As the New York Rangers and Igor Shesterkin‘s camp negotiate for a new contract, the goalie doesn’t want to talk about what’s at stake — though everyone else around the league does. According to sources, Shesterkin declined an eight-year, $88 million offer at the start of the season, which would have made him the highest paid goalie in NHL history.

“He’s special,” Detroit Red Wings coach Derek Lalonde said on Oct. 14, when Shesterkin stopped 31 shots in a 4-1 win. “I can see why he turned down the 88 [million dollars]. Good agent.”

Five nights later, Shesterkin was even better, turning away 34 of 35 shots against the high-powered Toronto Maple Leafs.

“You can see why he’s going to be the highest-paid goalie in the league,” Toronto’s veteran goalie, Anthony Stolarz, said after the game. “Hats off to him.”

Even after Shesterkin allowed four goals through two periods against the rival Washington Capitals on Oct. 29, his opponents were feeling stymied. Said Capitals assistant Scott Allen ahead of the third period: “You see why he’s asking for $13 million, or whatever it is by now.”

The entire league seems to agree that Shesterkin, 28, is among its top goalies and deserves to be paid as such. But how much should a goalie make in today’s NHL? That might be one of the toughest questions to answer in the league.

JEREMY SWAYMAN AND the Boston Bruins ended a summerlong standoff when he signed an eight-year, $66 million contract ($8.25 million in average annual value) ahead of the season opener. Shortly after, the Dallas Stars’ Jake Oettinger signed an identical deal. They both match what the New York Islanders and Ilya Sorokin agreed to in 2023, and are roughly around what the NHL’s current save percentage leader Connor Hellebuyck ($8.5 million AAV) signed for in 2023 on a seven-year deal.

Starting next season, eight goalies will make at least $7 million. By contrast, 107 skaters will be at or above that mark — with 11 making at least $11 million.

“I think we’re in a decent place, [goalies] are now making great money, but it’s also not superstar money,” one starting goaltender said. “It just shows you how the league views our position. GMs don’t want to make goalies the highest-paid players, but I think lots of guys could make a good argument.”

Star forwards play roughly a third of the game. Star defensemen, at best, skate for half. Their performance can vary based on linemates, matchups and a variety of other nuances. A goaltender is in net (practically) the entire 60 minutes, alone in the crease. But even as it is the most isolated position, front office executives say goaltending is the hardest to evaluate — and therefore compensate.

“Agents want to do apples to oranges comparisons when it comes to goaltenders,” one front office executive said. “We have comps for top centers. Comps for top-four defensemen. Comps for goaltenders are way more complicated.”

Carolina GM Eric Tulsky, who comes from an analytics background, explained how slim the margins are.

“A lot of what makes goaltending hard is that a guy who stops 92% of shots is one of the best goalies in the world,” Tulsky said. “A guy who stops 91% is kind of average. And the difference between those is not very big. You watch a guy face 500 or 1,000 shots, and he might stop 91 or 92% by chance. It takes a lot of time to know for sure that this is a guy that is going to stop 91 or 92% day after day.”

The core argument for not giving goalie superstar contracts tend to center around this uncertainty, posed by one front office executive: “How many mega goalie contracts age well?”

Plus, there’s proof of concept that it’s not always necessary to have one goalie on a big contract.

The Florida Panthers just won a Stanley Cup with the league’s highest-paid active goaltender, Sergei Bobrovsky ($10 million cap hit). Florida spends more on goaltending than any other team. Backup Spencer Knight makes $4.5 million while Florida boasts the league’s only “Goaltending Excellence Department” — which includes four coaches/executives dedicated to the position.

But over the past 10 years, there have also been two Stanley Cup winners with starting goaltenders making the league minimum (Jordan Binnington in 2018, Matt Murray in 2016) while the Golden Knights won in 2023 with Adin Hill earning just $2.175 million, which represented less than 3% of their salary cap.

The theme? “There’s not one right way to do it,” Blackhawks GM Kyle Davidson said. “I don’t think there’s a hard and fast way anyone thinks about spending on goaltending. It probably just depends on what you have on your team.”

IN SURVEYING 12 high-ranking team executives about philosophies in paying goaltending, a common theme emerged, summed up by one GM: “The value of a goaltender is based on how your team is built, rather than his talent.”

One front office executive believed that “if you put Andrei Vasilevskiy on 10 different teams, you’d have 10 different save percentages.”

Most executives deferred to team construction. One GM cited Vegas as a team that was strong down the middle and had an excellent defensive core. “They can get away with average goaltending,” he said.

But poor goaltending can derail a team quickly. “Your 5-on-5 game might be good,” Predators GM Barry Trotz said. “But if you have weak goaltending, that doesn’t allow you to go on any streaks.”

The biggest issue for most front offices is projection on goalie development. It’s why a team like Philadelphia, looking for its goaltender of the future, is hedging its bets. The Flyers are carrying three goalies aged 22-27, and drafted another two in 2023.

“I think people have the idea that goalies peak really late,” one GM said. “I’m not sure I believe that. I don’t think it takes time for the goalie to develop; I think it takes time for teams to say, ‘Wait, this goalie is really good.'”

By then, the goalie might be past his physical prime, hence the risks of a long-term deal. One front office executive who just signed a goalie to a max term said he’s confident, based on that goalie’s pedigree and work ethic, that years 1-5 will go great. After that, the team might need security to cover for potential decline.

Those in the goaltending union often claim their position is both misunderstood and scapegoated. Some agents said in conversation with front office executives, they’ve heard phrases such as “goaltending is a crapshoot,” or “I don’t understand goaltending.”

“Confidence in a goalie from management can be fleeting,” one high-profile goalie agent said. “There’s not a ton of patience. If the season isn’t going well, pressure is on the goalie right away.”

Ray Petkau, who represents Hellebuyck and several other goalies, said he believes goaltending can be misunderstood by some in the analytics community. For example, several front office executives cited Goals Saved Above Expected as a go-to stat for evaluation. Petkau said that one doesn’t tell the whole story.

“If a goal is deflected by an opposing player 2 feet in front of the net, it’s assigned X amount of value. But if a shot is deflected off the goalie’s defenseman, that’s not considered the same way by some of the groups providing public analytics information. Some say it averages out over time, but they don’t take into account that some teams have more defensemen who have a habit of blocking off their stick.”

Petkau prefers performance when facing high-danger chances as a stronger stat for evaluation, but that too has variables that can’t be controlled by the goalie. He also said goalies’ strengths should mesh with a team’s needs. For example, if a goalie isn’t great with rush chances, he shouldn’t go to a team that allows a lot.

THE CLIMATE ISN’T going to get any easier for goalies. League average save percentage has dipped in each of the past nine seasons, and we’re trending for the lowest number (.901) since 2005-06. Tulsky sees a trend of offensive creativity, specifically with more East-West movement and an increase in backdoor plays.

“The game’s getting faster, people are getting stronger, and so it all happens that much quicker,” Tulsky said. “When you’re in a position where your job is to react, that makes it much harder.”

Another leaguewide trend: there are now fewer Shesterkins — obvious No. 1 workhorses — and more incidents of goaltending by committee.

From 2010-2019, the league averaged 20.4 goalies per season who started at least 50 games. Over the past three seasons, that number is now 14.3.

Consider the New Jersey Devils, who needed an upgrade in net for this season. GM Tom Fitzgerald determined it was best to get a combination of goaltenders making less than $8 million versus having one make $8 million and another at the league minimum. The Devils’ new tandem is Jacob Markstrom and Jake Allen, both acquired via trade, with their former teams retaining salary.

“Other goalies we looked at, some were going to be free agents,” Fitzgerald said. “You just don’t know what they were going to be priced at with the cap going up.”

Cost certainty is huge in today’s NHL, where everyone knows the salary cap is going up after several stagnant years — but nobody knows exactly by how much and how quickly.

That’s what makes contracts in general difficult right now. Many agents are focused on percentage of the cap. The three highest players this season, Auston Matthews, Nathan MacKinnon and Connor McDavid, are in the 15-16% range. According to sources, the argument by Shesterkin’s camp is that he is the team’s most important player, so he should be the top-paid player on the team. Currently, that’s winger Artemi Panarin at $11.64 million.

The Rangers, in contrast, need to account for future contracts (winger Alexis Lafreniere just resigned at a $7.45 million annual cap hit, and defenseman K’Andre Miller is due). New York can also offer something no other team can: an eighth year. That means if Shesterkin hit the open market, other teams would have to ante up the AAV to match New York’s total value.

Only Vasilevskiy and Bobrovsky have come close to the record $10.5 million AAV Carey Price earned on an eight-year deal, which kicked in during the 2018-19 season, when Price was 31. Price played only two full seasons on the deal. He has been on long-term injured reserve for most of the past three seasons.

Since there are only so many goalie jobs, there are fewer opportunities to reset the market. Hellebuyck could have in 2024, but instead took less to stay in Winnipeg, a place where he felt comfortable and a team he believed could win with.

That’s why the entire league — and specifically the goaltending union — is waiting for resolution on Shesterkin. He could help shape the future of the position — resetting the market for the next generation.