The Canadiens’ Logic in Moving Carey Price’s Contract

The Montreal Canadiens just offloaded the last year of Carey Price’s $84 million contract to the San Jose Sharks today.

Although the legendary goaltender hasn’t played a single minute of NHL hockey since 2022, Price remains on long-term injured reserve (LTIR) and is still drawing a salary from the Canadiens thanks to the eight-year deal he signed in 2018. As much as Price is one of the most decorated players in franchise history, his contract became more of a burden than a benefit to the Canadiens.

Why Price’s Contract Still Mattered

Price hasn’t suited up for Montreal in four seasons. He’s spent that time on LTIR, but his deal continues to weigh on the Canadiens’ salary structure. Entering its final year, the contract still carries a cap hit of $10.5 million, even though the team only owes him $2 million in real salary this season because the contract was front-loaded.

That gap is what made the deal troublesome for the Canadiens and attractive for the Sharks. For the Canadiens, it cleared much-needed cap space. For the Sharks, taking on the contract became a way to reach the salary-cap floor while spending very little actual cash.

Why the Sharks Traded for the Contract

With Montreal technically over the cap, finding relief became essential. The rebuilding San Jose Sharks were in a position to absorb Price’s contract. They were able to weaponize their salary cap space, and by doing so, allowed the Canadiens to move $4.5 million below the NHL’s salary cap. For taking on that space, the Canadiens sent a 5th-round draft pick in 2026 to San Jose.

The logic of the trade was less about Price the player. He was never going to play again at this stage of his career. It was more about Price’s contract. His legacy as a seven-time All-Star, Hart Trophy and Vezina winner, and the backbone of Montreal’s 2021 Stanley Cup run is secure. Moving the final year of his deal won’t change that.