Thursday, January 10, 2008

Ovechkin signs 13-year deal

It appears original reports were wrong, and Alex Ovechkin has signed another one of those insane deals: 13 years for $124-million.

Now that's a surprise.

Washington Post reporter Tarik El-Bashir is providing updates as we go along here.

UPDATE I'll have more thoughts on this deal for tomorrow.

Richards's big deal

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At 7:19 p.m., January 10, 2008, Blogger Baroque said...


I wonder if this will affect the negotiations for the next CBA. If the next agreement doesn't permit such long contracts or the amount per year, deals like this will have to be grandfathered or exempted somehow, I would expect.

At 7:38 p.m., January 10, 2008, Anonymous Anonymous said...

These kind of contracts really seem to fly in the face of the spirit of the CBA. I can't wrap my head around a team paying that kind of money to a player, in a league that lives and dies on gate revenue. If they had a huge US TV deal like the NBA, NFL, etc. that would be different. The cap has got to stop rising sometime, especially as it is supposedly based on the NHL teams making money.......

At 8:21 p.m., January 10, 2008, Blogger Kel said...

What is the spirit of the CBA? Cost certainty according to the league. Has the signing of this contract change any aspect of it? No, and therefore the league would not be concerned at all. The big contracts just mean more escrow for every player.

At 9:36 p.m., January 10, 2008, Blogger islesblogger said...

You need a draw for max gate revenue, AO is one of the biggest draws for an otherwise struggling Washington team.

I think the Capitals felt obliged to get a longterm deal done because they knew the risks of losing him to an offer sheet this summer.

Do I love long term deals? For the right amount of years yes - but as an Islanders fan I cannot really complain all that much. Especially when Brodeur speaks DiPietro's praise like he has been doing all year.

At 10:05 p.m., January 10, 2008, Anonymous Gerald said...

What I am puzzled about is insurance. In sports contracts, generally teams will procure insurance to protect against catastrophic injuries. Generally in sports contract history teams have never offered longer contracts than the insurance companies would accept. How are the insurers dealing with contracts of such length - longer than any other sport, and for a very physically demanding sport at that?

At 11:23 p.m., January 10, 2008, Anonymous Phillie said...

Thirteen years from now, Ovechkin will be among the poorer paid members of the NHL. He's a sucker to sign such a long deal, if you ask me. He'd have been better off to sign for less, for only three, four or five years.

At 12:38 a.m., January 11, 2008, Blogger saskhab said...

Somehow I doubt $10m will be one of the "poorer" players in the NHL in 13 years, though I could see a number of players above that level barring NHL bankruptcy.

Apparently with these long deals (I think longer than 7) the contract isn't insured beyond that 7 year threshold, but can be insured once that first deadline is up. At least that's my vague recollection of this being explained after the Dipietro deal.

At 11:02 a.m., January 11, 2008, Blogger FAUX RUMORS said...

1) We weighed in today on our blog the long term deals that are now apparently common. Was Charles Wang a visionary?
2) As for Crosby comparisons. While Sid will be gettting less than AO for the next 5 years, its almost a done deal that when Sid's contract expires in 5 years(he'll only be 25!) he will get MUCH more than AO.
3) We like the deal if for no other reason than Ovechkin plays hard and isn't a whiner. A leader by example. The only negative we can see is that the way he plays he may be prone to injury(especially as he gets older)
4) All in all it a positive day for caps fans.(Until you get your ticket invoices for next season) ; )

At 12:17 p.m., January 11, 2008, Anonymous Anonymous said...

DP at $4.5 mil for another 14 years is starting to look brilliant. If you look at the guys getting long term deals they are all passionate about the game and bring it every night even when they are their teams only bright spot. Except for Richards in Philly these are also teams that are not in a buyers market and easily attract UFAs.

At 12:20 p.m., January 11, 2008, Blogger Blitzen said...

What I find interesting is that more players are willing to make long-term commitments to clubs. If I recall correctly, one of the expected impacts of the CBA was more player mobility. It looks like some players are very interested in locking in for a long time. It will be the journeymen who will be the mobile members of the NHL brotherhood while the marquee stay put.


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