According to Frank Seravalli of the “Daily Faceoff, multiple sources have confirmed that RFA Seth Jarvis and the Carolina Hurricanes have agreed to a contract extension. The contract is reportedly worth $63.2 million over eight seasons, with unique structures in place.
With many key players leaving in free agency, Jarvis was an important piece of business that the Canes needed to get done before training camp. The signing comes on the heels of locking up Slavin and Necas earlier this summer.
Jarvis’ Contract First Of It’s Kind
In other sports, specifically with Shohei Ohtani, we have seen deferred contracts before. For the NHL, no contract has been deferred with this significant of an impact before the Seth Jarvis deal. In the hard-cap system, every dollar counts towards building a contender, and the Hurricanes have ensured that they saved what they could while simultaneously locking up one of the most important players on their roster.
Typically, a $63.2 million contract over eight years would be worth $7.9 million per year. With the deferred payment structure in place, Jarvis’ deal is worth $7.5 million per year, saving the Canes $400,000 in cap space each year. Sources say that Seravalli that a deferred signing bonus is in place for July 1, 2032, when the contract expires.
Check out the Daily Faceoff article for a more detailed explanation of the math and the structure of this deal.
What This Means For Carolina
There is no doubt that on paper the Hurricanes appear set to take a step back in the 2024-25 season. They lost Guenztel, Teravainen, Pesce, and Skjei to free agency after being bounced in the second round by the New York Rangers, a year after losing 4-0 in the Conference Finals to the Florida Panthers.
Year after year the Canes have Stanley Cup aspirations, and year after year their window appears to be closing. This summer, they replaced their defensive departures with Gostisbehere and Walker and locked up D-man Jacob Slavin while doing little to help their offensive production.
While signing Jarvis may not change anything for the upcoming season, this is huge when it comes to the next decade of this franchise. Jarvis, Aho, Svechnikov, Carrier, Slavin, and Walker are all signed for at least the next four years, and all at a relatively good price, opening up many options for the Canes moving forward.
Jarvis had a career year in 2023-24, scoring 33 goals and 67 points in 81 games, adding 5 goals and 9 points in 11 playoff games. Throughout his career, he has 64 goals and 146 points in 231 regular season games. In the playoffs, he has 13 goals and 27 points in 40 games. If he signed a year or two later, his payday would have been significantly bigger, which makes this contract a potential steal down the road.
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