Jacob Markstrom contract extension talks with New Jersey Devils intensify

Jacob Markstrom contract extension talks with New Jersey Devils intensify

According to TSN Hockey Insider Chris Johnston, the Devils and Markstrom have exchanged ideas and held recent discussions about what an extension might look like. “There is a mutual interest between the veteran goaltender and the New Jersey Devils to get something done,” Johnston reported. “I’m told the Devils absolutely love Jacob Markstrom, he’s great in the room. But there is a negotiation that still has to take place here and with everything there’s always a gap.”

General manager Tom Fitzgerald hasn’t been shy about his desire to retain Markstrom. “His agent (Pat Morris) and I have been talking for a long time,” Fitzgerald stated, emphasizing the duration of their conversations. “We love Jacob Markstrom. We love his family. We want to continue this relationship moving forward. When you start these negotiations, you’ve got term, you’ve got money, you’ve got commitment involved and it’s just, ‘OK, let’s try to find some common ground on what makes sense for him and what makes sense for us.’”

The discussions reportedly paused when Markstrom sustained a lower-body injury in late October, with both sides agreeing to let the goaltender focus on rehabilitation. David Pagnotta of The Fourth Period explained that both parties seemed confident they would figure out a deal, making the temporary pause logical. Markstrom has since returned ahead of schedule, setting the stage for negotiations to resume in earnest.

What makes these talks particularly intriguing is the apparent disconnect between the two sides on contract structure. While the Devils signed backup Jake Allen to a five-year deal at $1.8 million AAV over the summer, creating a template of sorts, Markstrom’s situation appears to be heading in the opposite direction—shorter term with a higher annual value.

Analyzing the financial framework for Markstrom’s potential deal

Elliotte Friedman of Sportsnet provided additional context on the 32 Thoughts Podcast, noting that the Devils “were looking maybe a couple of years” with Markstrom. “With Allen, they did five years at $1.8 million. So there was obviously a number there, which is around $9-$10 million, and they found a way to get to the number. With Markstrom, I heard it’s the other way around. It was shorter term, bigger number. I think the overall number was higher than the $9 million that Allen got, but they were trying that.”

Industry insiders suggest the contract will likely include a base salary supplemented by various performance-based bonuses—a common structure for 35-plus contracts in the NHL. “You can structure things a little bit differently, and adding in different incentivized bonuses is going to play a role by all accounts in this contract,” Pagnotta explained. “Things such as games played, game starts, round by round achievements, etc. And all of that kind of has to be figured out in order to get to that ultimate number.”

Currently, Markstrom carries a cap hit of $4.125 million with the Devils, though his actual salary is $6 million AAV on his existing deal, with Calgary retaining salary in the trade that brought him to New Jersey. Any extension would likely see his AAV increase, potentially into the $5-6 million range depending on term and structure.

The Devils’ cap situation adds another layer of complexity to these negotiations. While the salary cap is expected to continue rising through 2026-27 and beyond, New Jersey doesn’t have unlimited financial flexibility. The team will need to allocate resources to extend young core players and address other roster needs, making every dollar count. A poorly structured goaltending contract could hamstring the franchise’s ability to compete for championships, similar to how Seattle has struggled with Phillip Grubauer’s immovable contract.

The real question facing Fitzgerald: Is it worth committing substantial term and money to a goaltender who will be 36 when next season begins? The answer depends heavily on Markstrom’s ability to maintain his performance level as he ages. Some goaltenders have sustained excellence into their late 30s, but others have fallen off precipitously.

The case for and against extending Jacob Markstrom now

Fitzgerald’s eagerness to lock up Markstrom is understandable given the Devils’ tumultuous goaltending history. The general manager has witnessed firsthand how goaltending instability can derail a season. Corey Crawford never played a game for New Jersey. Jonathan Bernier lasted just ten games before a career-ending injury. Mackenzie Blackwood proved inconsistent and injury-prone. Vitek Vanecek couldn’t provide the reliability the team needed. After years of frustration, Markstrom delivered stability in his first season with the Devils, posting a 26-16-6 record with a 2.50 GAA, .900 save percentage, and four shutouts.

From a locker room perspective, Markstrom brings invaluable veteran leadership and professionalism. His presence helps mentor younger players and provides a calming influence during pressure situations. Those intangible qualities shouldn’t be dismissed when evaluating his value to the organization. The Devils’ goaltending depth situation has also been addressed differently, with recent roster moves and injury updates reshaping how the team approaches its netminding hierarchy.

However, skeptics point to several red flags. Markstrom has already missed time with a lower-body injury this season, raising durability concerns for a player his age. His early-season statistics have been subpar, posting an .845 save percentage and 3.89 GAA through his first appearances. While small sample sizes can be misleading, his advanced metrics from last season weren’t particularly impressive either—he ranked 22nd among 30 qualifying goaltenders in goals saved above expected.

The question of Nico Daws also looms large. The 24-year-old has posted a .945 save percentage over seven NHL appearances across the last two seasons. Admittedly a limited sample, Daws plays behind the same forwards, defense, and system as Markstrom. If the organization doesn’t trust Daws now, will they ever? And is blocking his path worth committing years and millions to an aging goaltender?

Looking at the 2026 free agent goaltending market provides little comfort for those hoping the Devils could find an alternative. Sergei Bobrovsky, Frederik Andersen, and Cam Talbot are all older than Markstrom, while the rest of the list consists primarily of career backups and below-average starters. The market reality may force New Jersey’s hand toward extending Markstrom regardless of reservations.

The goaltending workload debate and Markstrom’s future role

Another consideration in these contract talks involves how the Devils plan to deploy their goaltending tandem moving forward. With Allen signed to a five-year deal, the organization clearly values having two capable netminders. The question becomes how to balance the workload between Markstrom and Allen to maximize performance while managing Markstrom’s age and injury risk.

A shorter-term extension for Markstrom might actually make sense from a workload management perspective. If the Devils are looking at a two or three-year deal, they can plan for a more equitable split with Allen, preserving Markstrom’s effectiveness by avoiding the wear and tear of a 55-60 start season. This approach would also provide an exit ramp if Markstrom’s performance declines more rapidly than anticipated.

The bonuses-heavy structure being discussed aligns with this philosophy. Games played incentives would reward Markstrom for staying healthy while protecting the team if injuries become a recurring issue. Playoff performance bonuses would motivate strong play when it matters most without inflating the base cap hit. This creative contract structuring could represent a win-win scenario if executed properly.

Ultimately, the Devils are betting on Markstrom’s track record of consistency and professionalism. Over his 519-game career, he’s compiled a 243-213-63 record with a 2.71 GAA and .908 save percentage. He’s been to the All-Star Game, finished as a Vezina Trophy finalist, and carried teams deep into the playoffs. That resume commands respect and suggests he has the tools to remain effective even as he ages.

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As October turns to November, the Jacob Markstrom contract extension talks with New Jersey Devils will likely reach a critical juncture. Both sides have expressed mutual interest, but bridging the gap between desires and reality requires compromise. For Markstrom, this contract likely represents his final significant NHL payday, creating natural incentive to maximize term and value. For the Devils, the deal must balance immediate stability against long-term flexibility, ensuring they don’t mortgage their championship aspirations to solve today’s problems.

The coming weeks will reveal whether Fitzgerald and Markstrom’s camp can find that common ground. A two or three-year extension with performance bonuses seems most likely based on current reporting, potentially carrying an AAV in the $5-6 million range. Such a deal would provide the Devils with goaltending stability through their prime competitive window without excessive long-term risk. Whether that framework satisfies both parties remains to be seen, but one thing is certain: New Jersey’s goaltending future hangs in the balance, and the resolution of these negotiations will significantly impact the franchise’s trajectory for years to come.