New York Rangers: Henrik Lundqvist is underpaid for his impact

The New York Rangers currently have the highest paid goaltender in the NHL. In the grand scheme of things, Henrik Lundqvist is still somehow underpaid.

There are a minute amount of cases in which paying a player for past performance on a new contract works out well. The Rangers have a pair of contracts (Marc Staal and Dan Girardi) that fall under this category. Both Girardi and Staal were on the downside of their careers as proven veteran contributors.  Hockey players do not generally age well, so expecting the same level of production from earlier in their respective careers was unreasonable.

This makes the pact Lundqvist signed with the Rangers midway through the 2013-2014 season a rare case. The impact the Swedish goaltender has on the team every single night cannot be quantified. The veteran is amongst the sport’s all-time greats at his position and somehow has maintained that level of production for 13 seasons.

In the greater context of a salary cap league, getting the most bang for your buck is crucial. In the case of the Rangers, they have two contracts that are outliers. As of the moment, the two highest paid players on the team are Lundqvist and Rick Nash. The goaltender gets $8.5 million per year and the winger comes in at $7.8 million. As a pair, the two make up 21% of the Rangers’ salary cap.

For greater context, the top two paid players on the defending Stanley Cup champion Pittsburgh Penguins, Evgeni Malkin and Sidney Crosby make up 24% of their team’s cap. This means that there is a recipe for a top-heavy salary cap model that can win in the NHL. The Rangers’ version of this model is centered around Lundqvist being the most important player on the team.

Foundation for everything else

When building a house the most important step is setting a solid foundation. The Rangers have one of the best foundations in the entire league in Lundqvist. For the better part of his time with the team, he’s been the focal point. Lundqvist has never been complimented with another true star aside from one season of Jaromir Jagr at his peak.

Later on in Lundqvist’s career, the teams were loaded with depth but no true star power. Every offseason the team’s approach has been using the goaltender to plug up any hole in the team. In the past, the team has been able to stand on Lundqvist’s shoulders and remain above water. However, there is simply too much on the goaltender’s shoulders and his head is dipping under the water.

The fact the Rangers are over 500 is an absolute miracle. The team surrenders shots at a rate worse than any other team in the league and it’s Lundqvist’s sheer will that has kept them afloat. However, as of late even the greatness of the Swede is not enough to overcome the lack of talent and injuries

No one else

The biggest critique on Lundqvist is that he has yet to win a Stanley Cup in his amazing career. This is the wrong lens through which to analyze his career. It should be the opposite, the perspective should be, how has he dragged these bad teams to good outcomes? In the 13 years of his career, the Rangers have had two or three teams capable of seriously contending for a Stanley Cup.

When taking stock of the rest of the highest paid players on each team, very few burden the load as much as Lundqvist. Up in Montreal, Carey Price and his chronic knee issues have been a double-edged sword for the Canadiens. Much like the Rangers, as the goaltender goes the Canadiens go. However, Price has been marred by injuries and not been worth the money the team pays him.

The only player who is going to be comparable to Lundqvist is Connor McDavid. He is not currently the highest paid player on his team.  Starting next season, the defending league MVP will be the highest paid player in league history.  The 21-year-old is dragging the corpse that is the Edmonton Oilers beyond their means.

True Value

Going forward the Rangers may come to regret the contract with Lundqvist. However, the deal has been more than worth it for this stretch of hockey. The continued success with the goaltender as the focal point lacks comparison during his time in the league. The team has made the playoffs every season of his career except for one, the 2009-2010 season.

The Rangers are unlikely to make the playoffs this season due to their injury luck. Overcoming the loss of just one of Kevin Shattenkirk or Chris Kreider seemed daunting. Surviving the loss of both is proving to be outright impossible. Yet every single night it is Lundqvist stopping the team from being embarrassed.

Ultimately, in terms of tangible on the ice impact, Lundqvist is the most valuable player in the NHL. His brilliance has made an okay team a perennial contender for the better part of a decade. The goaltender may not be as decorated as his contemporaries like Crosby or Alexander Ovechkin, but he has meant more to his team. This is not saying he is a better player than either, but more impactful in terms of overall success.

The Rangers are lucky they signed Lundqvist to the term at the number they did four years ago. If the goaltender had hit the open market, he would have probably gotten more.