Easton Cowan's ELC cap hit is actually higher than Matthews, Marner and Nylander's ELC cap hits were; here's why
In case you missed it, the Leafs' top pick from the 2023 NHL Entry Draft, Easton Cowan, signed his entry-level contract in Toronto this week. The move came just a day after the team signed veteran goaltender Martin Jones to a 1-year deal and with the Leafs showing signs of life, it's beginning to become very clear that the return of hockey is now just around the corner, with training camp kicking off next month.
Cowan, the 18-year-old farm boy, known as "Cowboy" to his teammates, will carry a $935,833 cap hit throughout the term of his entry-level deal, which will break down as follows:
2023-24: $830k + $92k Signing bonus
2024-25: $842k + $93.5k SB
2025-26: $855k + $95k SB
It's also worth mentioning that his salary in the minors is set at $82.5k at the AHL level for all 3 of his entry-level seasons. He's also eligible for 2 years of entry-level contract slide, which means that the Leafs can really take their time with him if they so choose, retaining him for 5 years before his current contract is up. It's not to say that they'll need all 5 of those years, but if they choose the slow-build route with Cowan, they can allow him to cook for two more seasons in the OHL before his ELC kicks in if they see that as the best course of action for his overall development.
One of the more interesting things to note here is that Cowan's cap hit on his ELC is actually higher than all 3 of Auston Matthews, Mitch Marner and William Nylander during their ELC's with the Leafs. Matthews carried a $925K cap hit throughout his ELC, whereas Marner and Nylander both slid one year and carried $894,167 cap hits during their ELCs.
If that's surprising, it will all make more sense to you in a moment. Cowan isn't scheduled to receive any performance bonuses in his deal, whereas Matthews, Marner and Nylander all did receive those performance bonuses, albeit at different levels of compensation. Matthews received a total of $8.55M in performance bonuses over the course of his ELC, while Marner and Nylander earned a total of $2.55M each on theirs. So, while Marner and Nylander carried a $1,744,167 AAV and Matthews carried a $3,775,000 AAV, Cowan's AAV will remain $935,833.
At any rate, it's nice to have Cowan signed and so quickly as well. It's a sign that the Leafs have really liked what they've seen from him, not only during the scouting combine in June, but also what they saw from him at summer development camp in July.
Cowan is expected to be a participant in Leafs training camp next month, but will almost certainly be heading back to London for at least one more season with the Knights under the Hunter brothers, Mark and Dale.
| POLL | ||
AOUT 12 | 408 ANSWERS Easton Cowan's ELC cap hit is actually higher than Matthews, Marner and Nylander's ELC cap hits were; here's why How many years will Easton Cowan need before we see him crack the Leafs' NHL roster? | ||
| 1 more year | 52 | 12.7 % |
| 2 more years | 180 | 44.1 % |
| 3 more years | 135 | 33.1 % |
| 4 or more | 41 | 10 % |
| List of polls | ||
