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Report: Flyers, Streit agree to four-year, $21 million deal

Jun 17, 2013, 5:01 PM EDT

Mark Streit Getty Images

The Philadelphia Flyers have agreed on a four-year contract extension with defenseman and ex-Islanders captain Mark Streit.

According to TSN’s Darren Dreger, the deal is worth $21 million with an average annual cap hit of $5.25 million.

The news comes just five days after the Flyers acquired Streit’s rights from the New York Islanders in exchange for prospect Shane Harper and a fourth-round pick at the 2014 NHL Entry Draft.

This deal was likely agreed to in principle, as Streit can’t officially sign until Philadelphia sorts out its salary cap situation. CSN Philadelphia’s Tim Panaccio reports a Flyers source says the deal is “not done yet.”

(For more, click here.)

Streit, 35, was a key member of the Isles this year. He led all New York defensemen in scoring (27 points) and finished second on the team in power play points, with eight.

In the playoffs, he tied John Tavares for the team playoff scoring lead (five points) and averaged over 20 minutes a night.

Following the Islanders’ first-round exit against Pittsburgh, Streit told Newsday he wanted to return to New York as his five-year, $20.5 million deal was set to expire on July 5.

“I’ve said it all along, I want to be back,” he explained. “I love it here, I love Long Island and the organization has been great to me.”

But it appears for all that love talk, money got in the way.

Here’s more, from Newsday:

The Islanders are believed to have made a three-year offer for the same $4.75 million per season that Lubomir Visnovsky accepted on the eve of the trade deadline (Visnovsky’s deal is for two years), but Streit is looking for north of $5.5 million per season.

With the free agent market for defensemen very thin, Streit could command $6 million per year and even possibly get a four-year deal. The Islanders wanted Streit back to keep the continuity Garth Snow has built, but the Isles GM is also not interested in busting his salary structure to keep Streit.

Of note, Streit turns 36 in December and would classify as a 35+ contract, meaning his salary and cap hit are guaranteed for the life of the deal.

  1. 950003cups - Jun 17, 2013 at 5:14 PM

    Too high a price. But, hey, its nothing compared to the Bryzgalov deal.

    • phillyphanatic77 - Jun 17, 2013 at 6:23 PM

      Yeah but it’s much less than he probably would’ve gotten at the start of free agency. I could’ve seen a team like Edmonton easily offering him $6mil/yr. He was the top FA defenseman and the Flyers didn’t overpay too much. In fact it’s far less than I expected Holmgren to give him. The 4 years is another matter, but I’m sure he had to give that extra term to keep the cap hit below 5.5. I’m not upset by the move. The Flyers had no real puck moving defensemen last season, and now they do.

  2. maalea - Jun 17, 2013 at 5:14 PM

    Bye-bye Brierre

  3. mclovinhockey - Jun 17, 2013 at 5:17 PM

    6 mill a year would be a joke… The D is already highly overpaid for what they do.

  4. bobhpine - Jun 17, 2013 at 5:25 PM

    Do the Flyers get an amnesty buyout from here to eternity? They certainly operate like they do.

    • broadstreetbeatdown - Jun 17, 2013 at 5:45 PM

      Says the guy whose team pays 30% of their cap to three players.

      • tdrusher225 - Jun 17, 2013 at 8:09 PM

        Is he Ray Shero?

    • phillyphanatic77 - Jun 17, 2013 at 6:32 PM

      They needed a puck moving defenseman and they got the best on the FA market. Yeah it’s too long a term and too high a cap hit, but that’s what defenders get in today’s market. And you shouldn’t be talking since your GM has recently given two huge contracts that will probably cost your team most of its supporting cast. Including their best defenseman in Letang. I’d say the Pens proved their defense isn’t far ahead of the Flyers in terms of playing in their own zone, and they’re about to lose their best one.

      • killerpgh - Jun 17, 2013 at 7:38 PM

        You do realize that both those huge contract Shero gave out only cost the Penguins 1 million more in cap space that they have accounted for over the past 4 years….and that won’t take into effect until 2014-15. Next season Malkin and Crosby still have the same cap hit they had.

      • phillyphanatic77 - Jun 17, 2013 at 7:46 PM

        Yes and the price of defenders rises exponentially every year… so Letang is going to garner a huge contract as well. They cannot afford three huge contracts and keep their supporting cast. And Shero won’t be helped in negotiations by the fact that Letang was a Norris finalist. Without Letang, the Pens blueline will be average, at best. And even if the young kids are ready to step in, there will be major growing pains. Not to mention the Pens goaltending isn’t in much better shape than the Flyers right now.

      • huberdeau11 - Jun 17, 2013 at 9:58 PM

        Wait…are we criticizing the Penguins for signing (arguably) a pair of top 5 players? Obviously it will cost a lot of cap room.

  5. Stiller43 - Jun 17, 2013 at 5:30 PM

    4 years?!!!

  6. Habib Marwan - Jun 17, 2013 at 5:32 PM

    streit is 35 years old and will be 36 in december…. he might be a nice addition to a defense that could desperately use him right now, but at $5 million a season, it aint a smart move…maybe you could justify that kind of salary for a season or two,…but 4 years? no way. …and at $5.5 or 6 million a year, it’s even crazier.

  7. cweez2 - Jun 17, 2013 at 5:35 PM

    Talk about a seller’s market. How does a guy who was -27 and -14 his last two NHL years get that money?

    • sheckyrimshot - Jun 17, 2013 at 10:03 PM

      he was playing for the islanders?

  8. 19to77 - Jun 17, 2013 at 5:36 PM

    If the cap hit is north of $5m, the term is WAY too long.

  9. pmonte3122 - Jun 17, 2013 at 5:44 PM

    This GM makes too many mistakes…

  10. killerpgh - Jun 17, 2013 at 6:06 PM

    Cap Geek is reporting 5.250 million for 4 years.

    • killerpgh - Jun 17, 2013 at 6:12 PM

      So that is now $26,850,000 (not including Pronger’s 5 million) on 6 defenseman that underachieved last year in: Timonen, Streit, Coburn, Meszaros,Schenn and Grossman.

      • icelovinbrotha215 - Jun 17, 2013 at 6:30 PM

        Timonen didn’t underachieve. He was arguably the Flyers’ best D-man. Schenn was solid. The others do fall under the ‘underachievement’ umbrella.

      • phillyphanatic77 - Jun 17, 2013 at 6:37 PM

        First off, only Mez and Coburn underachieved. And one (or both) of them will probably be moved this summer. Secondly, Grossmann was leading the league in combined hits/blocked shots before his concussion. He was a beast. While Schenn and Timonen essentially carried the blueline after Grossmann, Coburn, Mez, and countless other defenders were lost for the season. Pronger made that top-6 close to elite, but if they add another quality defender and everyone stays healthy they will have a solid defensive corps.

      • killerpgh - Jun 17, 2013 at 7:43 PM

        Was Timonen one of the top 10 defenseman in the NHL last year? Because his 6.333 cap hit put him at the 10th highest in the NHL. If you don’t play up to you cap hit I would say you underachieved. This year his cap hit drops to 6 million and that is 11th in the NHL (as of now).

      • phillyphanatic77 - Jun 17, 2013 at 7:55 PM

        Well if ranking the best is all based on the relationship of performance and cap hit, then I’d say Crosby and Malkin both owe the Pens organization money after their embarrassing showing. They couldn’t be the two best players in the world if they’re making huge amounts of cash and putting up goose eggs across the board.

        Cap hits have no relationship to performance, other than expectation. Timonen was solid all year while the rest of the blue line (and goaltending) was collapsing all around him.

      • killerpgh - Jun 17, 2013 at 8:04 PM

        “Cap hits have no relationship to performance, other than expectation.” Thanks for helping make my point. If a player doesn’t play to he expectations than he underachieved. If a GM is paying a player top 10 money in the position don’t you think his expectation is that player will be a top 10 player in the position?

      • laxman1944 - Jun 17, 2013 at 10:58 PM

        Well at least they are trying ……….Would you like to have Timmo on your team???????

      • biasedhomer - Jun 17, 2013 at 11:05 PM

        Mezaros will likely be traded and I could see them moving Coburn for futures.

  11. joeandcambria - Jun 17, 2013 at 6:12 PM

    Not that it wasn’t obvious before, but this is basically the writing on the wall for Briere and Bryz.

  12. icelovinbrotha215 - Jun 17, 2013 at 6:31 PM

    I don’t mind the signing but I do mind the years. This is the direct result of an organization lacking patience.

  13. bardown66 - Jun 17, 2013 at 7:05 PM

    There is a fine line between being ballsy and desperate. Holmgren is treading dangerously close. Streit was less than impressive in the round one series where I watched him a lot. Reminded me of carle who was banished from Philly. Looks like this is it for the bryzly bear and Danny boy in Philly.

    • ml3939 - Jun 17, 2013 at 7:30 PM

      Carle was an overated defenseman with very overated offensive abilities often carried by his defensive partner. I will take Streit’s offensive upside over Carle’s any day of the week. Streit’s age scares me but Holmgren has proven he can rebuild the team fast, as the terrible team he inherited was turned around the following season.

      • biasedhomer - Jun 17, 2013 at 11:08 PM

        You could say Carle and Streit are opposites.
        Carle was a good puck mover, while Streit is not that great at bring up the puck.
        Streit is good at setting up plays from the point, which was one of Carles weaknesses.

      • ml3939 - Jun 18, 2013 at 12:03 AM

        Full disclosure, I am. Carle hater. I never saw the positives in his game. I thought Pronger carried him when they played together and Mezaros did the same during his year as the Flyer top d-man. Carle clearly struggled when he was supposed to be the stronger member of the defensive pairing. The only area I will say he was above average in was skating ability. I though his passing was subpar. He played a lot of minutes and was on the ice with the Flyers top line and power play unit. They had one of the best offense in the league when he was here. He greatly benefited fom being on the ice with highly skilled player who drew a lot of attention. His shot from the point was horrid so he did not garner much attention and had plenty of space and choices to make passes.

        It is unfortunate in what they lost in Pronger. His defensive abilities spoke for themselves but they have no one who is even close to him in completing the outlet pass so successfully.

      • jimw81 - Jun 18, 2013 at 5:03 PM

        Carle is a turnover machine in key situations and he still does it to this day.

  14. kingsforever - Jun 17, 2013 at 7:50 PM

    I have nothing else to say besides “LOL”

    $7M over the cap now

  15. Habib Marwan - Jun 17, 2013 at 7:53 PM

    not sure you’d get much in return for meszaros in any trade.

    • phillyphanatic77 - Jun 17, 2013 at 7:58 PM

      No he’s worthless, but maybe a team takes a 7th round flyer on him. He’s in the final year of his deal, so that’s what makes it possible. But you’re right, there isn’t much of a market on fragile, injury-prone defenders who are scared to hit.

      • biasedhomer - Jun 17, 2013 at 11:09 PM

        He not worthless, if he;s healthy he is a good 2nd pairing defenseman. They could potentially get a 3rd for him since he is on a 1 year deal and at a reasonable price.

  16. ryanrockzzz - Jun 18, 2013 at 12:49 PM

    If only the Flyers were one puck moving defenseman away from being elite this would have made a lot more sense……This front office is the least patient in all of hockey. I can’t wait to see what young players they trade next for another flop goaltender.

  17. jimw81 - Jun 18, 2013 at 5:05 PM

    Flyers were better off tagging Pietrangelo at 7yr, 75+Mill

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