The Kraken announced Wednesday that they’ve placed goaltender Philipp Grubauer on waivers. He will be reassigned to AHL Coachella Valley if he clears.
Grubauer is the second high-profile veteran in as many days to hit the waiver wire, joining the Blues’ Brandon Saad (who cleared them today). He’s also the second big-money netminder to land on waivers recently after the Penguins’ Tristan Jarry cleared them earlier this month.
Grubauer’s contract is strikingly similar to his counterpart in Pittsburgh’s, except he’s further along. Seattle signed the German to a six-year, $35.4MM commitment in free agency before their inaugural season, tabbing him to serve as their first starter coming off a Vezina Trophy nomination with the Avalanche. He’s now in the fourth year of that deal, which carries a $5.9MM cap hit, and has yet to even sniff an average campaign.
Not once in Grubauer’s nine NHL seasons before arriving in Seattle had he posted a save percentage under .900. But since arriving in the Pacific Northwest, he hasn’t touched .900 in a single season and has averaged a .890 mark with a 3.10 GAA in a Kraken jersey. He hasn’t started north of 40 games since his first season in Seattle and has a cumulative 54-76-12 record with four shutouts.
While Grubauer isn’t playing behind the elite Capitals and Avalanche teams he had support from earlier in his career, he’s actively been a drag on the Kraken’s record over the life of the deal. He’s allowed 57.7 goals above expected since 2021, per MoneyPuck. 17.5 of those conceded goals have come this season, on track to put him last in the league in the stat after doing so already in 2021-22.
His recent run of play makes it easy to see why now is the moment Seattle’s patience has run out. He’s 0-5-1 in his last six appearances and has allowed 22 goals on 127 shots during that timeframe, working out to a .827 SV%. When compared to now-undisputed starter Joey Daccord’s numbers this season (17-12-2, .916 SV%, 2.45 GAA), there’s no questioning whether Grubauer’s struggles are individual or systemic.
There won’t be any takers on waivers as a result, and the likelihood of a trade is minimal – especially with his 10-team no-trade clause. All signs point to a buyout this summer, which would cost the Kraken $1.68MM against the cap for the next four seasons, per PuckPedia. For the rest of the season, Seattle can shave $1.15MM off Grubauer’s cap hit, so he’ll cost $4.75MM against the cap after being reassigned tomorrow.
Where Seattle goes for a new backup for Daccord in the interim remains to be seen. Next up on the depth chart is 28-year-old Ales Stezka, who’s been recalled a handful of times under emergency conditions since signing with the Kraken as an undrafted free agent in 2023 but has yet to make his NHL debut. The Czech goalie has a .902 SV% and 3.00 GAA with an 8-12-4 record in 24 appearances for Coachella Valley this season – not particularly inspiring numbers.
Instead, expect them to trade for a depth netminder from a team with more depth at the position to finish out the season. Third-stringers like the Islanders’ Marcus Högberg and Utah’s Jaxson Stauber have done well in limited action this season, although the former is still needed in New York with Semyon Varlamov on the shelf.
Long-term, Seattle’s set between the pipes with Daccord as the starter. The 28-year-old signed a five-year, $25MM extension in October to keep him off this summer’s free agent market.
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