The Kraken entered the break on a strong note with three straight wins, but they’ve only won four of their last 14 games. Thanks to many of their tweener companions in the West struggling, they’re only three points out of a playoff spot with four games in hand on the Mammoth.
Seattle isn’t a surefire playoff team by any stretch at a record of 15-14-6, but given the level of goaltending they’ve received thus far from Joey Daccord, Philipp Grubauer and Matt Murray, they should be able to at least stay in the mix until the trade deadline. Seattle’s issue has clearly been its offense this year, which ranks third-last in the league at 2.54 goals per game. On the defensive side, Seattle’s 2.97 goals against per game rank 13th.
Earlier in 2025, two NHL contracts that seemed unmovable were those of Grubauer and Tristan Jarry. Jarry was dealt to the Oilers earlier this month after passing through waivers a year ago. However, his play this year opened the door for the Penguins to move him and his entire $5.375MM cap hit, even though it had another two years after this one.
Something that seemed impossible a year ago happened, and the Penguins netted two roster players and a second-round pick. The trade highlighted the limited goaltending options available across the NHL, which brings us to the Kraken and, specifically, Grubauer.
The 34-year-old has been a disaster since signing with Seattle as a free agent in 2021. The Stanley Cup winner signed a six-year deal worth $5.9MM annually, and he has never been able to give the Kraken anything close to the goaltending he provided to the Avalanche in his few seasons as their starter.
Grubauer was a Vezina Trophy finalist in his platform season, finishing third, and posted a 30-9-1 record with a .922 SV% and a 1.95 GAA. As impressive as those numbers were, his underlying numbers painted a clearer picture, minimizing Grubauer’s overall impact and suggesting a goaltender playing behind an excellent team. Grubauer still had to stop the saveable pucks and avoid the bad goals, and that’s precisely what he did, but he only registered 5.2 goals saved above expected (as per MoneyPuck), 11th in the league.
Fast-forward to that summer, when Seattle thought they were getting a netminder capable of backstopping them on deep playoff runs. Now, his contract has become one of, if not the, least movable agreements in the NHL, until perhaps this season.
Grubauer has started the season well, even though traditional metrics don’t necessarily reflect it. He has played 11 games this season, going 5-3-1 with a .911 SV% and a 2.59 GAA. Those numbers are nothing to write home about, but a deeper dive shows that Grubauer has 7.1 goals saved above expected on the year – the best figure on the Kraken.
That great start to the season could give Seattle the chance to move him, if he agrees. Grubauer has a modified no-trade clause in his contract, which further complicates a trade even if Seattle were able to find a dance partner.
To add to an already complicated dynamic, the third-string Murray is injured. Unfortunately, injuries have derailed a career that once looked incredibly bright. That said, when Murray returns to the lineup, the Kraken will presumably have three capable NHL goaltenders and will need to move one or assign one to the AHL.
This is where it gets really complicated. Losing Grubauer for Murray is a lateral move at this point, but is Seattle really willing to roll the dice with Murray as the backup? Hard to say, but talent-wise, Murray is more than capable, and the risk of moving Grubauer might just be worth it if it means shedding his massive contract, especially if the Kraken remain out of the playoff picture.
It’s not dissimilar to what the Penguins had to do to shed Jarry’s contract. They took back Stuart Skinner and are rolling with him and Arturs Silovs, but the big win is not having Jarry’s money on the books, which opens the door for Pittsburgh to do a lot next summer. Seattle could put itself in a similar spot if it moved all of Grubauer’s deal, which would bring it to $40MM in available cap room for 2026-27 with just six players to sign (as per PuckPedia)
Seattle has already begun selling off free agents, as evidenced by the Mason Marchment trade to the Blue Jackets, and is signalling that it plans to punt on this season. Murray is a pending free agent, but even if Seattle were to trade the two-time Stanley Cup Champion, it wouldn’t get much for him given his play in previous seasons and his long injury history. The Kraken’s best course of action is to try to move Grubauer for something, anything really, to clear the books and make some bigger moves next summer.
Now, teams are obviously desperate for goaltending, but that doesn’t mean Seattle can move all of Grubauer’s contract. They should be able to move half or more, but they have to do it soon, so his play doesn’t fall back to the level it was at in the last few seasons. They also need to be concerned that a team like Pittsburgh tries to move Skinner, which would further diminish Seattle’s trading partners.