The Toronto Maple Leafs secured veteran center John Tavares for four more years at a fraction of his previous salary, while the Edmonton Oilers locked up forward Trent Frederic for eight years, as both teams moved swiftly Friday to retain key players just days before NHL free agency opens.
Tavares, 34, agreed to a four-year extension worth $4.38 million annually, representing a dramatic pay cut from his expiring seven-year, $77 million contract that carried an $11 million cap hit. The deal includes $2 million in deferred salary and a no-movement clause for the first two seasons.
The Mississauga native's willingness to accept significantly below-market value reflects his desire to remain with his hometown team. NHL insider Pierre LeBrun had reported that Tavares could have commanded $7.5 to $8 million annually on a two-year deal in free agency1.
"Coming to Toronto 7 years ago has been better than I ever anticipated," Tavares posted on Instagram2. "The challenge of helping bring the Cup back to the many generations of Leafs Fans and Leafs Nation is an incredible opportunity that pushes myself and my teammates every day."
Tavares recorded 74 points in 75 games last season, including 38 goals that ranked second on the team3. The former captain, who ceded the role to Auston Matthews in August, has 493 points in 515 regular-season games since joining Toronto in 20182.
Edmonton signed Frederic to an eight-year, $30.8 million extension carrying a $3.85 million average annual value12. The 27-year-old forward was acquired from Boston at the trade deadline but played just one regular-season game due to an ankle injury.
Frederic appeared in all 22 playoff games for the Oilers, contributing one goal and three assists while ranking fourth among Edmonton forwards with 85 hits3. His lone goal proved to be the series-clinching game-winner against Los Angeles in the first round.
"He's got a lot of attributes that I think are very important to a successful team," Oilers general manager Stan Bowman said last week1. "He's incredibly competitive, great teammate, great team guy."
Both signings represent strategic cap management ahead of Tuesday's free agency opening. The Maple Leafs reduced their commitment to Tavares by nearly two-thirds while securing a proven scorer through his age-38 season1. Edmonton locked up a physical presence who helped them reach the Stanley Cup Final, where they fell to Florida in six games.
Frederic set career highs with 18 goals and 40 points in 82 games during the 2023-24 season with Boston2.
