The Seattle Kraken are still a young franchise, but after a couple of years of tinkering with the roster, it’s becoming clear that not every contract on the books is aging gracefully. Like most expansion teams, the Kraken initially had to overpay to lure in talent, but now that expectations have shifted, certain deals stand out as major obstacles. Here are the top 5 worst contracts Seattle is carrying into the new season.
5. Frederick Gaudreau - $2.1 million AAV through 2027–28
On the surface, $2.1 million for a depth forward doesn’t sound egregious. But when that forward is projected to anchor the fourth line with little power-play usage or offensive punch, it becomes a problem.
League-wide, most true fourth-line centers make closer to the minimum, often under $2 million. Players like Teddy Blueger, who signed for $1.8 million and brings a stronger two-way presence, highlight how thin Seattle’s value is here.
Gaudreau isn’t a liability, but he’s paid near the very top end of the fourth-line market. On a cap-tight team, those extra dollars could be used to plug more meaningful holes or inject youth into the lineup at a fraction of the cost.
4. Adam Larsson - $5.25 million AAV through 2028-2029
While this may come as a shock seeing every fan’s favorite defensemen up here, Larsson’s contract truly isn’t anything to love. Larsson was one of Seattle’s earliest foundational pieces, brought in to stabilize the blue line.
He’s reliable, logs heavy minutes, and handles tough assignments. The problem isn’t that he’s bad; it’s that he’s not elite, and his $5.25 million contract assumes he is.
At this cap hit, Larsson is grouped with players like Erik Cernak ($5.2 million) and Matt Roy ($5.75 million), defenders who either post stronger defensive suppression numbers or provide more mobility in transition.
Larsson’s play is steady, but he lacks the high-end shutdown efficiency or offensive contribution to make him a true bargain in this salary slot.
Although Larsson has been stapled to Dunn on the top pair and the two have real chemistry together, the contract itself doesn’t make sense from a pure monetary standpoint, he’s being paid like more than just Dunn’s steady partner.
However, for a team still hunting for a top-tier defenseman, Larsson feels like a stopgap being paid as a solution and he is only getting older.
3. Jamie Olesiak - $4.6 million AAV through 2025-2026
Jamie Oleksiak has carved out a niche as a towering, physical defender, but Seattle is paying him like a second-pair cornerstone without getting the full return. His $4.6 million cap hit lands him squarely in the mid-range of second-pair contracts, yet his limited puck-moving and lack of special-teams impact don’t justify the salary.
Comparisons only worsen the optics. New Jersey’s Jonas Siegenthaler, one of the league’s better pure shutdown defensemen, comes in at just $3.4 million per year. Meanwhile, players like Matt Roy and Erik Cernak deliver sturdier defensive metrics for only slightly more than Oleksiak.
It is clear that Olesiak's contract will likely be bought out after signing Lindgren who plays a near identical role, but that hasn't happened yet, landing Olesiak on this list. Seattle isn’t sinking because of this deal, but it represents a classic case of paying second-pair money for third-pair value.
2. Philip Grubauer - $5.9 million AAV through 2026-2027
This one has been a thorn since day one. When Seattle signed Grubauer, they believed they were getting a Stanley Cup-caliber starter.
Instead, he has slipped into the backup role behind Joey Daccord—all while carrying a nearly $6 million price tag.
For context, Adin Hill, an All-Star caliber goaltender with game-stealing ability, costs Vegas just $6.25 million per year. Seattle, by contrast, is devoting slightly less cap space to a goaltender who is no longer their number one.
Backup-caliber goalies typically sit in the $3–4 million range, making Grubauer’s deal one of the most glaring inefficiencies on the roster. Unless he rediscovers the form that made him a Vezina finalist in Colorado, this contract will remain a cap anchor through 2027.
1. Chandler Stephenson - $6.25 million AAV through 2030-2031
Seattle’s most questionable deal is also one of their newest. The Kraken handed Chandler Stephenson a seven-year contract worth $6.25 million annually, betting on him to be their long-term second-line center.
The problem is that Stephenson’s production has been trending downward since his peak in Vegas, where he benefitted from elite wingers and sheltered matchups.
To put the deal in perspective, Vincent Trocheck, a more consistent two-way producer, comes in at $5.625 million, while Nazem Kadri, a higher-impact center with a stronger track record, costs only slightly more at $7 million. Stephenson is being paid like a 60+ point, do-it-all pivot, but the data suggests he’s closer to a middle-six option.
And let’s not ignore the term: Seattle will be carrying Stephenson’s contract until he’s 37 years old. He’s already trending downward, and there’s every reason to believe he’ll only get worse as the deal drags on.
One stat worth highlighting: Stephenson’s xGF/60 sits at just 0.33, the lowest among Kraken forwards, and somehow even trailing defenseman Brandon Montour, who checks in at 0.51.
Honestly, I could talk all day about how much I hate this contract with my whole heart and soul. Locking him in until his mid-30s and beyond feels like a decision that could weigh down Seattle for years, saddling them with a declining player at a premium cost.
Final Thoughts
The Kraken aren’t a cap disaster, but they’re paying starter prices for role players and backup production. Gaudreau is a replaceable fourth-liner eating up too much cap. Oleksiak and Larsson are overpaid for what they bring on the back end.
Grubauer is a luxury backup Seattle can’t afford (no team can with that price tag), and Stephenson’s long-term deal could age into a franchise-defining mistake.
For a team that relies on balance and depth, these contracts weigh heavier than they might on a star-driven roster. The good news? None of these deals are completely immovable yet.
The bad news? If Seattle doesn’t navigate them carefully, they’ll find themselves capped out with a middle-of-the-pack team.
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