The New York Rangers have signed their star goalie, Igor Shesterkin, to an eight-year contract extension with an average annual value (AAV) of $11.5 million. This substantial commitment highlights the team’s confidence in Shesterkin’s ability to lead them to future success.
Shayna Goldman: Goalie contracts can be the trickiest to navigate because it’s the position most of us know the least about and the one with the most volatility.
But with igor Shesterkin, that can be a bet worth taking as he is the best in the world right now and the Rangers’ Stanley Cup hopes rest on him.His body of work in the regular season has been elite. Even when he has slipped, like during last year’s regular season, he still rebounded to extraordinary heights before thriving in a playoff habitat.
Teams tend to pay their most valuable players a lot — Auston matthews was signed to a $13.3 million cap hit last year, Nathan MacKinnon is at $12.6 million, and Connor McDavid is going to push things even further next year. Goaltenders usually don’t reach those heights, and when they do, trouble often follows.
Just look at the Sergei Bobrovsky contract that was maligned before he hit his postseason stride in 2023 (and won the Cup in 2024). That was worth 12.3 percent of Florida’s salary cap in Year 1. That’s why contracts such as Connor Hellebuyck’s (seven years at $8.5 million AAV) can be more digestible. But recent shifts in the goalie market do support the idea of someone of Shesterkin’s caliber getting closer to what they’re worth.
Swayman and Jake Oettinger are reminders of what very good No. 1 goalies are worth. And that adds more support to the idea that those in the next tier — such as Shesterkin, who came in as the best in this year’s Player Tiers — are worth a lot more. He is the exception to the rule that goaltenders shouldn’t be paid like a team’s MVP.
If the 2025-26 salary cap rises to the current projected mark of $92.5 million, this contract will be worth 12.4 percent of the Rangers’ cap in Year 1, which is a shade above Henrik Lundqvist’s cap-hit percentage of 12.3 in 2014-15.
It isn’t a question of whether Shesterkin is worth $11.5 million right now; it’s how this deal will age. Long-term deals are risky at any position, especially for goalies, and that’s what lowers this contract grade. But the fact that the Rangers were able to keep the AAV below $12 million gives him a better chance of playing up to this value in those later years.
Contract grade: B-plus
Fit grade: A
James Mirtle: I’m on the record as not loving big goalie contracts. Far too often, they blow up in the team’s face, especially toward the back end.
1. Over the past four seasons, he has clearly established himself as one of the two best goalies in the NHL, with a decent gap between himself, Hellebuyck and everyone else. Shesterkin has consistently stayed in that upper tier, too, placing first, fifth, 14th and seventh (this season so far) in goals saved above expected.
Unlike many goalies whose performance varies widely from year to year, and who don’t provide enough value over a league-average netminder you could pick up in free agency for less, there’s notable value added, given how irreplaceable Shesterkin has been.
Shesterkin is 28, which means beginning next year, the Rangers will be buying two more premium seasons (age 29 and 30 years) than a lot of the other marquee goalies who have signed for big money. That matters, as he’ll be 36 entering the final season of the deal, an age at which he can plausibly still be a No. 1. And by then, the cap will be eight bajillion dollars anyway. Speaking of which …
3. The cap is going way up. Perhaps $11.5 million sounds like a small fortune, but against a $97 million cap, it’s only 11.8 percent of the ceiling. When Price signed his deal, it was 13.2 percent. Bobrovsky’s was 12.3 percent. Even Vasilevskiy’s contract,which he signed after being a starter for only three seasons,was 11.7 percent of the cap.
Yes, Hellebuyck took a discount in Winnipeg, but in general, shesterkin’s deal is in the right ballpark for a goalie among the game’s elite.
The other thing to factor in is where the Rangers are in their timeline. While they have some promising young talent, Artemi Panarin is 33 years old and has one year left on his deal. They’re supposed to be in win-now mode, and the only reason they’re still in playoff position right now is the play of their goaltenders.
Betting on your MVP does, even if there’s going to be risk here in the back half of this deal.
Contract grade: B-minus
fit grade: A
(Photo of Igor Shesterkin: Bruce Bennett / Getty Images)
What impact does Igor Shesterkin’s contract extension have on the New York Rangers’ future roster decisions?
Title: Time.news Exclusive: An In-Depth with Shayna Goldman on Igor Shesterkin’s Landmark Contract
Editor (Time.news): Welcome, Shayna! We’re thrilled to have you here today. The critically important news about Igor Shesterkin’s eight-year contract extension with the New York Rangers has certainly made waves. Can you give us your initial thoughts on what this deal means for both Shesterkin and the team?
Shayna Goldman: Thanks for having me! This contract solidifies the Rangers’ commitment to Igor as their cornerstone player. At an average annual value of $11.5 million, it reflects their faith in his ability to elevate the team’s chances for success in the coming seasons. It’s a clear message: they see him as central to their Stanley Cup ambitions.
Editor: That’s an interesting perspective. You mentioned the volatility of goalie contracts in your analysis. What makes them so tricky compared to players in othre positions?
Shayna: Goalie contracts can be quite precarious because,unlike forwards and defensemen,goaltenders often face the highest fluctuations in form. Fans and even some analysts may not fully appreciate the unique pressures of the position. A goalie might have an extraordinary season, followed by a period of struggle, and teams must weigh these risks carefully when negotiating contracts.
Editor: Speaking of volatility,you referenced past contracts,like Sergei Bobrovsky’s. How can Shesterkin’s contract buck that trend?
Shayna: Absolutely, and that’s the gamble here. Shesterkin’s track record is stellar. Even during his rough patches, he has displayed resilience and the ability to perform when it matters most, especially in playoff situations. While other high-profile goalie contracts have been challenging for teams, Shesterkin is currently at the top of his game, making this an understandable investment for the Rangers.
Editor: You highlighted that goaltenders typically don’t command the same financial respect as big-name forwards like Auston Matthews or Connor McDavid. Why do you think that is, and do you feel this could start a trend in how teams value their goaltenders?
Shayna: It’s about perception and risk. Goaltenders have historically been seen as a bit of a gamble.With skaters, the impact on the game is often more visible and direct, which justifies their higher salaries. but with a goaltender like Shesterkin, who is redefining expectations, we could see a shift. If he performs consistently at this elite level, teams may begin to reassess the value of their star goalies, which could lead to more substantial contracts in the future.
Editor: that’s fascinating! Given the current landscape of the NHL, how could this contract influence the Rangers’ roster decisions moving forward?
Shayna: Well, committing to Shesterkin at this level means the Rangers will need to effectively manage their salary cap to surround him with a capable team. They can lean on his skills to win games, but they will need to be strategic about acquiring and retaining players that can complement his abilities. Balancing the roster will be key to maximizing their investment in him.
Editor: Last question, Shayna. if there’s one takeaway for fans from this contract extension, what would it be?
Shayna: I think the biggest takeaway is that the Rangers are all-in on the future with Igor Shesterkin as their leader. Fans should feel a sense of optimism about the direction of the team. This extension signifies that they beleive he can bring them a championship, and considering his talents, it’s an exciting time for Rangers hockey.
Editor: Thank you,Shayna! Your insights are always invaluable. We look forward to watching how this unfolds for Shesterkin and the Rangers.
Shayna: Thank you! It’s been a pleasure discussing this pivotal moment in the NHL.