Lightning, Conor Sheary to mutually terminate contract

While it may initially come across as a favor done by Sheary to the Lightning to not force the team to buy out the final season of his contract at a $2MM cap hit, it’s not that cut and dry. Sheary was due $1.5MM in base salary for 2025-26, which would have resulted in a $503K cap hit for the Lightning in each of the next two seasons if he was bought out. That’s barely any cap savings compared to if they buried Sheary in the minors (a cap hit of $850K), so they likely would have pursued that option instead of being on the hook for an additional season with a buyout.

Sheary, understandably, desires a chance to crack an NHL roster and wasn’t particularly amenable to that solution. Instead, he’ll walk away from $1.5MM in guaranteed money and become an unrestricted free agent while the Lightning clear his cap impact from next season’s books completely. In return, Sheary gets the chance to return to a full-time NHL role next season.

The 33-year-old has been a rare free-agent bust for Tampa general manager Julien BriseBois. He was signed to a three-year, $6MM contract in 2023 in the hopes that the diminutive winger could provide some affordable depth scoring and perhaps even flex into a top-six role. Instead, Sheary was relegated to the press box by the end of 2023-24 and spent most of this past season on assignment to AHL Syracuse after clearing waivers a few weeks into the campaign.

Sheary ends his two-year run in Tampa with a 4-11–15 scoring line in 62 games, logging a minus-five rating while averaging 11:07 of ice time per game. Only five of those appearances came this season, and he didn’t record a point in any of them. The veteran of nearly 600 NHL games took his minor-league assignments in stride and was an extremely important player for Syracuse, ranking among the AHL’s top producers with 61 points (20 G, 41 A) and a +15 rating in 59 games.

That showing demonstrated the Massachusetts native may still have the chops to be a third-line scoring piece at the NHL level, even if the fit in Tampa wasn’t a good one for whatever reason. Even with his recent poor run of production, he still averages 17 goals and 37 points per 82 games over his NHL career. That’s a resume a scoring-needy team will take a flyer on, even if he isn’t in a position to command much more than a league minimum salary. His two Stanley Cup rings with the Penguins in 2016 and 2017 will certainly help his case, too.

Once Sheary’s contract officially comes off the Lightning’s books tomorrow, the Bolts will have nearly $5.5MM in cap space with four open roster spots to fill, according to PuckPedia. Their only notable RFA to re-sign is forward Gage Goncalves, who AFP Analytics projects will land a one-year deal at $1.2MM. That leaves a roughly $4MM budget for Tuesday’s free agent frenzy, in which they’ll look to add a few depth skaters, considering no core pieces are on expiring deals.