After Ville Koivunen signed an eight-year, $32-million contract with Pittsburgh, it gives the Maple Leafs an early reference point when it comes to Easton Cowan.
On Thursday, the Penguins announced the signing of Koivunen to an eight-year, $32-million deal worth $4M AAV lasting through the 2033-34 season. It locked up the young forward for the long-term and is one of the last eight-year deals a player can sign before the new CBA kicks in on Sept. 16 and changes the max term length players can sign for.
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Pittsburgh paid Koivunen before his breakout even arrived
Koivunen, 23, appeared in 39 games for the Penguins last year and recorded seven points. He came over to Pittsburgh in the trade that sent Jake Guentzel to the Carolina Hurricanes and made his NHL debut in 2024-25.
Though he stood out in the AHL where he had 13 goals and 41 points in 34 AHL games with Wilkes-Barre and added nine points in 15 playoff games where he was eliminated by the Toronto Marlies in the Eastern Conference Finals.
The Penguins decided to take a much more favourable cap hit that could appreciate much more down the line as the cap's projected increase keeps rising. At only $4M with top-six potential and still years away from his prime - the investment is in what he can do, not what he's done but there is risk with only 14 points in 47 career games.
Kyle Dubas is betting on his development in Pittsburgh and that $4M AAV could be a talking point in future negotiations when it comes to his former team the Maple Leafs. Under the new CBAhe's only get a max of seven years, so it'll likely be the price - not term - that dictates the new deal.
Cowan already has a stronger NHL case than the player who just got paid $32-million
Cowan, 21, had a solid debut season with 29 points in 66 games (11 goals, 18 assists) with the Maple Leafs while also adding three points in four regular season games with the Marlies and 18 points in 22 playoff games - en route to winning the Calder Cup.
But with Pittsburgh banking on Koivunen's potential, Toronto has already had a player prove he belongs in the NHL. His point totals weren't close to what he had in junior, but he was also a rookie playing on a struggling team and was sat for a month - if luck were in his favour he could have had even better production.
Cowan's camp can take Koivunen's deal and put it in the back their minds as a negotiating chip especially if Cowan continues to build upon his rookie year though how he plays before then will also help dictate his future price.
Toronto can wait a year or two and become more confident in what they are getting in Cowan, but if they are getting a star then his price is going to skyrocket.
Toronto can buy a few extra years with a long-term commitment and bet that his offensive potential he showed in junior will translate the more comfortable he is in the NHL. Or if they want to play a little riskier, they can wait until he's ready for a new contract and negotiate based off his three seasons of production.
Will Easton Cowan earn more than $4M AAV on his next contract?
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