How did both sides fair in the Shea Theodore/Golden Knights extension?
The Vegas Golden Knights and defenseman Shea Theodore agreed to a contract extension on Thursday. The deal keeps the original Golden Knight in Vegas until 2032 when he will be 37 years old. While the team has undergone major reconstruction since the expansion draft, Theodore has been a mainstay. But was this deal worth it for the team? And did Theodore get a good deal to finish out his career? Let’s find out in our contract grades.
Theodore started his career with the Anaheim Ducks, spending two seasons there. He was left unprotected but was not taken by the Golden Knights. Vegas instead traded for him in exchange for taking Clayton Stoner, who never played for them. The shrewd move allowed the Ducks to maintain their veteran defensive core while losing a top prospect. Theodore has turned into a star, making that move one of the most notable from that day.
Shea Theodore has been one of the best defenders in the league since joining the Golden Knights. He finished in the top six of the Norris Trophy voting in 2020 and 2021 and has cracked 40 points in five straight seasons. Does that mean that Vegas should have signed Theodore? Or should they have let him hit free agency?
Golden Knights decide to re-sign Shea Theodore
The decision to re-sign Theodore came down to a choice between left-handed defensemen. With Noah Hanafin also locked in through 2032, the Golden Knights had to choose between Theodore and Nic Hague. The front office decided to keep the older Theodore around for an extended time. Hague is a restricted free agent at the end of the season and is 26 years old. They can sign him to a contract but it likely won’t be a long-term deal.
In less than a decade, the Golden Knights have established a ruthless reputation. Despite Jonathan Marchessault winning the Conn Smythe Trophy for playoff MVP, they did not re-sign him last summer. Marc-Andre Fleury won the Vezina Trophy as the top goaltender and was immediately traded. They will move on from players when they feel it is time but decided to keep Theodore.
The Golden Knights consider Theodore to be a key part of their team. When the competitive window closes, they may trade him but they have shown a commitment to keeping that window open. While it is almost impossible to be competitive forever, contracts like the one they gave Theodore show their commitment to trying.
The contract is more than fair for a top-shelf defenseman. Theodore will make $7.425 million, over $1 million less than Alex Pietrangelo and about the same as Hanafin. The cost of a defenseman has not gone up recently and Vegas has taken advantage of that with this deal.
Shea Theodore remains in Vegas
There is no question that the Vegas spotlight has been great for Theodore’s career. His first two years on floundering Ducks teams did not make him a known quantity to many. But minutes in playoff games and Cup Final matchups made him a household name. Understandably, Theodore showed loyalty to the franchise where he has spent most of his career. The opportunity to play a bigger role and maybe make more money was not worth it for him.
The unrestricted free agency market usually has higher average annual value numbers than what Theodore signed for. He could have tested that theory this summer but decided he wanted a chance to win another Cup. He also could have seen the way the Golden Knights treated Marchessault, where they could not get some specifics hammered out and they ended up letting him go. The fear of not having Vegas as an option could have been enough to stick around.
Grading the Shea Theodore contract
Vegas: A-
There are not many better defenders hitting the open market this summer. If they thought there was one, they likely would have waited on Theodore and attacked that opportunity. The Golden Knights’ reputation precedes them and makes it known that they like Theodore a lot. To get a defenseman at under $7.5 million is great business. The only points off go to the length, which keeps him in Vegas deep into his 30s.
Shea Theodore: B+
Theodore likely signed his last contract in the NHL. Even if there are more after this, they will be one-year deals for the league minimum. To knowingly commit to that without testing free agency is risky, but the no state tax and championship window make the deal worth it. Theodore likely did not milk every cent out of free agency but that is not always the most important.
