — Hossa and Johan Franzen. Zetterberg taking $2 million less annually than he could’ve demanded certainly assists in Holland’s efforts. Although Zetterberg’s deal is the richest contract in franchise history, the Wings made it more cap friendly by tacking on another two years at $1 million per to give Zetterberg the all-important salary-cap number of just a little more than $6 million.

“If we could’ve put a cap on the highest salary, that would’ve been OK,” Ilitch said. “You saw some $10-million (annual) contracts, and that kind of weakened the situation of trying to put a team together under the cap. Hopefully, we can correct that in the future, but it’s going to be awfully tough to keep this all together as it involves our top players. … I don’t like being restricted. I like being able to go out and get what you can get.”

It’s about tough choices now. Complain all you want about any perceived uncertainties at goaltending, but there’s nothing Holland could do at the trading deadline even if Chris Osgood’s struggles this season were truly as serious as some believe.

In a salary-cap world, when you give to one, it requires taking away from another.

But the Wings proved again they do it better than anybody else.

Contact DREW SHARP at 313-223-4055 or dsharp@freepress.com.


1/29/09 12:00 AM
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Big Pete
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12 year contract?? Is stupid even for a low price for 6 million a year. But hey we signed Campbell for 8 and TB signed Vinny for 12 and NYI Dipietro until he dies.
1/29/09 7:16 AM
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Mark1
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 I think that the last 2-3 years on the contract will pay him $1mil/year.

And that money will be in 2021 dollars too. 

Mark
1/29/09 9:53 AM
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Mark1
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 Here is a breakdown.  Again, Kenny Holland works his salary cap magic.

Mark

Career move

Here is the breakdown of Henrik Zetterberg's 12-year, $73 million contract. The cap hit for the Red Wings will be roughly $6.08 million per season. The Wings were able to lower the cap hit by paying Zetterberg $1 million the final two seasons of the contract.
2009-10: $7.4 million
2010-11: $7.75 million
2011-12: $7.75 million
2012-13: $7.75 million
2013-14: $7.5 million
2014-15: $7.5 million
2015-16: $7.5 million
2016-17: $7.5 million
2017-18: $7 million
2018-19: $3.35 million
2019-20: $1 million
2020-21: $1 million

1/29/09 2:07 PM
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Spankenstyne
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 Still undecided. Good on Holland for getting him under market value, but 12 years is awfully long & I don't think these longass contracts are going to work out as well as some GM's hope. Too much economic uncertainty but kudos for having the stones to lock up as sure a thing as any. Top 5 overall player atm.
1/29/09 2:28 PM
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Mark1
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 12 years is long, but the last couple of years at $1m were more of an attempt to pull down the current cap number.  That's the most important thing.

They still need to sign Franzen and Hossa.  Hudler too, I believe.

Holland will have to work some cap wizardry to fit both of those two in as well.

Mark
1/29/09 9:12 PM
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Big Pete
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These contracts are cap killers an limit what you can do with your team and depth players. In the long run these contracts will kill teams.
1/29/09 10:18 PM
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Mark1
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 I am gonna go out on limb here and suggest that Holland and Illitch know what they are doing.

Mark
2/2/09 2:51 PM
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PR
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Mark1 -  Here is a breakdown.  Again, Kenny Holland works his salary cap magic.>


Uh, Charles Wang invented that move when he gave DiPietro his 13 year contract... remember when everyone was making fun of Wang for doing that?

Turns out he broke the salary-cap system, and now everyone is giving out these super long contracts too.
2/2/09 2:52 PM
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PR
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Plus it adds trade value when the Superstar is in his last years, and his cap hit is much higher than his salary. For example, in Zett's last couple years, the Wings can throw him away to a bottom feeder team like NAS or PHO, who love players that make $1 mil, but have a cap hit of $6 mil because they can get to the salary cap floor without paying nearly as much out in salaries.
2/2/09 4:19 PM
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Mark1
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PR - 
Mark1 -  Here is a breakdown.  Again, Kenny Holland works his salary cap magic.>


Uh, Charles Wang invented that move when he gave DiPietro his 13 year contract... remember when everyone was making fun of Wang for doing that?

Turns out he broke the salary-cap system, and now everyone is giving out these super long contracts too.
Zetterberg >>> Rick DiPietro
 
Signing an overrated douche is what most people were making fun of.

Signing the current Conn Smythe winner and one of the premier two-way players in the league to a long-term deal at significantly less than market value is what I was referring to.

Mark
2/2/09 5:34 PM
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PR
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And I was referring to the fact that long term contracts have those extra few years tacked onto the end to lower the cap hit below market value.
2/2/09 9:50 PM
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Mark1
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PR - And I was referring to the fact that long term contracts have those extra few years tacked onto the end to lower the cap hit below market value.

 DiPietro's deal pays him $4.5m/year.  It doesn't taper off like Zetterberg's does.  If DiPietro's deal was 2 years or 22 years, it would still count as $4.5m/year.  Wang could tack on 100 years and it still wouldn't reduce the cap hit.  Zetterberg will make around $7m/year or more  for 9 years while only counting for $6/mil against the cap.

And Zetterberg could have probably gotten a ridiculous offer like Edmonton offered Hossa, yet Holland signs him for less.

That is the difference.

Mark

2/7/09 11:49 PM
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insaneshane
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Terrible contract!

Unbelievable , this guy probably wont even be in the league more than another 4-5 yrs. Forsberg type.

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