The New Jersey Devils spent years trying to figure out the goalie position. They thought they had their long-term guy to replace Martin Brodeur after trading for Cory Schneider. That worked for a few years, but the Devils were rebuilding. He probably hurt their chances at top talent more than he helped their place in the standings, but it was important to know when they were ready to win; they had their guy.
Unfortunately, Schneider’s hip failed him when the Devils were ready to win, and it led to a crazy list of options that never worked for more than a year. Keith Kinkaid, Corey Crawford, Mackenzie Blackwood, Aaron Dell, Scott Wedgewood, Jonathan Bernier, Jon Gillies, Andrew Hammond, Vitek Vanecek, and Akira Schmid were all options to start for the Devils, and they all had various levels of disappointment.
Last year, Tom Fitzgerald finally put an end to our misery and got two known commodities. First, he traded for Montreal Canadiens goalie Jake Allen, and then he sent a big package to the Calgary Flames for Jacob Markstrom.
The move worked, as the Devils made the playoffs last season largely on the backs of their goalies. Don’t let Markstrom’s regular season numbers fool you, he was much better than a .900 save percentage goalie. In the playoffs, Markstrom did his best to keep the Devils in their matchup with the Carolina Hurricanes.
Part of the reason the Flames received such a significant return for Markstrom (a first-round pick and starting defenseman Kevin Bahl) was that they absorbed some of his contract to entice him to Jersey. Markstrom only costs the Devils $4.125 million against the salary cap.
Markstrom’s current contract ends after this season, meaning that the Flames covering any part of his salary ends, too. The Devils have to fit Markstrom’s full hit under a future salary structure. Tom Fitzgerald said recently that he’s working on a contract extension with Markstrom.
The latest report says that the Devils are discussing a price that’s not too much more than what they are committed to right now.
Per sources, I’m told initial offer was in the $5M per year range from @NJDevils on a potential contract extension with Markstrom . #NJDevils #HockeyX pic.twitter.com/8d6ibgghGB
— Kevin Weekes (@KevinWeekes) September 28, 2025
Giving Markstrom $5 million per season, which is less than $1 million more than what the Devils are on the hook for right now, would be fine on paper. There are some intricacies of this contract that are different. For one, the Devils have to figure out what the length is. Giving him $5 million for anything more than two years is a mistake. Markstrom might make it through the next three years unscathed, but that’s rare for goalies over 35.
It’s also going to be an over 35 contract, which means the Devils have to be careful with how they structure the contract. They have to either make sure the salaries increase from year-to-year, and they they have to remove the signing bonuses after the first year. If they fail to do both of those, then there is little-to-no recourse if it goes wrong.
According to Puck Pedia, contracts with the “35+” distinction do not get cap relief during a buyout. If the contract is bought out, the player’s full cap hit exists in the contract. Also, sending a player down to the AHL doesn’t help much. The relief is just $100,000.
The Devils have a big decision to make on Markstrom with Jakub Malek and Mikhail Yegorov progressing nicely as prospects. Markstrom for two years makes sense. Anything more with Jake Allen also signed late into his 30s could be a mistake.