SAN JOSE, CA – JULY 26: San Jose Sharks General Manager Mike Grier takes part in a press conference at SAP Center on Tuesday, July 26, 2022, in San Jose, Calif. Quinn is the tenth head coach for the Sharks organization. (Aric Crabb/Bay Area News Group)
SAN JOSE — The Sharks did not consider buying out the final two years of Kevin Labanc’s contract this summer, general manager Mike Grier said Tuesday.
A second buyout window opened to the Sharks after then-restricted free agents Kaapo Kahkonen and Steven Lorentz elected salary arbitration on July 17. The Sharks announced a two-year deal with Kahkonen the following day, and a new two-year contract with Lorentz last Friday.
Per the NHL’s collective bargaining agreement with the NHL Players’ Association, three days after its final arbitration case has been settled, a team, under certain conditions, has a 48-hour window to execute a buyout.
The conditions are that the player was on the team’s reserve list at the trade deadline and that the average annual value of the contract is $4 million or greater.
Labanc, 26, is entering the third year of a four-year, $18.9 million deal he signed with the Sharks under former general manager Doug Wilson in Oct. 2020. The contract carries an AAV of $4.725 million. Prior to his current contract, Labanc signed a team-friendly one-year, $1 million deal.
Buying out Labanc’s contract would have saved the Sharks $3.916 million under the…