As teams approach the 2025-26 NHL season, managing the salary cap remains a central challenge for the Ottawa Senators’ front office. With a current cap hit of $92,446,600—just under the $95.5 million ceiling—the Senators must carefully balance player contracts to sustain competitiveness without exceeding the limit. This evaluation highlights key figures under contract, expiring deals, prospects, and potential roster adjustments to handle cap obligations moving forward.
Current Contract Landscape: Non-Entry-Level Deals Through the 2025-26 Season
The Senators’ current roster does not feature any regular NHL players on entry-level contracts. Among those signed through the 2025-26 campaign, notable veterans include forwards Nick Cousins, Lars Eller, Claude Giroux, and David Perron; defensemen Nick Jensen and Jordan Spence; as well as goaltenders Leevi Merilainen and James Reimer. Their cap hits range from the league minimum to just over $4 million, with some contracts including performance-based bonuses totaling up to $3.75 million.
David Perron, coming off a mixed tenure outside St. Louis, agreed to a two-year contract despite inconsistent play and injury issues. This contract structure likely reflects a future one-year deal laden with incentives to keep the base salary manageable, allowing flexibility for the Senators’ budget. Claude Giroux’s current deal follows a similar blueprint, with bonuses tied to games played and playoff success, an arrangement that may be repeated if he remains beyond this season.
Lars Eller, once a reliable third-line center, has slowed down and is expected to pursue year-to-year contracts comprising similar incentive structures. Nick Cousins has consistently earned around the league minimum over his 12-year career and is anticipated to continue in a comparable role on a modest salary.
Nick Jensen, acquired in the trade involving Jakob Chychrun, performed well last season but has declined somewhat this year. As he approaches age 36 by 2026-27, the market might still offer him a two-year deal close to his current $4.05 million cap hit, albeit without bonuses due to contract length restrictions. Jordan Spence, acquired via trade with the Kings with hopes of expanding his role, has been frequently scratched. With arbitration rights and a qualifying offer expected around $1.7 million, his performance could push his market value higher, potentially doubling that figure. Ottawa may consider trading or not tendering him if the cost is deemed excessive.
Goaltender Leevi Merilainen provided a bright spot last season stepping into a backup role, helping the team secure a playoff spot. However, after a difficult follow-up season, he has been demoted to the AHL for more development time. Given his struggles and arbitration-eligibility this summer, the Senators may pursue a more experienced backup. James Reimer was brought in midseason to stabilize the backup position, and his next contract, if any, will likely be near the league minimum.
Players Under Contract Through the 2026-27 Season and Their Roles
The Senators have several key players signed through 2026-27, including forwards Michael Amadio, Drake Batherson, Kurtis MacDermid, and defensemen Tyler Kleven, Nikolas Matinpalo, and Artem Zub. Batherson stands out as a strong value, producing beyond his $4.975 million cap hit on a consistent basis and flirting with nearly a point per game this season. If he continues this trajectory, a significant raise—potentially exceeding $9 million annually—could be expected once he reaches free agency.
Michael Amadio has been a dependable presence in the middle six, consistently posting around 27 points per season. His offensive ceiling appears limited, suggesting he may only modestly increase his salary when negotiating next contracts. Kurtis MacDermid, added late in preseason as an enforcer, sees limited ice time and may trend toward league minimum salaries moving forward.
Artem Zub, despite battling injuries, remains an effective top-four defenseman capable of handling challenging defensive assignments. Entering his age-32 season next year, a multi-year extension worth over $6 million per season would align with the market’s escalating prices for top-four defensemen.
Tyler Kleven’s 2024-25 season marked his first full NHL campaign, mostly on the third pairing. Ottawa signed him directly to unrestricted free agent eligibility, signaling confidence, though his limited NHL history capped his earning potential. An increase above $3 million per season is plausible if he secures increased playing time and responsibility. Nikolas Matinpalo is still a depth player and will need to earn a bigger role to surpass the $1 million salary mark meaningfully.
Long-Term Commitments Extending Through the 2027-28 Season
The Senators’ longer-term contracts through 2027-28 involve defenseman Thomas Chabot and forwards Brady Tkachuk and Fabian Zetterlund. Tkachuk took some time to sign after his entry-level deal but has maintained top-line production and durability, and is expected to command a contract near $12 million annually in the future. Zetterlund’s production has faltered since his trade to Ottawa from San Jose, leading to a likely contract value that exceeds his current on-ice contributions.
Thomas Chabot, the first core player to sign an expensive contract post entry-level, remains a valuable all-around defender despite decreased usage. He continues to contribute offensively at approximately a 40-point pace per season. While injury concerns might slightly reduce interest, rising salary trends for top-pairing defensemen should secure him a double-digit average annual value on his next extension.
Contracts Extending Through 2028-29 and Their Expectations
Forward Ridly Greig and goaltender Linus Ullmark are signed through the 2028-29 season. Greig received a longer bridge contract that guarantees him steady money as a third-line center. Although his production has plateaued around 30 points, his qualifying offer and arbitration eligibility could lead to a more lucrative deal in the future.
The Senators acquired Ullmark in 2024 after surrendering a first-round pick and a forward, taking on a four-year dead cap hit for a rental. Soon after, they signed him to an $8.25 million annual average value deal that ranks him among the highest-paid goalies, just behind the likes of Carey Price. While Ullmark has yet to consistently play 50 games in a season, he showed promise during his time in Boston and Buffalo. His contract is a risk for Ottawa, but its relatively short term offers some mitigation. Ullmark will need to regain his prior form to justify this investment.
Long-Term Deals Through 2029-30 and Beyond for Key Young Players
The Senators locked in several of their top young players on lucrative, long-term deals lasting into 2030 and beyond, including forwards Dylan Cozens, Shane Pinto, Tim Stutzle, and defenseman Jake Sanderson. Stutzle bypassed a bridge contract, signing a lengthy deal after his second NHL season just prior to a career-high 90-point campaign. As a full-time center with top-line capabilities, this contract looks favorable, especially if he remains at center long term.
Cozens followed a similar approach, signing a long-term extension before completing his entry-level deal. Although his point totals have not matched the 68 points recorded in 2022-23, his contract remains reasonable considering the value of centers on today’s market. Shane Pinto, who began the 2024-25 season strongly, recently extended his contract in response to restricted free agency negotiations and the possibility of an offer sheet, positioning himself as a bona fide second-line center moving forward.
Jake Sanderson also skipped a bridge contract and agreed to a long-term deal that currently appears favorable for the team. As an all-around, two-way top defenseman, the market for players of his caliber has already pushed salaries above $10 million per season, with expectations rising. Ottawa likely secured an advantageous contract relative to future market rates.
Salary Cap Considerations Regarding Buyouts and Retained Salary
The Senators currently carry the $875,000 cap hit for forward Colin White through the 2027-28 season due to a buyout. Additionally, goaltender Joonas Korpisalo’s contract includes $1 million in retained salary also lasting until 2027-28. There are no carryover bonus penalties affecting Ottawa’s salary cap for the 2025-26 season.
Player Value Assessment: Best and Worst Contracts on the Books
Among the non-entry-level players, Drake Batherson’s contract stands out as the best value, given his point production relative to salary. On the contrary, Fabian Zetterlund’s deal is assessed as the least favorable, as his pay significantly exceeds his on-ice contributions with the Senators.
Future Outlook: Cap Flexibility and Roster Moves Ahead
This season, Ottawa has maintained a comfortable salary cap cushion that has absorbed injury-related roster changes without forcing major adjustments. Looking ahead, as more than $14 million is expected to come off the books in the offseason through expiring contracts, general manager Steve Staios is positioned with moderate flexibility to reinforce the lineup. The team’s focus will likely include upgrading the top-six forward group or adding a top-four defenseman to fill the void created by departures such as Nick Jensen.
By the 2027-28 season, with less than $49 million committed in player salaries, Ottawa will have an even greater opportunity to retool the roster’s core if needed while remaining cap compliant. This structured management offers a path to maintain competitiveness in the Atlantic Division and push for a deeper playoff run.
