Saturday, June 21, 2025

Panthers Provide a Blueprint for the NHL


Sam Bennett won the Conn Smythe trophy for most valuable player in the NHL playoffs. It was well earned. Bennett led the Florida Panthers with 15 goals and 22 points in 23 postseason games. He was by far the most consistent player for his team, and whether he stays in South Florida or goes elsewhere this summer, he will be richly and justly rewarded with his next contract.

But the one trophy that has yet to be awarded is the Jim Gregory award for top executive of the year. If anyone other than Bill Zito wins it, there oughta be an investigation. The job he has done transforming the Panthers from a middling team into a dynasty should be a blueprint for every general manager in the league, including a certain individual currently employed at 4 Penn Plaza.

Since he was hired in 2020, Zito has signed or traded for Sam Bennett (C) and Matthew Tkachuk (LW) from the Calgary Flames, Sam Reinhart (RW) from the Buffalo Sabres, Carter Verhaeghe (LW) from the Tampa Bay Lightning, Evan Rodrigues (LW) from the Colorado Avalanche, Niko Mikkola (D) from the New York Rangers, Gustav Forsling (D) and Seth Jones (D) from the Chicago Blackhawks, Eetu Luostarinen (LW) from the Carolina Hurricanes, Brad Marchand (RW) and Jesper Boqvist (C) from the Boston Bruins, Tomas Nosek (C) from the New Jersey Devils, and Nate Schmidt (D) and Paul Maurice (coach) from the Winnipeg Jets. In short, more than half of the Stanley Cup winning team came from elsewhere.

In a sport that defines success by how many home-grown players a team has, the Panthers are a text-book example of how to shop wisely. No organization does it better. Just look at their top nine:

Verhaeghe - Alesander Barkov - Reinhart

Rodrigues - Bennett - Tkachuk 

Luostarinen - Anton Lundell - Marchand 

Only Barkov and Lundell were drafted by the Panthers. That's it. Everyone else came from outside the organization.

Zito is not the first GM to build a championship team mostly through trades. In the 1990s, Neil Smith broke a 54 year Cup drought by importing Adam Graves, Jeff Beukaboom, Mark Messier, Esa Tikkanen, Kevin Lowe, Steve Larmer, Stephan Matteau, Brian Noonan, Craig MacTavish, Glenn Anderson, Doug Lidster and Glenn Healy. What is remarkable is that he's managed to do it in the cap era where general managers routinely pull their hair out trying to field a competitive roster and still stay cap compliant. 

His secret sauce has been the way he's managed the cap. Like Julien BriseBois of the Tampa Bay Lightning before him, Zito has not signed one player to a contract with an AAV higher than $10 million. What this means is that he has the cap space needed to fill out his roster with solid bottom six players while some teams struggle to assemble a top six.

For example, the Panthers cap hit for Barkov, Tkachuk, Reinhart, Verhaeghe and Bobrovsky comes to $45.1 million. The Edmonton Oilers cap hit for just Leon Draisaitl and Connor McDavid is $26.5 million. There's no doubt that both these players are among the best in the NHL, but you have to ask yourself whether any hockey team can win a Stanley Cup with so much salary tied up in two players. And keep in mind, McDavid will be a UFA after the 2025-26 season. His next contract could well have an AAV of $17 million or higher. Even with the salary cap expected to go up to $104m in 2026 and $113m in 2027, the Oilers might be better off borrowing a page from the Panthers playbook and moving on.

Indeed, five of the last six Stanley Cup winners - the Lightning twice, the Vegas Golden Knights once and the Panthers twice - do not have a single player with an AAV over $10 million. Meanwhile, the team with the most front-loaded roster in the league - the Toronto Maple Leafs - have made it to the second round twice in the last eight seasons. That cannot be a coincidence.

What it tells us is that having the best player in a series is no guarantee of success. Indeed, it's almost a curse. If I were the GM of a team with Cup aspirations, I would emulate what Zito and BriseBois have done with their respective teams. Both have stumbled on to something; something that most fans don't understand. You don't need world-class talent to win in today's NHL. What you need is depth and solid goaltending. The Oilers had neither in these finals, and it showed.

Call me "delusional," or any name you want, but I don't think the hockey fans in South Florida care in the slightest that number 97 doesn't play for their team. They have two Cups, and the last time I checked, that's two more than the Oilers have won in this century.

Come to think of it, it's one more than the Rangers have won since World War II.

Ouch!



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