The Seattle Kraken continue to be one of the biggest spenders of the 2024 offseason even in its late stages. They gave 31-year-old defenseman Adam Larsson a four-year extension with a $5.25 million average annual value (AAV), taking him through the 2028-29 season.

Hearing Adam Larsson extension with Seattle will be 4x$5.25M when done.

— Elliotte Friedman (@FriedgeHNIC) September 10, 2024

What Larsson Provides to the Kraken

Larsson isn’t a game-changer, but he can eat up minutes and provide a solid on-ice product. In the history of the Kraken, spanning back to 2021-22, no defenseman has more ice time played at even strength or on the penalty kill. He has recorded over 140 hits and blocks in every season as a member of the team, putting up 76 points and a plus-10 rating, too.

Though not analytically superb, there would be a noticeable loss without Larsson in the lineup. He has proven to be a great defensive partner for Vince Dunn, who holds a 51.7 expected goals percentage (xGF%) next to the 31-year-old Swedish defender along with a plus-34 rating at even strength since 2021-22. In Dunn’s non-Larsson minutes, he holds a 46.7 xGF% and a minus-4 rating as a member of the Kraken.

While Seattle missed the playoffs last season, they were one win away from the 2023 Western Conference Final. They’ve always been one of the best defensive teams in the league, boasting the NHL’s fifth-best expected goals against total since 2021-22—keeping that identity intact seems like a must, especially for a team that could reasonably return to the postseason in 2024-25.

Could Seattle’s Spending Hurt Them in the Long Term?

The contractual value here is fair if not a discount. But Seattle’s spending habits could become an issue in the future if they aren’t careful. This group has a lot of young talent but quite a few long-term deals for aging players.

In this offseason alone, the Kraken gave out this Larsson contract, but also seven-year deals to 30-year-olds Brandon Montour ($7.14 million AAV) and Chandler Stephenson ($6.25 million AAV). Seattle isn’t wrong to splurge following a disappointing 81-point campaign in 2023-24, but they could be left with waning cap space when their best young players demand big money.

In terms of youth, it seems like the Kraken are in a really great spot. At center, Shane Wright and Matty Beniers could be the team’s long-term duo down the middle—they’re only 20 and 21 years old respectively, and have a ton of upside. They aren’t in their prime just yet, but those two inspire hope for the future.

And it’s not just them. Recently-drafted Berkly Catton has high-end first-line upside, 20-year-old winger Jani Nyman was sensational in Liiga (Finland’s top league) with 43 points in 48 contests, and 19-year-old winger Carson Rehkopf was one of the more prominent producers in the Ontario Hockey League (OHL) with 95 points in 60 games. There’s more, too—the future is pretty bright here.

But the Kraken are in a rather unique situation in that they are paying aging players for a long time yet also have this inspiring prospect pool. If they aren’t careful, this can lead to problems—general manager Ron Francis will have to be mindful of that moving forward.

Seattle finds themselves in a competitive Western Conference with somewhat recent success, a potential playoff roster, and a group of high-upside youngsters either on the roster presently or in the system. The signing of Larsson locks up a key roster player so those young up-and-comers have something to work with. Quite possibly, they’ll spend their best years with good support instead of a roster with no chance to compete.