Canucks buy out Ekman-Larsson’s contract

The Vancouver Canucks have bought out the contract of defenseman Oliver Ekman-Larsson, making him an unrestricted free agent.

Ekman-Larsson has four years remaining on an eight-year, $66 million deal he signed in 2018 while playing for the Arizona Coyotes. According to CapFriendly, the Canucks’ buyout — spanning eight years — has Vancouver taking on 88% of the costs and Arizona shouldering 12%.

In total, Ekman-Larsson will receive $19.5 million over the life of the buyout. He will continue to count against the Canucks’ cap hit though through 2028-29.

“The business of hockey is very complex and tough decisions have to be made if you want to remain competitive,” Canucks general manager Patrik Allvin said Friday. “Buying out Oliver gives us a lot more flexibility and cap space the next couple of years and significantly reduces his hit in the subsequent season.”

The buyout breakdown includes savings of $7.1 million in Year 1, $4.9 million in Year 2, $2.4 million in Years 3 and 4 and $2.1 million in cap hit and cost for the final four years.

CapFriendly also noted the Coyotes will lose one of their three retained salary slots for the next eight years as a result of the Ekman-Larsson decision.

The 31-year-old blueliner and forward Conor Garland were traded from Arizona to Vancouver in 2021. The Canucks sent back a hefty haul to the Coyotes, including a first-round pick (ninth overall) in 2021, a 2022 second-round pick, a seventh-round selection and veterans Jay Beagle, Loui Eriksson and Antoine Roussel.

Vancouver’s big swing didn’t pay the dividends it hoped for, however. Ekman-Larsson departs the Canucks having totaled 51 points in 133 games with increasingly limited production. Last season (22 points in 54 games) was especially tough on the veteran, who appeared hampered long-term by a foot fracture suffered at the world championships in May.

The reality of an Ekman-Larsson buyout does provide the retooling Canucks with some immediate cap space relief they can use to bolster a strong supporting cast of young players. Vancouver has been in transition since Allvin and president of hockey operations Jim Rutherford took over the franchise.

The Canucks are on their third coach — Rick Tocchet — in two years and have made only two playoff appearances in a decade.

The team will continue to be led by stars Elias Pettersson and Quinn Hughes, with a need to prioritize complementary players who can elevate Vancouver back to contender status.