The Vancouver Canucks announced on Saturday, March 2nd, that they’ve signed forward Elias Petterson to an eight-year contract extension. This comes as no surprise, with the trade talk surrounding the Canucks superstar dying down and the contract negotiations picking up significantly over the past few days.
Petterson, 25, was set to become a restricted free agent (RFA) at the end of the season. His new eight-year contract carries an average annual value (AAV) of $11.6 million and will begin during the 2024-25 season. The Canucks forward is in the final year of a three-year bridge contract with the Canucks, which carried an AAV of $7.35 million per season. With Petterson’s hefty price tag now confirmed, his contract is the fourth largest active contract in total dollars.
Petterson has been with the Vancouver Canucks since the 2017 NHL Entry Draft, where he was selected fifth overall. He played his rookie season in 2018-19 and tallied 28 goals and 66 points in 71 games. His career high for goals (39), assists (63), and points (102) came in the 2021-22 season. In his 2023-24 campaign, he has scored 29 goals and recorded 75 points in 62 games at the time of writing.
Petterson’s new eight-year contract extension will expire at the end of the 2031-32 season. The contract includes a full no-movement clause (NMC), which kicks in during the 2025-26 season. Additionally, $47 million of the total $92.8 million will be paid out in signing bonuses.
Here is the full contract breakdown by season:
2024-25: $2.5M salary, $12M signing bonus
2025-26: $4.5M salary, $10M signing bonus, NMC kicks in
2026-27: $11M salary, no signing bonus, full NMC
2027-28: $9.45M salary, $5M signing bonus, full NMC
2028-29: $7.25M salary, $5M signing bonus, full NMC
2029-30: $3.7M salary, $5M signing bonus, full NMC
2030-31: $3.7M salary, $5M signing bonus, full NMC
2031-32: $3.7M salary, $5M signing bonus, full NMC
The Vancouver Canucks held a presser shortly after the announcement at 9:30 am PST (12:30 pm EST). Before the presser, Petterson released a statement, and so did Canucks general manager Patrik Allvin.
“This is a very important signing for the Vancouver Canucks. Elias is one of the top players in the National Hockey League and is a key member of our leadership group. We know his best days are ahead of him and with his high end skill and desire to be the best, we look forward to seeing Elias succeed and grow. This signing is another example of our ownerships’ unwavering commitment to do what ever it takes to help us be a successful organization.”
Vancouver Canucks GM Patrik Allvin on signing Elias Petterson to an eight-year extension (03/02/2024)
This quote shows the commitment that Vancouver has to build towards the future, and Petterson was clearly shown as one of the pieces they will build with.
“This is a very exciting day for me and my family. I am very happy to be continuing my career as a member of the Vancouver Canucks. I love this city and playing in front of the fans. We have an exciting group and believe we can do good things in the future. Both Jim Rutherford and Patrik Allvin have done a great job in building this team and creating a culture, along with Rick Tocchet. And lastly I want to thank the Aquilini family for this opportunity.”
Elias Petterson on signing his eight-year contract extension (03/02/2024)
With the Canucks bringing in Elias Lindholm well before the trade deadline, you have to wonder if they’re looking to add more now that Petterson has an extension in place. The Canucks will certainly look to be competitive throughout the entirety of Petterson’s tenure and build around the core pieces they currently have on their roster.
Thankfully for Vancouver, they won’t have to deal with another large contract negotiation for another four years. Quinn Hughes, currently the captain of the Canucks, is an unrestricted free agent (UFA) at the end of the 2026-27 season. This contract and Hughes’ next contract when the time comes will look incredible as the salary cap is projected to raise significantly throughout the contract’s duration.
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